Daily Updates

FTP/DGFT: Export of broken rice (ITC HS code 1006 4000) is prohibited.  [Notification No.  07/2023 dated 24 May 2023]

Customs: Circular is issued to highlight provision of Foreign Trade Policy & Handbook of Procedures. [Circular no. 12 /2023 Customs dated 24 May 2023]

Customs: Clarification issued to Classify the product DHA Algal Oil in chapter 15 under appropriate sub-heading. [Instruction No. 18/2023 Customs dated 25 May 2023]

GST: Due date of GSTR-1, GSTR-3B & GSTR-7 is extended to 31st May 2023 for the taxpayers having principal place of business in the State of Manipur.  [Notification No.  07/2023 dated 24 May 2023]

Customs Madras High Court held that Assessee entitled to interest as applicable after expiry of three months from date of receipt of refund application till date of actual refund even if refund granted after Appellate Tribunal’s order. GST High Court of M. P quashed vague show cause notice and held that the Show cause notice …

Judicial Corner – 23.05.2023 Read More »

Judicial Corner : Central Excise CESTAT Chandigarh held that Repair & maintenance services provided to customers via dealers paid by manufacturer are linked to the sale of machinery & hence used indirectly in relation to manufacture of final product and thus the CENVAT credit is allowable thereon.

Income Tax: No TDS under section 194A is applicable on interest from Mahila Samman Savings Certificate [Notification No. 27/2023-IT Dated 16 May, 2023]

Central Excise: Special Additional Excise Duty on production of Petroleum Crude has been exempted from 16th May 2023.  [NotificationNo.22/2023-CE dated 15 May 2023]

Customs: Clarification on amnesty Scheme for one time settlement of default in export obligation by Advance & EPCG authorisation holder has been issued [Circular No. 11/2023 Customs dated 17 May 2023]

Customs: Concessional rate of 5% BCD is applicable to all goods falling under tariff hearing 8524 i.e. Flat Panel Display modules [Corrigendum dated 16 May 2023 to Notification No. 35/2023 Cus. dated 29 April 2023].

Central Excise: CESTAT Kolkata held that where assessee is undergoing insolvency proceedings, appeal to CESTAT abates from date of approval of resolution plan by NCLAT & CESTAT becomes functus officio in matters relating to appeal. GST: High Court of Allahabad held that for condonation of delay in filing the appeal Section 107 mentions the period …

Judicial Corner (16.05.2023) Read More »

GST: Last date to exercise option by GTA to pay GST under forward charge is extended to 31 May 2023.   [Notification No. 05/2023- CTR dated 9 May 2023].

GST: Allahabad High Court held that Section 129(1)(b) penalty can be levied only if owner of goods does not come forward.

GST Madras High Court held that No interest can be imposed and collected on ITC wrongly availed but not utilised. Orissa High Court stays Penalty and Interest under GST subject to the Petitioner depositing the entire amount of tax demanded as GSTAT not constituted.  

Income Tax: CBDT notified the agreement made with The Republic of Chile for the Elimination Of Double Taxation and the Prevention of Fiscal Evasion and Avoidance with respect to Taxes on Income [Notification No. 24/2023 dated 3 May 2023]

FTP/DGFT: Import of Apples (HSN 08081000) is Prohibited if CIF value of import is less than or equal to Rs. 50 per kg. Condition of minimum import price shall not be applicable to imports from Bhutan. [Notification No. 5/2023 dated 8 May 2023]

Customs: Countervailing duty is imposed on imports of Saturated Fatty Alcohols of Carbon Chain length C10 to C18 and their blends originating in or exported from Indonesia Malaysia and Thailand for a period of 5 Years. [Notification No. 01/2023-Customs(CVD) dated 04 May 2023]

GST: CBIC issued guidelines for Special All-India Drive against fake GST registrations to be conducted during 15th May 2023 to 15th July 2023. [Instruction No. 01/2023-GST dated 4 May 2023].

IRDA: Insurance Regulatory and Development Authority of India (IRDA) issued draft Guidelines on Remuneration of Non-Executive Directors & KMPs of Private Sector Insurers. [IRDAI/F&I/Cir. No Date: 02 May 2023]

Income Tax: CBDT notified the agreement made with The Republic of Chile for the Elimination Of Double Taxation and the Prevention of Fiscal Evasion and Avoidance with respect to Taxes on Income. [[Notification No. 24/2023 dated 3 May 2023]