Daily Updates

GST: New Functionalities are introduced for Taxpayers on GST Portal for Registration, Returns and Refunds.

GST: In Accordance with the judgement of Supreme Court of India in the matter of Union of India vs. M/s. Filco Trade Centre Pvt. Ltd. CBIC has allowed the aggrieved taxpayers to file Form TRAN-1/ TRAN-2 to claim the transitional Input Tax Credit (ITC). The guidelines for the same are available on GST Portal.

SEBI: SEBI has extended the timeline for entering the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories by one month i.e on or before October 31, 2022. Circular No SEBI/HO/DDHS/RACPOD1/CIR/P/2022/136, dated the 3rd October, 2022.

Customs: CBIC has increased the rate of Basic custom duty imposed on platinum from 10.75% to 15.40%. Notification No. 52/ 2022-Customs, dated the 3rd October, 2022.

Customs: CBIC has increased the rate of Agriculture Infrastructure and Development Cess (AIDC) on following:-  Sl. No. Chapter Description of goods Rate 15A 7110 Goods, other than the following: –                                                     (a) Platinum and Palladium for use in the manufacture of: –         (i) all goods, including Noble Metal Compounds and Noble Metal Solutions, falling under heading …

Customs : CBIC has increased the rate of Agriculture Infrastructure and Development Cess (AIDC) (6.10.2022) Read More »

DGFT: Foreign Trade Policy 2015-20, valid till 30.09.2022 has been extended for a further period of six months, w.e.f. 01.10.2022 [Press release of Ministry of Commerce & Industry dated 26.09.2022]

Customs: Customs Circular has been issued for issuing suitable public notice and standing order w.r.t. amendment in Rebate of State and Central Taxes and Levies (RoSCTL) Scheme effecting the deletion of provisions of recovery from the transferee of the scrip where there is recovery on duty credit amount has been granted in excess or recovery …

Customs: Customs Circular has been issued for issuing suitable public notice and standing order w.r.t. amendment in Rebate of State and Central Taxes and Levies (RoSCTL) Scheme (27.09.2022) Read More »

Customs: Customs Circular has been issued for issuing suitable public notice and standing order w.r.t. amendment in RoDTEP scheme effecting the deletion of provisions of recovery from the transferee of the scrip where there is recovery on duty credit amount has been granted in excess or recovery of amount of duty credit where export proceeds …

Customs: Customs Circular has been issued for issuing suitable public notice and standing order w.r.t. amendment in RoDTEP scheme (27.09.2022) Read More »

Customs: Government prohibited the export of Maps and Geospatial data of spatial accuracy and value finer than the threshold values as specified in Annexure-I and Annexure – II of this notification [Notification No. 82/2022-Customs (N.T.) dated 23.09.2022]

Customs: Courier Imports and Exports (Electronic Declaration and Processing ), Second Amendment, Regulations, 2022 for facilitating E-commerce exports of jewellery. [Notification No. 81/2022-Customs (N.T.) dated 23.09.2022]

Customs: Taluka Manaba, Distt. Morbi has been added in the list of places for Unloading of imported goods and loading of export goods. [Notification No. 80/2022-Customs (N.T.) dated 21.09.2022]

Corporate Law: Writ Not Maintainable if 75% deposit as pre-condition for admission of appeal under MSMED Act is not complied

DGFT: Extension for the period of exports of broken rice (HS code 1006 40 00) from 15.09.2022 till 30.09.2022 as mentioned in Notification No. 31 dated 08.09.2022. [Notification 34/2015-20 dated 20.09.2022]

MCA: Corporate Social Responsibility Policy Rules 2014 (CSR) has been amended: Rule 3 (1): A company having any amount in its Unspent Corporate Social Responsibility Account as per sub-section (6) of section 135 shall constitute a CSR Committee and comply with the provisions contained in sub-sections (2) to (6) of the said section. Rule (4) …

MCA: Corporate Social Responsibility Policy Rules 2014 (CSR) has been amended (22.09.2022) Read More »

Income Tax: CBDT notifies new Income Tax Rule 12AD modified return of income under section 170A to be furnished by a successor entity to a business re-organisation and relevant Form ITR-A. [Notification No. 110/2022-Income Tax dated 19.09.2022]

Central Excise: Special Additional Excise Duty on Diesel has been reduced to Rs. 8.50 per litre. [Notification No. 30/2022-Central Excise dated 16.09.2022]

Central Excise: Special Additional Excise Duty on production of Petroleum Crude has been reduced to Rs. 10,500 per tonne and on export of Aviation Turbine Fuel same has been reduced to Rs. 9 per litre. [Notification No. 29/2022-Central Excise dated 16.09.2022]

Customs: Anti-Dumping duty imposed on “Toluene Di-Isocyanate (TDI)” originating in or exported from China PR, Japan and Korea RP, for a period of 5 years. [Notification No. 28/2022-Customs (ADD) dated 21.09.2022]

DGFT: Partial modification has been made in Public Notice No 11/2015-20 issued on 07.06.2022 regarding “Guideline for Applicants” under ANF-4F in case of deemed Export. Accordingly, copy of Form A along with the copy of Tax invoice duly endorsed by the recipient shall be considered as proof of deemed export supplies. [Corrigendum to Public Notice …

DGFT: Partial modification has been made in Public Notice No 11/2015-20 issued on 07.06.2022 regarding “Guideline for Applicants” under ANF-4F in case of deemed Export.( 13.09.2022) Read More »

DGFT: The provisions for the treatment of un-utilized quantities allocated under Tariff Rate Quota (TRQ) for import of crude soya bean and crude sunflower oil have been elaborated in detail with inserting some additional provisions. [Public Notice No.24/2015-20 dated 12/09/2022]