Daily Updates

Customs: CBIC notifies Customs Exchange rate for Import & Export w.e.f. 02.12.2012. [Notification No.101/2022-Customs (NT) dated 1st Dec 2022]

SEBI: Updated Operational  Circular issued for listing  obligations  and  disclosure requirements  for Non-convertible Securities, Securitized Debt Instruments and /or Commercial Paper.[Circular No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000103 dated 1st Dec 2022]

SEBI: Extension  of  timeline  for  implementation  of  Standardized  industry  classification by CRAs. [Circular No. SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/168 dated 1st Dec 2022]

Income Tax: CBDT notifies Federation International de Football Association Under-17 Women’s World Cup, 2022 as the international sporting event for Income Tax Exemption under Section 10(39). [Notification No. 126/2022-Income Tax dated 30th Nov, 2022]

Income Tax: Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO. [DGIT(Systems)/Instruction/245/2022-23 dated 28th Nov 2022]

DGFT Validity of Pre-Shipment Inspection Agency has been extended from 3rd Dec 22 to 31st Dec 22. [Public Notice No.39/2015-2020 dated 30th Nov 2022]

DGFT: Annual SCOMET Update – 2022 has been notified to amend Appendix 3 (SCOMET Items) to Schedule-2 of ITC (HS) Classification of Export and Import Items, 2018. [Notification No. 46/2015-2020 dated 30th Nov, 2022]

Central Excise: Reduction in the Special Additional Excise Duty on Diesel. [Notification No.41/2022-Central Excise dated 1st Dec 2022]

Central Excise: Reduction in the Special Additional Excise Duty on production of Petroleum Crude [Notification No.40/2022-Central Excise dated 1st Dec 2022]

Customs: Requirement   of   Health Certificate accompanied with the import of food consignments is extended till 31st Dec 2022 [Instruction No.32 /2022-Customs dated 28th Nov 2022]

Customs: Improvements in SWIFT, Integration of ICEGATE with AQCS-ICS (Animal Quarantine and Certification Services-Import Clearance System) is effective from 01.12.2022. [Circular No. 24/2022-Customs dated 28th Nov 2022]

Customs: Certain amendments notified for imposition of definitive anti-dumping duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles originating in or exported from China PR, Korea RP and Thailand. [Notification No.30/2022-Customs (AAD) dated 28th Nov 2022]

Customs: Amendments notified for Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Notification No.100/2022-Customs (NT) dated 30th Nov 2022]

Customs: CBIC extends exemption from maintaining deposits in ECL Under Customs Act, Till 31st March, 2023. [Notification No.98/2022 & 99/2022-Customs (NT) dated 29th Nov 2022]

Customs: Certain PTA & FTA notifications as 73/2005, 151/2009, 46/2011, 53/2011 & 69/2011 are amended. [Notification No.61/2022-Customs dated 25th Nov 2022]

GST: Instruction issued for clarifying manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017. [Instruction No. 04/2022-GST dated 28th Nov 2022]

GST: CBIC omitted CGST Rules 122,124,125,134 and 137 of constitution, terms of services of chairman and member etc related to National Anti-Profiteering Authority (NAA). Now, the authority for anti-profiteering is the Competition Commission of India (CCI). [Notification 24/2022-Central Tax Dt. 23rd Nov 2022]

GST: From 1st Dec 2022, Competition Commission of India is empowered to handle anti-profiteering cases. Accordingly, CCI will examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him …

GST: From 1st Dec 2022, Competition Commission of India is empowered to handle anti-profiteering cases.(24.11.2022) Read More »

Central Excise Special Additional Excise Duty on Aviation Turbine Fuel increased to Rs. 9 per liter. [Notification 39/2022-Central Excise Dt. 16th Nov 2022]

Central Excise: Special Additional Excise Duty on Petroleum Crude increased to Rs. 10,200 per tonne. [Notification 38/2022-Central Excise Dt. 16th Nov 2022]