Daily Updates

Customs: As the export policy for broken rice against HSN 10064000 has been amended from “Free” to “Prohibited” w.e.f. 09/09/2022, the following shipments will be allowed to be exported between 09/09/2022 to 15/09/2022 Where loading of broken rice on ships has commenced before notification Where shipping bill is filed and vessels have already berthed or …

Customs: As the export policy for broken rice against HSN 10064000 has been amended from “Free” to “Prohibited” w.e.f. 09/09/2022 (13.09.2022) Read More »

GST: Guidelines for filing/revising TRAN-1 / TRAN-2 has been issued by the department. Accordingly once filed or revised TRAN 1 / TRAN 2 between 01.10.2022 to 30.11.2022, the assessee has to submit the physical copy of same along with the declaration in specified format and TRAN 3 (wherever applicable) to the jurisdictional officer within 7 …

GST: Guidelines for filing/revising TRAN-1 / TRAN-2 has been issued by the department. (13.09.2022) Read More »

Excise: The Special Additional Excise Duty (SAED) on production of Petroleum Crude has been decreased from Rs.17,000 per tonne to Rs. 13,300 per tonne and Special Additional Excise Duty on export of Aviation Turbine Fuel has been increased from Rs. 4 per litre to Rs. 9 per litre [Notification No. 26/2022-Central Excise dated 31st August, …

Excise: The Special Additional Excise Duty (SAED) on production of Petroleum Crude has been decreased from Rs.17,000 per tonne to Rs. 13,300 per tonne and Special Additional Excise Duty on export of Aviation Turbine Fuel has been increased from Rs. 4 per litre to Rs. 9 per litre (02.09.2022) Read More »

Excise: The special additional excise duty on export of diesel has been increased to Rs 12 / litre w.e.f 01/09/2022 [Notification No. 27/2022-Central Excise dated 31st August, 2022 ]

Excise: The Road and Infrastructure cess on export of Diesel has been increased from Rs.1 / litre to Rs.1.50/ litre w.e.f 01/09/2022 [Notification No. 28/2022-Central Excise dated 31st August, 2022 ]

GST: The GST investigation Wing has issued guidelines for launching of prosecution under the Central Goods and Services Tax Act, 2017 specifying the Sanctioning authority, threshold limit and procedures. [Instructions No. 4/2022-23 dated 1st Sept 2022]

Customs: Anti-Dumping Duty on import of “Jute Products” namely, Jute Yarn/Twine, Hessian Fabric and Jute sacking Bags falling under HSN 5307, 5310, 5607 & 6305, originating or exported from Bangladesh and Nepal has been extended till 31/12/2022 unless revoked, superseded or amended earlier. [Notification No. 26/2022 – Customs (ADD) dated 31st August 2022]

Company Law: Form STK-1, STK-4 & STK-5 relating to removal of names of the Company from Register of Companies has been amended. [Notification No. G.S.R. 658(E) dated 24th August 2022]

DGFT: Exemption from export restrictions / ban on Wheat or Meslin Flour under HS Code 1101 has been withdrawn. [Notification No. 29/2015-2020 dated 27th August 2022]

DGFT: Export Policy of items [Wheat or Meslin Flour (Atta), Maida, Samolina (Rava / Sirgi), Wholemeal atta and resultant atta] under HS Code 1101 is amended from ‘Free’ to ‘Prohibited’. [Notification No. 30/2015-2020 dated 27th August 2022]

SEBI: Asset Management Companies (AMCs) shall ensure scheme wise disclosure of investments [Circular No. SEBI/HO/IMD/DOF2/P/CIR/2022/111 dated 25 August  2022]

SEBI: IFSC Banking Units can issue Debit Card to their customers subject certain conditions specified in the circular. [Circular F. No. 110/IFSCA/Banking Regulation/2022-23/3 dated: 25 August 2022]

Income Tax: CBDT notifies Andhra Pradesh Pollution Control Board for the purpose of exemption under Section 10(46) of income Tax Act, 1961. [Notification No. 103/2022-Income Tax dated 24 August 2022]

DGFT: The import policy of artemia cyst under ITC (HS) 05119140 is revised from ‘Restricted’ to ‘Free’. [Notification No. 28/2015-2020 dated 25 August 2022].

DGFT: Panipat Exporters Association enlisted for issuing Certificate of Origin (Non-Preferential). [Public Notice No. 22/2015-2020 dated 23rd August 2022]

Customs: Fees for Compounding of Offences has been notified as one lakh rupees for the first offence, to be increased by 100% of this amount for each subsequent offence made under section 135AA of Customs Act, 1962 i.e. publishing of information of importer / exporter submitted to Customs with its identity and right to grant …

Customs: Fees for Compounding of Offences has been notified as one lakh rupees for the first offence, to be increased by 100% of this amount for each subsequent offence made under section 135AA of Customs Act, 1962 (24.08.2022) Read More »

FEMA: Foreign Exchange Management (Overseas Investment) Rules and Regulation, 2022 have been notified to simplify the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduces compliances burden and cost. [Circular No.12 dated 22 August 2022]

Legal Metrology: Garment or hosiery is sold in loose or open at the point of sale in such manner that the consumer can inspect the products before buying has been exempted from applicability of the Legal Metrology (Packaged Commodities) Rules, 2011, effective 1st January 2023. [Notification GSR 648(E) dated 22 August 2022]

Income Tax: CBDT amends rule 17CB to replace words ‘trust or institution’ with ‘specified person’. [Notification No. 101/2022-Income Tax 22 August 2022]

Income Tax: CBDT issued instructions for initiating proceedings under Section 148/147 of the Act (escaped assessment), any information available on data-base/portal of the Department should be verified before drawing any adverse inference against the taxpayers. [F. No.299/10/2022-Dir(lnv. I)/647 dated 22 August 2022]