Daily Updates

Andra Pradesh High Court has held in a recent judgment that Enhancement of Demand beyond scope of show cause notice not sustainable.

Gujarat High Court has held that Intimation given in Form GST DRC-01 is not valid and that proper officer shall provide the intimation in FORM GST DRC-01A.

Insolvency & Bankruptcy: IP shall not engage or appoint any of his relatives or related parties in connection with any of his assignment.   [Order No. IBBI/DC/124/2022  dated 18th August 2022]

Finance: Option of online account opening and closure through DOP Internet Banking for National Savings Certificates (VIII Issue) and Kisan Vikas Patra has been introduced. [Order 13/2022 dated 18th August 2022]

Finance: Guidelines issued for eligibility of ‘Qualified Suppliers’ including overseas entity to encourage for supply of bullion on India International Bullion Exchange (IIBX). [Circular No. 415/IFSCA/Consolidated Operating Guidelines/2021-22 | Dated:  August 18, 2022]

DGFT: Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely United kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except United Kingdom, Iceland, Liechtenstein, Norway and Switzerland) will require Certificate of Inspection by Export Inspection Council / Export …

DGFT: Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely United kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. (19.08.2022) Read More »

Income Tax: CBDT amends rule 128 and relaxes conditions for filing of form No. 67 for a resident taxpayer who has credit for the amount of any foreign tax paid in a country outside India by way of deduction or otherwise. [Notification No. 100/2022-Income Tax dated: 18th August, 2022]

Central Excise: Special Additional Excise Duty on Diesel increased to Rs. 6 per litre. [Notification No. 23/2022-Central Excise dated 18th August 2022]

Central Excise: Special Additional Excise Duty on production of Petroleum Crude reduced to Rs. 13,000 per tonne from Rs. 17,000 and Special Additional Excise Duty export of Aviation Turbine Fuel to Rs. 2 per litre from Rs. 4. [Notification No. 24/2022-Central Excise dated 18th August 2022]

Customs: Provisional anti-dumping duty (ADD) imposed on Ursodeoxycholic Acid (UDCA) when imported from China and Korea. [Notification No. 25/2022-Customs (ADD) dated 18th August 2022]

Customs: Clarification issued for applicability of BCD on Display Assembly of a cellular mobile phone. [Circular No. 14/2022 dated 18th August 2022]

GST: Much needed guidelines for arrest and bail in relation to offences punishable under the CGST Act, 2017, has been issued by summon. Guidelines are issued considering judgement of Hon’ble Supreme Court in case of Siddharth Vs. State of UP and DK Basu Vs. State WB. [Instruction No. 02/2022-23[GST-INV] dated 17th August 2022]

GST: CBIC has issued guidelines for GST officer for issuance of summons. No summon can be issued to Senior officials of the Company and for calling GST returns & documents available at GST portal. [Instruction No. 03/2022-23[GST-INV] dated 17th August 2022]

Finance: The International Financial Services Centres Authority (“IFSCA”) has issued Framework for Ship Leasing. [Circular dated 16th August 2022]

IBBI: IBBI suspends registration of insolvency Professional for eliminating voting rights of CoC members for non-contribution to CIRP costs. [Order No. IBBI/DC/122/2022 dated 16th August 2022]

Income Tax: CBDT notifies ‘INQ Holding LLC’ as sovereign wealth fund for the purpose exemption on their income in the nature of dividend, interest and long-term capital gains arising from investment made in infrastructure in India. [Notification No. 95/2022-Income Tax dated: 16th August 2022]

Customs: Threshold limit of value of goods for launching of Prosecution, Arrest & Bail in relation to cases of importation & exportation of trade goods and fraudulent availment of drawback or attempt to avail of drawback or any exemption from duty provided under the Customs Act 1962, has been increased from ₹ 1 Crores to …

Customs: Threshold limit of value of goods for launching of Prosecution, Arrest & Bail in relation to cases of importation & exportation of trade goods and fraudulent availment of drawback or attempt to avail of drawback or any exemption from duty provided under the Customs Act 1962, has been increased from ₹ 1 Crores to ₹ 2 Crores.(17.08.2022) Read More »

Customs: Effective from 1st November 2022 import of following goods requires Health Certificate issued by Competent Authority of exporting country in prescribed format. Milk and Milk Products Pork and Pork Products Fish and Fish Products [Instruction No. 18/2022 Cus. dated 12 August 2022]

SEZ: Guidelines on SOP for Work from Home under SEZ Rules issued by Government, no WFH can be denied / revoked without Unit being heard and endorsement certificate can be given by specified officer on the basis of information submitted by the Unit and physical verification of asset (laptop etc) can be done latter when …

SEZ: Guidelines on SOP for Work from Home under SEZ Rules issued by Government (16.08.2022) Read More »

Calcutta High Court held that in the GST law the electronic credit ledger cannot be debited when appeal already been filed.   Tripura High Court has held that Vehicle carrying goods ought not to be stopped/seized by authorities for expiry of E-way bill and instead an undertaking should be taken from the buyer, or the …

Judicial Corner (16.08.2022) Read More »