Daily Updates

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]

GST: CBIC amends instructions of FORM GSTR-9 and substituted the wordings in Part-V from the period from “April,2022 to September 2022” to “April, 2022 to October, 2022 filed upto 30th November, 2022” to give effect of increased time for claiming ITC & amendments w.r.t. previous year till October,2022 returns. [Notification 22/2022-Central Tax Dt. 15th Nov …

GST: CBIC amends instructions of FORM GSTR-9 and substituted the wordings in Part-V from the period from “April,2022 to September 2022” to “April, 2022 to October, 2022 filed upto 30th November, 2022” to give effect of increased time for claiming ITC & amendments w.r.t. previous year till October,2022 returns.(17.11.2022) Read More »

Income Tax: Notification 124/2022 Dated 14th November 2022- CBDT made changes in the Income Tax Authorities jurisdictional wise vide this notification by amending principal notification 50/2014 dated 22nd October 2014.

Income Tax: Notification 123/2022 Dated 14th November 2022- CBDT made changes in the Income Tax Authorities jurisdictional wise for Faceless Assessment proceedings under section 144B of the Income Tax Act 1961 by amending principal notification 60/2022 dated 10th June 2022.

Income Tax: Notification 122/2022 Dated 14th November 2022- CBDT made changes in the Income Tax Authorities jurisdictional wise vide this notification by amending principal notification 51/2014 dated 22nd October 2014.  

Income Tax: Notification 120/2022 Dated 11th November 2022- CBDT designates the Courts in the State of Himachal Pradesh, as Special Courts for the areas within their territorial jurisdiction for the purposes of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax …

Income Tax: CBDT designates the Courts in the State of Himachal Pradesh, as Special Courts for the areas within their territorial jurisdiction for the purposes of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.(15.11.2022) Read More »

Customs: Notification No. 96/2022-Cus (NT) dated 15th November 2022 -issued for Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver- Reg. Details mentioned in the notification.

Customs: Koran Won Exchange Rate is amended vide Notification No. 95/2022 Customs (N.T.) dt. 14th November 2022 w.e.f. 15th November 2022 Currency            For Imports(INR)            For Exports(INR) Korean Won      06.30                                 05.95

Income Tax: CBDT has published FAQs on CSI file download from the E-Filing portal for TDS return filing

Income Tax: CBDT has added following banks to E-filing portal for making tax payments thereon, Taxpayers are advised to use Deductor’ s TAN for making TDS/TCS payments. Bank available at E-Filing Portal Axis Bank. Bank of India. Bank of Maharashtra. Canara Bank. Central Bank of India. Federal Bank. ICICI Bank. Indian Bank. Indian Overseas Bank. …

Income Tax: CBDT has added banks to E-filing portal for making tax payments thereon, Taxpayers are advised to use Deductor’ s TAN for making TDS/TCS payments. (08.11.2022) Read More »

DGFT: Amendment in Export Policy of Broken Rice falling under HS Code 1006 40 00.– Condition (iii) of Para-2 of Notification No. 31/2015-2020 dt. 08.09.2022 has been amended with immediate effect so as to provide clearance to such rice consignments held up in CFS which had been handed over to the Container Freight Station (CFS) …

DGFT: Amendment in Export Policy of Broken Rice falling under HS Code 1006 40 00 (08.11.2022) Read More »

DGFT: The Condition No. 7(ii) of Chapter 27 of Schedule-I (Import Policy ) of ITC(HS), 2022 is amended vide Notification No. 41/2015-2020 dated 07th November 2022.