Statutes
  • the Central Board of Indirect Taxes and Customs, on being satisfied that it is necessary and expedie...nt to do so, hereby makes the following further amendments to the Notification No.19/2022-Customs (N.T.) dated the 30th March, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii) vide S.O. 1512 (E), dated the 30th March, 2022, namely, - In the said notification, in para 2, for the words, '1st December, 2023', the words '20th January, 2024' shall be substituted. show more

    Nov 29, 2023
  • The Central Board of Indirect Taxes and Customs, on being satisfied that it is necessary and expedie...nt to do so, hereby makes the following amendments to the notification No.18/2023-Customs (N.T.) dated the 30th March, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii) vide S.O. 1528 (E), dated the 30th March, 2023, namely, - In the said notification, in para 2, for the words, '30th November, 2023', the words '19th January, 2024' shall be substituted. show more

    Nov 29, 2023
  • The Central Board of Direct Taxes certifies that the Maharashtra Council of Homoeopathy is reco...gnised by the Income-tax Act, 1961. The comprehensive research sheds light on the required income levels, eligibility requirements, and notification duration. To guarantee ongoing advantages, homoeopathic professionals and other interested parties are urged to comprehend the consequences of this designation for the designated revenues and abide by the stated requirements. show more

    Nov 24, 2023
  •   In exercise of the powers conferred under section 119(2)(b) of the Income-tax Act, 1961 , ...the Central Board of Direct Taxes  by Circular No. 612022 of even number dated 17.03.2022 condoned the delay in filing of Form No. 10-IC as per Rule 21AE of the Income-tax Rules, 1962 ('the Rules') for the previous year relevant to A.Y. 2020-21 in cases where the conditions stipulated in the said Circular are satisfied. The delay in filing of Form No. 10-IC as per Rule 21AE of the Rules for previous year relevant to A.Y. 2021-22 is condoned in cases where the following conditions are satisfied: i) The return of income for relevant assessment year has been filed on or before the due date specified under section 139(1) of the Act; ii) The assessee company has opted for taxation u/s 115BAA of the Act in item ( e) of "Filing Status" in "Part A-GEN" of the Form of Return of Income ITR-6; and Forn No. 10-IC is filed electronically on or before 31.01.2024 or 3 months from the end of the month in which this Circular is issued, whichever is later. show more

    Nov 23, 2023
  • Concerning biometric-based Aadhaar identification for the registration of GST within Andhra Pradesh,... a notification has been released by CBIC. Gujarat and Puducherry states were already informed of the same need. But now Andhra Pradesh is included in this obligation as well. show more

    Nov 17, 2023
  • Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (...DIR Series) Circular No.10 dated July 11, 2022, in terms of which an additional arrangement has been put in place for invoicing, payment, and settlement of exports/imports in INR through Special Rupee Vostro Accounts of the correspondent bank/s of the partner trading country maintained with AD Category-I banks in India. Further, attention of AD Category-I banks is invited to Para 4.1 of circular DOR.CRE.REC.23/21.08.008/2022-23 dated April 19, 2022 on Opening of Current Accounts and CC/OD Accounts by Banks. In terms of this provision and in order to provide greater operational flexibility to the exporters, AD Category-I banks maintaining Special Rupee Vostro Account as per the provisions of the Reserve Bank circular dated July 11, 2022 referred above are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions. show more

    Nov 17, 2023
  • RBI has taken steps to address the rapidly expanding consumer credit market and the growing rel...iance from NBFCs upon bank loans. Governor Vaibhav Chaturvedi emphasised in an announcement on November 16, 2023, the necessity for banks and NBFCs to fortify their internal monitoring systems and tackle any hazards. Commercial Banks Risk to Consumer loans: The risk weight was raised to 125% by 25 percentage points. Not applicable to home loans, school loans, auto loans, or loans backed by gold or gold jewellery. The Credit Risk of NBFCs: With the exception of a few categories, the potential risk factor for credit to consumer’s exposure raised to 125% overall retail loans. Card Receivable: The scheduled commercial banks' (SCBs') risk weight on credit card receivables has raised to 150%, while NBFCs' risk weight is now 125%. Bank Lending to NBFCs: Where the current risk weight is less than 100%, the risk weights for SCBs' holdings to NBFCs raised by 25 percentage points. Loans to NBFCs and Housing Finance Company that qualify for priority sector designation are excluded. show more

    Nov 16, 2023
  •   Central Government amends in the notification of the Government of India in the Ministry o...f Finance (Department of Revenue), No. 04/2022-Central Excise, dated the 30th June, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 492 (E), dated the 30th June, 2022, namely:- In the said notification, in the Table, against S. No. 2, for the entry in column (4), the entry “Rs.1 per litre” shall be substituted which increases Special Additional Excise Duty on the export of the Diesel and ATF.   show more

    Nov 15, 2023
  • On November 2, 2023, the Central Board of Indirect Taxes and Customs  released Notification No.... 53/2023–Central Tax, which established particular guidelines for submitting challenges under the provisions of the Goods and Services Tax  system. This notification aims to address situations in which taxable people, particularly under provisions 73 or 74 of CGST, 2017, were unable to file an appeal against a decision granted by the appropriate official within the allotted time limit. It makes clear the requirements and procedure for submitting appeals in certain situations. show more

    Nov 02, 2023
  • An agreement for the transfer of data and support in tax collection with the authorities of Saint Vi...ncent & the Grenadine Islands has been notified by the Ministry of Finance. On May 19, 2022, in Kingstown, which is the capital of Saint Vincent & the Grenadine islands, the agreement was executed. show more

    Nov 01, 2023
  • Definitions of PA-CBs, permission specifications, and guidance for imports and  exports along w...ith  simultaneous import-export PA-CBs are provided in the RBI bulletin. It requires compliance with net worth standards, outlining minimum values and adherence timelines. The management of Export Collection Account and Import Collection Account with approved banks is also covered in the circular. In addition, it covers the finalisation of payments in both foreign currencies and Indian Rupees, emphasising the need of precautionary measures for merchants. The circular outlines approved payment methods and offers guidelines for acceptable debits as well as credits from accounts in escrow. show more

    Oct 31, 2023
  • The undersigned is directed to draw attention to Circular 41/2020-Customs through which the facility... of Automatic Let Export Order (auto LEO) was enabled in Express Cargo Clearance System (ECCS) for those Courier Shipping Bills (CSB) which were not interdicted by the risk management system (RMS) and were then cleared in the Customs X-ray scanning process It has been decided that the auto LEO facility shall also be allowed upon X-ray clearance to CSB marked for 'assessment only', provided that the CSB has been cleared under assessment and examination has not been mandated. The Systems Directorate has confirmed the enabling of appropriate technical changes in the ECCS export workflow. show more

    Aug 02, 2023
  •   Based on the recommendations of the GST Council in its 50th meeting held on 11th July, 202...3, clarifications with reference to GST levy related to the following items are being issued through this circular: i. Un-fried or un-cooked snack pellets, by whatever name called, manufactured through process of extrusion; ii. Fish Soluble Paste; iii. Desiccated coconut; iv. Biomass briquettes; v. Imitation zari thread or yarn known by any name in trade parlance; vi. Supply of raw cotton by agriculturist to cooperatives; vii. Plates, cups made from areca leaves viii. Goods falling under HSN heading 9021. show more

    Aug 01, 2023
  • To make the following more clear, Circular No. 201/13/2023-GST has been released:   1. Se...rvices rendered in his individual position as a director of a firm, such as renting real estate to the business or body corporate:  It is hereby clarified that services supplied by a director of a company or body corporate to the company or body corporate in his private or personal capacity such as services supplied by way of renting of immovable property to the company or body corporate are not taxable under RCM. Only those services supplied by director of company or body corporate, which are supplied by him as or in the capacity of director of that company or body corporate shall be taxable under RCM in the hands of the company or body corporate under notification No. 13/2017-CTR (Sl. No. 6) dated 28.06.2017.   2. The taxation of beverages and food supplies in movie theatres has been elucidated. Specifically, it is stated that food and beverage supplies in movie theatres are taxed as eatery services provided that they are provided in conjunction with or as a part of a service, and that they are provided separately from the theatre display service. Additionally, it is made clear that in cases where the provision of food and drinks and the sale of movie tickets are combined and meet the requirements of the combined supply test, all of the supplies will be subject to GST at the price that applies to the major supply—the service of movie screening.   show more

    Aug 01, 2023
  • Cooperative societies submitted applications to the CBDT to request deductions under section 80...P for the fiscal years 2018–19 through 2022–23. They ask for forgiveness for the delay in submitting income tax returns brought on by the wait for their accounts to be audited in accordance with state law. The reason for asking is to consider the returns as having been submitted on time. The CBDT has given the Chief Commissioner permission to handle certain petitions for delay condonation that are now before the Board in order to alleviate real suffering. show more

    Jul 26, 2023

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