Latest update 07.06.2024

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A. Amendment

Notification No. 39/2024-Customs (N.T.) dated 05.06.2024

CBIC issued Notification No. 39/2024 – Customs (N.T.) dated 05.06.2024 to hereby appoint officers to exercise the powers and discharge duties conferred or imposed on officers in respect of specified Noticee for purpose of adjudication of show cause notices mentioned in the notification. Read more

Notification No. 40/2024-Customs (N.T.) dated 06.06.2024

CBIC issued Notification No. 40/2024 – Customs (N.T.) dated 06.06.2024 to hereby determine that the rate of exchange of conversion of each of the foreign currencies into India currency or vice versa effective from 07.06.2024. Read more

DGFT Notif. 16/2024-25 dt 06.06.2024

The Directorate General of Foreign Trade (DGFT) issued Notification No. 16/2024-25 dated 06.06.2024 to enable provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ. Read more

DGFT-Public Notice No. 09/2024 dated 06.06.2024

The Directorate General of Foreign Trade (DGFT) issued Public Notice No. 09/2024 dated 06.06.2024 making revision in Para 2(b) of the ‘Guidelines For Applicants’ under ANF-4F of Handbook of Procedures, 2023. Read more

DGFT-Public Notice No. 10/2024 dated 06.06.2024

The Directorate General of Foreign Trade (DGFT) issued Public Notice No. 10/2024-25 dated 06.06.2024 to enable provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ. Read more

Goa – Instruction – Guidelines for initiation of recovery proceedings before 3 months from date of service of demand order

Government of Goa, Department of Finance issued Instruction No. 01 of 2024-GST dated 03.06.2024 providing guidelines for initiation of recovery proceedings before 3 months from the date of service of demand order. Read more

GSTN portal downtime on 07.06.2024

We shall be enhancing services on the GST portal on 7th June’24 12:00 AM onwards. Read more

B. Article

Notice issued u/s 74 without specifying the date of hearing

The petitioner not furnished the reply. The Court held that failure to avail one opportunity may not lead to denial of the other. Read more

C. GST Notes

Lawgics – Judgment No. 141

Proper Officer had to at least consider the reply on merits and then form an opinion. He merely held that the reply is devoid of merits without any justification which ex-facie shows that Proper Officer has not applied his mind to the reply submitted by the petitioner. Read more

D. Tax in Media

New government must untangle the GST complexities, says trade body

The bonafide grievances of traders related to the highly-complicated GST system must be addressed by the new government to be formed at the Centre, said Agro Food Chamber of Commerce and Industry. Read more

GST Raids On Eateries Across City Continues

The state GST officials have discovered details of crores of GST evasion and unbilled sales during preliminary investigation following raids on ice-cream parlours and juice & food centres. Read more

GST Reduction, rationalisation of taxes key spurt affordable housing demand: CBRE

The reduction of Goods and Services Tax (GST) and rationalisation of taxes are essential to boost demand for affordable housing, according to Anshuman Magazine, Chairman and CEO of CBRE for India, South-East Asia, Middle East and Africa. Read more

Computer, Smartphones, Butter May Get Cheaper With Proposed GST Slab Changes: Report

The Goods and Services Tax (GST) Council’s fitment committee, which is made up of central and state officials, is looking into the possibility of eliminating some of the rates, especially the 12 per cent slab. The committee has started over with a new rate rationalization exercise in order to achieve a revenue-neutral structure. Read more

Exchange Rate Notification No. 40/2024- Customs (N.T.)

No exemption for SEZ units under the proposed Central Excise Bill

The proposed Central Excise Bill, 2024, does not exempt excisable goods produced or manufactured in a Special Economic Zone (SEZ) and brought to any other place in India from duty. Any exemption will need to be notified separately by the Central government, if deemed fit, says the Bill. Read more

Centre proposes new excise law, ease of doing business in focus

The Central Board of Indirect Taxes & Customs has invited suggestions on the draft ‘Central Excise Bill, 2024’, which aims to enact a comprehensive modern central excise law with an emphasis on promoting ease of doing business and repealing old and redundant provisions. Read more

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