Latest update 13.06.2024

DGFT Trade Notice 05/2024-25 dt 12.06.2024

DGFT issued Trade Notice No. 05/2024-25 dated 12.06.2024 regarding issuance of RCMC for Medical Devices. Read more

DGFT-Public Notice No. 11/2024-25 dated 12.06.2024

DGFT issued Public Notice No. 11/2024-25 dated 12.06.2024 to hereby include 16 Agencies as PSIA and additional instruments in respect of 02 existing PSIAs Read more

DGFT Corrigendum to Notif. 16/2024-25 dt 12.06.2024

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

DGFT-Corrigendum to Public Notice No. 10/2024 dated 06.06.2024

DGFT issued CORRIGENDUM to Public Notice No. 10/2024-25 dated 06.06.2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance holders, EOU and SEZ. Read more

Draft Implementation Guide with respect to changes in Form 3CD and 3CEB vide Notifications issued in March 2024

Comments/views of members are sought on the Implementation Guide ” “Implementation Guide with respect to Changes in Form No. 3CD and Form No. 3CEB vide Notifications issued in March 2024” with a view to make the said publication more effective and useful. Read more

Lawgics – Judgment No. 144

As per the Circular dated 09.02.2018 issued by the CBIC, Central Government of India, the officers of Director General of G.S.T. (Intelligence) shall exercise the power to issue show cause notice. Therefore, the impugned proceedings have been issued by the competent authority. Read more

Notification extending the period of limitation for issuance of Show Cause Notice upheld

The Hon’ble Kerala High Court in the case of Faizal Traders Private Limited upheld the Notifications relating to extending the period of limitation to COVID-19 for issuance of Show Cause Notice by invoking the powers under Section 168A of the CGST Act. Read more

Whether IGST is payable under RCM for services in Free-On-Board contract?

The Honorable Bombay High Court in the case of M/s. Agarwal Coal Corporation Pvt. Ltd. set aside the Show Cause Notice issued by the Revenue Department based on the Notification No. 08/2017-Integrated Tax (Rate) dated 28.06.2017 which has been held ultra vires as per the judgement of Gujarat High Court in the case of Mohit Minerals Pvt. Ltd. which was further affirmed by the Honorable Supreme Court in the case of Mohit Minerals Pvt. Ltd.. Read more

Smt. Nirmala Sitharaman assumes charge as the Union Minister for Finance and Corporate Affairs

Smt. Nirmala Sitharaman assumed charge today as the Union Minister of Finance & Corporate Affairs in New Delhi. Read More

We will try to bring petrol, diesel & ATF under GST: Oil Minister

Oil Minister Hardeep Singh Puri said on Tuesday that the Ministry of Petroleum and Natural Gas (MoPNG) will work on bringing petrol, diesel, and ATF under the goods and services tax (GST). Read more

Reduce GST on CNG and flex fuel two wheelers – Auto industry to new NDA govt

Reduce GST on CNG and flex fuel two wheelers – Auto industry to new NDA govt Read more

I-T department set to complete 170,000 reassessments by next March

The income tax (I-T) department could complete by March 2025 reassessments of 170 thousand notices issued between March 2021 and March 2024 for undisclosed income in past assessment years. Read more

Govt restricts import of gold jewellery and parts amid unusual surge

The government on Tuesday imposed restrictions on the import of gold jewellery and parts from all countries, except from its free-trade agreement (FTA) partner United Arab Emirates amid an ‘unusual surge’ in the inbound shipments. Read more

Is the Centre planning to decriminalise minor I-T offences in 100 days?

The central government may decriminalise minor income tax offences and replace prosecution with penalties as part of its agenda for the first 100-days. Read more