A. Amendment
Notification No. 49/2024-Customs dated 26.12.2024
CBIC issued Notification No. 49/2024-Customs dated 26.12.2024 that seeks to amend Notification 64/2023-Customs to extend concessional duty on Yellow Peas till 28th February 2025.
DGFT Notif. 44/2024-25 dt 26.12.2024
DGFT issued Notification No. 44/2024-25 dated 26.12.2024 regarding imposition of Quantitative Restriction on import of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS) 2022, Schedule – I (Import Policy)
DGFT-Public Notice No. 36/2024-25 dated 27.12.2024
DGFT issued Public Notice No. 36/2024-25 dated 27.12.2024 regarding enlistment of PSIAs and Addition of area of operation of PSIAs in terms of Para 2.52 (c) of HBP 2023 in Appendix-2G
B. Article
Supply of Goods warehoused in SEZ or FTWZs before clearance shall be within Schedule-III
by R.SRIVATSAN, IRS, NACIN, CHENNAI
The Free Trade Warehousing Zones FTWZ is considered as a special category of Special Economic Zone wherein the activities of trading, warehousing, labeling, packing, or re-packing without any processing are permitted.
C. Tax in Media
GST on popcorn: Know how much tax your movie-time snack will attract
Popcorn has always been the go-to companion for movie lovers, but now, it’s grabbing attention for a different reason—taxes. The announcement by the GST Council on Saturday regarding GST on it has sparked lively debates, with memes flooding social media and consumers questioning if their movie nights just got more expensive.
Income Tax department recalls ‘defective’ notices sent to taxpayers
The Income Tax department has withdrawn notices mistakenly issued to people who have correctly filed their returns. Such taxpayers must disregard the “erroneous” notices for Income Tax returns (ITR).
Income tax may be reduced for those earning up to ₹15 lakh this Union Budget: Report
India is considering reducing income tax for people earning up to ₹15 lakh annually in the upcoming February Budget, aiming to provide relief to the middle class and stimulate consumption amid an economic slowdown, news agency Reuters reported citing two government sources.
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