Budget 2021– Seeks to further amend notification No. 153/94-Customs dated 13th July, 1994 so as to include temporary imports of costumes and props for film-making, in the goods exempted by the said notification– Notification No. 8/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 08/2021-Customs New Delhi, the […]
Budget 2021– Seeks to rescind notification Nos. 1/2011-Customs, dated the 6th January, 2011, 34/2017-Customs, dated the 30th June, 2017 and 75/2017-Customs, dated the 13th September, 2017– Notification No. 7/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 07/2021-Customs New Delhi, the 1st February, 2021 G.S.R. 65(E).– In exercise […]
Several changes have been proposed in the Finance Bill, 2021 with respect to GST. Following is the brief summary of the same along with our remarks. It may be noted that the amendments proposed in the Finance Bill, 2021 will come into effect from the date when the same will be notified, as far as […]
Budget 2021- Seeks to further amend notification No. 08/2020-Customs dated 2nd February, 2020 so as to exempt the medical devices imported by international organizations and diplomatic missions, from the levy of Health Cess – Notification No. 6/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 06/2021–Customs New Delhi, […]
Budget 2021- Seeks to further amend notification No. 24/2005-Customs dated 1st March, 2005 so as to clarify the scope of exemption under entry at S. No. 13S of the said notification- Notification No. 5/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 05/2021– Customs New Delhi, the 1st […]
Budget 2021- Seeks to further amend notification No. 25/99-Customs dated 28th February, 1999 so as to withdraw BCD exemption on the specified parts of transformers- Notification No. 4/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 04/2021-Customs New Delhi, the 1st February, 2021 G.S.R.62(E). – In exercise of […]
Budget 2021- Seeks to further amend notification No. 57/2017-Customs dated 30th June, 2017 so as to prescribe effective BCD rate on IT/Electronics items- Notification No. 3/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 03/2021 – Customs New Delhi, the 1st February, 2021 G.S.R.61(E). – In exercise of […]
Budget 2021- Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD). Notification No. 2/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 2/2021-Customs New Delhi, the 1st February, 2021 G.S.R.60(E).- In exercise of the powers […]
For the purpose of availing ITC, time limit has been prescribed in the Goods and Service Tax Act, 2017 (CGST Act, 2017). According to Section 16(4) of the CGST Act, 2017, a registered person is eligible to take input tax credit with respect to the invoice or debit note for inward supply of goods and/ […]
The Finance Minister introduced Union Budget 2021 presented in the parliament on February 1, 2021. Here are the highlights of the Union Budget 2021: Atmanirbhar Bharat The FM outlined six pillars of proposals to strengthen the vision of Atmanirbharta, namely health and wellbeing, capital and infrastructure, inclusive development, reinvigorating human capital, innovation and R&D and minimum […]
