On a review, it has been decided to permit eligible entities to hedge their exposure to price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority (IFSCA).
Supreme Court granted bail in clandestine manufacture and supply of chewing tobacco without payment of leviable duties and tax as the petitioner has already undergone incarceration for more than four months. Further, there are no apprehension of tampering, intimidating or influencing.
The import item Shea Nut or Shea Butter is excluded from serial number 10 of Appendix 4J with immediate effect vide Public Notice No. 43/2015-2020 | Dated: 12th December, 2022. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Public Notice No. 43/2015-2020 | Dated: 12th December, 2022 Subject:- Amendment in Appendix […]
An organization is only as good as the quality of the individuals who comprise it. We all have our roles, and when we strive to excel in our assigned roles, the entire organization benefits. As we find ourselves at the milestone of 60 years of the Customs Act, perhaps our greatest asset is the women and men who have worked tirelessly to administer the Act, with a sense of fairness, justice and equanimity.
Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022
ITAT Mumbai held that payment towards buy-back of shares to an NRI doesn’t attract deduction of tax under section 195 as according to Indo-Singapore DTAA jurisdiction for taxing the capital gains arising in the hands of an NRI is in Singapore and not in India
Chhattisgarh High Court held that lease charges paid by the Railways Department to the Petitioner Company is not subjected to levy of VAT as the taxable event is the transfer of right to use goods and not right to use goods or the use of goods
Assessee hospital was not entitled for registration under section 12A as it was charging on the basis of commercial rates from the patients and it had failed to demonstrate that the charges / fee charged by it were on a reasonable markup on the cost.
Notification No. 106/2022-Customs (N.T.)| Dated: 12th December, 2022 regarding inclusion of two Land Customs Stations (Bhithamore and Barhni) in Notification No. 208/77 -Cus (N.T.) dated 01.10.1977 GOVERNMENT OF INDIA, MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 106/2022-Customs (N.T.)| Dated: 12th December, 2022 G.S.R.876(E).– In exercise of the powers conferred by sub-section (2) of section 76 […]
While quashing an order for compounding of offence, the Revenue held that the amount for the compounding of offence under the GST Act should not exceed the maximum penalty specified in the Act for such offence. Since the demand itself failed on merit and limitation there could not be demand for interest and penalties imposed could not be sustained.
