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Archive: 12 December 2022

Posts in 12 December 2022

Eligible entities to hedge their exposure to price risk of gold on exchanges in IFSC

December 12, 2022 285 Views 0 comment Print

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).

Bail granted in clandestine manufacture and supply of chewing tobacco

December 12, 2022 1953 Views 0 comment Print

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.

DGFT excludes Import item Shea Nut or Shea Butter from Appendix 4J

December 12, 2022 693 Views 0 comment Print

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 […]

Weekly newsletter from Chairman, CBIC Dated: 12.12.2022

December 12, 2022 906 Views 0 comment Print

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

December 12, 2022 3546 Views 0 comment Print

Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022

TDS u/s 195 not attracted on payment towards buy-back of shares as per Indo-Singapore DTAA

December 12, 2022 1449 Views 0 comment Print

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

VAT not leviable on lease charges paid by Railway Department

December 12, 2022 333 Views 0 comment Print

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

No registration to Hospital as charitable organisation if charging commercial rates from patients

December 12, 2022 2397 Views 0 comment Print

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.

CBIC notifies inclusion of Land Customs Stations (Bhithamore and Barhni)

December 12, 2022 522 Views 0 comment Print

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 […]

Penalty leviable could not exceed the amount for Compounding of Offence under GST Act

December 12, 2022 1365 Views 0 comment Print

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.

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