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Archive: 30 June 2023

Posts in 30 June 2023

Amendment to Notification No. 11/2021-Customs: Prescribing AIDC Rate for LPG

June 30, 2023 11454 Views 0 comment Print

CBIC issued Notification No. 42/2023-Customs Dated: 30th June, 2023 to amend Notification No. 11/2021-Customs. The amendment introduces a new entry prescribing an Agriculture Infrastructure and Development Cess (AIDC) rate of 15% for Liquefied Petroleum Gas (LPG) imports

Amendment to Notification No. 50/2017-Customs: Prescribing BCD for LPG

June 30, 2023 1563 Views 0 comment Print

CBIC issued Notification No. 41/2023-Customs Dated: 30th June, 2023 to amend Notification No. 50/2017-Customs. The amendment introduces a new entry prescribing a Basic Customs Duty (BCD) of 5% for Liquified Petroleum Gas (LPG).

Increase in Standard Tariff for LPG under Customs Tariff Act, 1975

June 30, 2023 1410 Views 0 comment Print

CBIC issued Notification No. 40/2023-Customs Dated: 30th June, 2023 to increase standard tariff for Liquified Petroleum Gas (LPG) falling under specific tariff items in First Schedule of Customs Tariff Act, 1975.

Revised Small Savings Schemes Interest Rates for July-September 2023

June 30, 2023 17211 Views 0 comment Print

Govt revised interest rates for various Small Savings Schemes for the second quarter of the financial year 2023-24, effective from July 1st to September 30th, 2023. This article provides an analysis of the revised rates, highlighting the changes for each scheme. Stay informed about the latest interest rates for Small Savings Schemes in India.

GST on veterinary instruments known as Artificial Insemination Crate/Travis

June 30, 2023 1206 Views 0 comment Print

Delve into the GST AAR Gujarat ruling on tax and classification of veterinary instruments, specifically AI Crate/Travis. Get informed insights.

Rapigro classifiable under 38089340 as plant growth regulator, 18% GST

June 30, 2023 1410 Views 0 comment Print

Explore the GST AAR Gujarat ruling on the classification of Rapigro under the Customs Tariff Act & GST Act, and its applicable tax rate

Income Tax audit under section 44AB​: FAQs

June 30, 2023 1237535 Views 54 comments Print

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB.

FAQs on Statement of Financial Transactions & Reportable Accounts

June 30, 2023 105503 Views 15 comments Print

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR).

Tribunal held classification of Non Textured Fabrics must be based on nature and material coated

June 30, 2023 939 Views 0 comment Print

Classification of non-textured fabrics must be based on nature and material coated as end use of a product could not be a criteria for classification, the other parameters such as the nature of cloth, nature of coating etc were required to be ascertained to classify the fabrics.

Regular bail granted as petitioner materially co-operated in the investigation

June 30, 2023 1626 Views 0 comment Print

Delhi High Court granted regular bail on the reasonable grounds based on which it can be believed that the petitioner is not guilty of offence under section 3 of PMLA and also that petitioner has materially co-operated in the investigation.

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