Understand India’s GST impact on import ocean freight. This summary covers IGST, Reverse Charge Mechanism (RCM), and landmark court judgments (Mohit Minerals, Agarwal Coal) that clarify tax liabilities for CIF and FOB imports, including refund implications for unconstitutional levies.
Learn about GST framework for intermediary services, legal provisions and expected reforms to alleviate tax burdens and boost cross-border trade facilitation.
Taxpayers face challenges as AIS feedback is now shared with reporting entities, creating a loop of data verification that may trigger scrutiny or reassessment.
ITAT Delhi held that deduction under section 54F of the Income Tax Act allowable since the provisions of section 54F allows for construction of the property within a period of three years. Accordingly, appeal allowed.
DGFT Public Notice amends FTP 2023, renaming ‘The Silk & Rayon Textiles Export Promotion Council’ to ‘Manmade and Technical Textiles Export Promotion Council (MATEXIL)’ and updating its contact information for RCMC issuance.
ESTAT Chennai confirms penalties on importer and alleged mastermind for misdeclaration and undervaluation of glass chatons, dismissing cross-examination plea.
NCLAT Chennai upholds rejection of Dr. Thoyajakshi Bai Sakranaik’s plea against Patanjali Hospitals, citing continuous breach of service contract and conduct detrimental to the company.
CESTAT Chennai dismisses Revenue appeal, affirming no redemption fine or penalty when prior Tribunal order set aside goods’ confiscation and penalty.
Delhi High Court quashes a reassessment notice, ruling an AO cannot merely assume escaped income exceeds ₹50 lakh to invoke a longer limitation period without evidence.
RBI extends call money timings to 7 PM from July 1 and repo/TREP to 4 PM from August 1, 2025, based on a review of market trading and settlement hours.
