ICAI removes names of 8 Chartered Accountants from the Register of Members with effect from 20th January, 2022 vide various notifications issued by it on 20th January, 2022 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 20th January, 2022 (Chartered Accountants) No. PR-174/2012-DD/189/2012-DC/444/2016.—In terms of […]
In re Bharat Dynamics Limited (GST AAAR Andhra Pradesh) AAAR differed with the ruling of the Advance Ruling Authority and hereby modify the same and hold that the SFDS is classifiable as ‘parts of Submarine’ falling under Chapter 8906 and consequently attract a GST rate of five (5) percent, by virtue of entry No.252 of […]
Tax Bar Association Vs Union of India (Rajasthan High Court, Jodhpur) This public interest petition has been filed by the Tax Bar Association of Jodhpur pointing out various difficulties faced by the assessees on account of the official portal of the income tax department having various glitches. The first and the primary prayer made by […]
Yashoda Shivappa Nagangoudar Vs ITO (Bombay High Court) Mr. Walve submitted that as per explanation 3 to Section 147 of the Act, the Assessing Officer may assess or re-assess the income in respect of any issue which has escaped assessment even if such issue comes to his notice subsequently in the course of proceedings under […]
Board has issued Instructions/Circulars relating to recovery of arrears under Central Excise, Service Tax and Customs from time to time. Considering the changes that have taken place, especially after the introduction of GST in July, 2017, it has become imperative to update and revamp the procedure for recovery of arrears of Indirect taxes and Customs. Accordingly, in supersession of instructions issued earlier on the subjects which are annexed herewith as Annexure — A, this consolidated Circular is being issued providing guidelines for recovery and write-off of arrears of Indirect taxes and Customs.
The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provides that, with effect from 01.02.2021, the sum received under a Unit Linked Insurance Policy (ULIP), issued on or after 01.02.2021, shall not be exempt under the said clause if the amount of premium payable for any of the previous years during the term of such policy exceeds Rs 2,50,000.
A. Whether re-import of goods for packaging purposes falling under HS codes of Chapters 72,73 and 86 of ITC (HS), 2017 is also covered under scope of SIMS? Whether SIMS Registration is required if the steel/steel item is exported from DTA to SEZ and then imported from SEZ to DTA when [I] the item is being imported to DTA without any value addition and [ii] the item is being imported to DTA after some value addition? Response: Re-import of steel for packaging purposes will not be covered under SIMS as it is not primarily meant for value addition, rather being re-imported for packaging only.
Reference is drawn to Circular No. 33/2016–Customs dated 22.07.2016 as amended, including by Circular No. 54/2020- Customs dated 15.12.2020, vide which relaxation in furnishing of Bank Guarantee was extended to various categories of AEO/AEO (MSME), but would not be applicable in cases where the Competent Authority orders furnishing of Bank Guarantee for provisional release of goods under section 18 of Customs Act, 1962.
It has been decided that the entities fulfilling the following conditions shall be considered as ‘Qualified Jewellers’ and shall be permitted to transact as trading members / clients of trading members, on IIBX, for the purpose of import of gold under the above-mentioned ITC(HS) codes:
Composite supply of works contract as defined in clause (119) of section 2 of the State Goods and Services Tax Act, 2017, involving predominantly earth work (that is, constituting more than 75per cent. of the value of the works contract) provided to the Central Government, State Government, Union territory
