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CBIC notifies Rate of Exchange of Foreign Currencies wef 21.02.2020

February 20, 2020 2001 Views 1 comment Print

Exchange Rate Notification No. 15/2020-Customs (NT) dated 20th February, 2020 Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 21st February, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 15/2020 – Customs (N.T.) New Delhi, dated the 20th February, 2020 In exercise […]

Customs preparing for surge in Import/Export after ‘Coronavirus’ Control

February 20, 2020 693 Views 0 comment Print

Due to ongoing shutdown in China on account of Coronavirus outbreak, there is an apprehension of disruption in supply of raw materials/ inputs to our industrial units which were dependent on these raw materials. There could also be a dip in offtake in exports to China. On the contrary, there is a strong likelihood of an immediate surge in the imports from and export to China once the spread of the virus is brought fully under control.

Goods Manufactured for use by other Manufacturers cannot be subjected to Excise U/s. 4A

February 19, 2020 1107 Views 0 comment Print

T.M. Tyres Limited Vs Commissioner of Central Excise (CESTAT Hyderabad) It is an admitted fact on record that the appellant is engaged in the manufacture of Butyl rubber inner tubes and such product by itself is separately identifiable and is a distinct Marketable product. It cannot be said that the product manufactured by the appellant […]

Clarification regarding relaxation of purchase of air tickets from authorized Travel Agents for LTC

February 19, 2020 14796 Views 0 comment Print

Procedure for booking of air-tickets on LTC and to say that as per the extant instructions, whenever a Government servant claims LTC by air, he/she is required to book the air tickets directly from the airlines (Booking counters, website of airlines) or by utilizing the services of the authorized travel agents

Posting/transfer Order of Chief Accounts Officers of Customs Grade

February 19, 2020 1836 Views 0 comment Print

Office Order No. 01/2020 and 02/2020 With the approval of competent authority, the following transfer postings in the Grade of Chief Accounts Officers (CAO) of Customs in Central Board of Indirect Taxes and Customs who were promoted vide Order No. F.No.A-32012/05/2017-Ad.IIA dated 31/01/2019 are hereby ordered with immediate effect and until further orders:-

FAQs on Assessment during Practical Training of CA Students

February 19, 2020 89646 Views 23 comments Print

These tests are not an eligibility criterion for appearing in CA Final examination. A student has to appear in these tests based on his/her completion date of first/ second year of practical training, irrespective of his/her CA Final attempt. Students are however, advised to appear in these tests before their CA Final attempt as the grade will be included in their Final However, if a student does not appear in these tests and clears CA Final examination

Functionality for Demand Adjustment u/s 245 by AO in ITBA

February 19, 2020 4809 Views 0 comment Print

The functionality of demand adjustment by AO u/s 245 can be accessed while passing assessment order, rectification order into the ITBA system. In case, refund is determined in Computation of Assessment, Rectification then, following 4 below mentioned options regarding demand adjustment u/s 245 shall be available through ITBA.

RoSCTL Scheme & Incentive for export of garments & made-ups

February 19, 2020 34965 Views 5 comments Print

It may be noted that under the erstwhile RoSL scheme that was in operation till 06.03.2019, the rebate was provided in exporter’s bank account based on budgetary allocation of MoT. However, under the RoSCTL and Additional Ad-hoc Incentive schemes, the rebate will be granted by DGFT in the form of electronic duty credit scrips similar to the scrips issued under MEIS.

Appellate Authority shows displeasure for use of it to recover dues

February 18, 2020 678 Views 0 comment Print

Aakansha Vaid Vs ICSI (Appellate Authority of ICSI) he Authority records its displeasure about the conduct of the Complainant during the entire proceedings. The Complainant lodged a comprehensive Complaint supported with several documents before the Institute on 3rd August 2017. He sent letter dated 1st September 2017 providing certain information sought by the Institute. However, […]

Delay in filing of appeal is beyond the discretionary power of AAAR

February 18, 2020 531 Views 0 comment Print

In re Sunil Kumar Gehlot (Sunil Kumar & Co.) (GST AAAR Rajasthan) In this case, part fee has been deposited on 15.06.2020 and second part fees have been deposited on 22.10.2020. In this case complete fee has been deposited and appeal in prescribed format has been filed after more than 30 days from the due […]

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