Custom Duty : The circular permits unloading of returned export cargo and cancellation of Shipping Bills under special conditions. Export incent...
Goods and Services Tax : Analysis of GSTR-1 vs GSTR-3B mismatch, Section 128A interest/penalty waiver, and the controversial CBIC circular. Legal challenge...
Custom Duty : CBIC introduces Ekal Anubandh for single electronic bonds, reducing costs and delays for importers/exporters. Learn about its feat...
Goods and Services Tax : Learn about Reverse Charge Mechanism (RCM) under GST, its applicable goods/services, suppliers, recipients, and GST rates. Stay up...
Goods and Services Tax : CBIC issues guidance on GST treatment of vouchers, addressing distribution models, unredeemed vouchers, and associated services to...
Custom Duty : The reform removes value restrictions on courier exports, enabling higher-value shipments. It aims to boost e-commerce exports and...
Custom Duty : Exporters using the postal route can now claim Duty Drawback, RoDTEP, and RoSCTL benefits. The move creates parity with other expo...
DGFT : Union Commerce Minister Piyush Goyal has launched a guidebook mapping 12,167 HSN Codes to 31 ministries, aiming to improve policy,...
Custom Duty : The government provides details on current vacancies in the CBDT and CBIC, citing ongoing recruitment efforts and challenges like ...
Goods and Services Tax : CBIC alerts taxpayers to fake GST summons. Verify communications using the CBIC-DIN tool online. Report suspicious activity to DGG...
CA, CS, CMA : The Central Administrative Tribunal, Cuttack, imposed a ₹20,000 cost on the CBIC Chairman for non-compliance with its earlier di...
Goods and Services Tax : Delhi High Court held that demand on account of ITC availed from supplier whose GST registration has been cancelled retrospectivel...
Custom Duty : Delhi High Court directed Customs Officials to ensure that old jewellery of even Indian travellers, personal jewellery which is be...
Goods and Services Tax : Delhi High Court rules that CBIC is not required to clarify GST on Battery Energy Storage Systems (BESS), directing taxpayers to r...
Custom Duty : Delhi High Court calls for a review of Baggage Rules to address outdated limits on gold jewellery and prevent harassment of genuin...
Custom Duty : The government has retained existing tariff values for key imports like gold, silver, and edible oils. The update ensures valuatio...
Goods and Services Tax : Raigad CGST Commissionerate issued SOPs for taxpayer grievance redressal, introducing open house meetings, local seminars, and esc...
Custom Duty : CBIC circular simplifies bank account registration for exporters. Same incentive bank account and IFSC code are now auto-approved ...
Custom Duty : CBIC newsletter covers GST Bachat Utsav, grievance redressal rank, BRICS recognition, cargo scanner launch, and GST evasion enforc...
Custom Duty : CBIC launches a training program for civil servants, integrates digital test reports for customs, and mandates an annual training ...
The month of November has commenced on a very heartening note. Gross GST revenue for the month of October, 2020, has touched Rs. 1,05,155 crore which is 10% higher than the GST revenue in the same month last year.
We have embarked on ‘Faceless Assessment’, a reformative initiative, at a critical time when the economy is opening up again. This step would benefit both the trade and the department.
It is also a matter of satisfaction that the roll out of the e-invoice initiative on 01/10/2020 for businesses with turnover above Rs. 500 crores has been a success. In three days, as of 03/10/2020, more than 26,000 distinct taxpayers have generated upwards of 24 lakh IRNs (Invoice Reference Number). This would benefit the taxpayer by reduced compliance cost and would also simplify compliance verification.
Proposal to extend time limits under Customs, Excise & Service Tax is under consideration: CBIC Time limit notified under the Customs, Central Excise and Finance Act 1994, which falls during period from 20.03.2020 to 29.06.2020 was extended to 30th September 2020. As the situation of Covid-19 continues to prevail, CBIC has received representations regarding extension […]
Let us pay attention to the very basics. The Parliament mandates promotion of exports through DGFT as policymaker & Customs administration is put in place to conduct International trade in accordance with the law. Particularly, in case of exports (which is necessary evil for a developing country to subsidize & conduct exports), there is no […]
The Central Bureau of Investigation has arrested a former Deputy Commissioner of Central Board of Indirect Taxes & Customs; a Customs House Agent and a Businessman (an importer of toys) in an alleged bribery case of Rs. One Lakh.
I am informed that all the formations of CBIC have now been on-boarded and are live on e-Office. We are one of the few services that has operationalised this application on an All India basis. Senior officers should ensure a smooth and successful transition to this innovative system. I am sure a nudge by senior management would see all zones adapting to this new way of work in a short time.
CBDT MOU with CBIC has resulted in income tax website now showing GST data of a taxpayer. As discussed above, the sharing of information was to avoid tax evasion and increase reporting of turnover. This sharing of information includes tracing non-filers under the Income Tax Act, 1961 and the Goods and Services Act, 2017.
It gives me great pleasure to welcome, on behalf of the entire service as well as on my own behalf, three new Members to the Central Board of Indirect Taxes and Customs, Shri. Ajay Jain, Shri. Vivek Johri and Ms. Sungita Sharma.
MANUFACTURING IN CUSTOMS BONDED FACILITY ‘A Scheme for manufacturing and other operations in a Customs Bonded Facility to Promote India as a Global Manufacturing Hub’ OVERVIEW India allows duty-free import of raw materials and capital goods for manufacturing and other operations in a bonded manufacturing facility. Deferment of import duty on imported capital goods and […]
