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Manufacture and other operations in warehouse under Customs s.65 clarified

4th October, 2019

CBIC has issued Circular No. 34/2019-Cus. and the Manufacture and Other Operations in Warehouse (No. 2) Regulations, 2019 to cover the procedures and documentation for units operating under Section 65 of the Customs Act, 1962 in a comprehensive manner, including application for seeking permission under Section 65, provision of execution ...

Income Tax E-assessment Scheme 2019 notified

1st October, 2019

Central Board of Direct Taxes (CBDT) has recently notified the E-assessment Scheme, 2019 under Section 143(3A) of the Income Tax Act, 1961. The assessment under this Scheme shall be made in respect of territories and / or class of persons as may be specified.

In e-assessment, the assessment will be undertaken in a centrali...

37th Meeting of GST Council - GST rates revision and changes in procedures

23rd September 2019
The GST Council in its 37th meeting held on 20th of September has recommended revision of GST rates on various goods and services. Many relaxations in various compliances and procedures have also been recommended by the GST Council.

Rate revision o...

Refund claim not maintainable unless self-assessment order is modified though appeal

20th September 2019

3-Judge Bench of the Supreme Court has held that unless the order of assessment or self-assessment is appealed, no refund application against the assessed duty can be entertained.

The Apex Court in this regard observed that endorsement made on the Bill of Entry is an order of assessment, and that speaking order is not re...

Mandatory registration of import of certain products of iron and steel into India

12th September 2019

The Directorate General of Foreign Trade has amended the Import Policy concerning certain iron and steel products by Notification No 17/2015-20 dated 05th September 2019. As per this Amendment Notification, the import policy condition under Chapters 72, 73 and 86 of the Indian Trade Classification (Harmonised System) [&...

Appeal against CESTAT Order on violation of exemption condition lies before High Court

6th September, 2019

3-Judge Bench of the Supreme Court has on 5-9-2019 held that an appeal against the CESTAT Order, involving violation of conditions of Customs exemption notification, would lie before the High Court and not the Supreme Court.

The Court, in the case of Commissioner v. Motorola India Ltd., hence set aside the High ...

Job work – Finance Ministry waives GST Form ITC-04 for July 2017-March 2019

2nd September 2019

Indian Ministry of Finance has waived the requirement of filing GST Form ITC-04 under Rule 45(3) of the Central Goods and Services Tax Rules, 2017, for the period July 2017 till March 2019.

This form is required to furnish details of challans in respect of goods sent to job worker or received back from him or sent from on...

Income Tax - Monetary limits for departmental appeals before ITAT, HC and SC revised

9th August 

Ministry of Finance has enhanced the monetary limits for filing income tax appeals by Revenue department before ITAT, High Courts and Supreme Court.

According to CBDT Circular No. 17/2019, dated 8-8-2019, Revenue department would not be able to file appeal before ITAT if the amount (tax effect) does not exceed Rs. 50 l...

Trade remedies – Changes proposed in rules for safeguard, ADD and CVD measures

26th July

Directorate General of Trade Remedies in India has sought comments from all stakeholders regarding certain changes proposed in the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles ...

Budget 2019 proposes Sabka Vishwas Legacy Dispute Resolution Scheme

8th July

India’s Finance Minister has, in her maiden Budget 2019, on 5th of July, proposed a dispute resolution cum amnesty scheme named the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019.

The scheme in being introduced for the resolution of legacy disputes relating to central excise, service tax and cesses, all earlier subsum...

Union Budget proposes penalty for obtaining & utilizing FTP instruments by fraud

8th July

Finance (No.2) Bill, 2019, introduced in the Indian Parliament on 5th of July, has proposed to insert new Section 114AB in the Customs Act, 1962 to provide for penalty for obtaining instrument (scrip, authorization, licence, or certificate, etc.) by fraud, collusion, willful misstatement of suppression of facts, and where such instrume...

35th Meeting of GST Council – Decisions on rate changes and time extensions

24th June 2019

The 35th meeting of GST Council was held on 21-6-2019.
Some of the important recommendations relating to time extension are,
  • Due date for furnishing of Form GSTR-9, Form GSTR-9A and reconciliation statement in Form GSTR-9C to be extended till 31-8-2019.
  • Due date for furnishing ...

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