The Rajasthan Tax Department on June 15, 2020, clarifies on refund related issues on Input Tax Credit in respect of invoices whose details are not reflected in the FORM GSTR-2A of the applicant. CBIC after examining the matter and decided that the refund of accumulated ITC shall be restricted to the ITC as per those invoices,Continue reading “Rajasthan Tax Department provides clarification on refund related issues”
Tag Archives: CBIC UPDATES
CBIC issues instructions to Customs regarding requirement of Veterinary Certificate for Import of milk and milk products into India
The Central Board of Indirect Taxes and Customs (CBIC) on May 20, 2020, issues instruction to the Customs regarding requirement of Veterinary Customs for Import of milk and milk products into India. Whereas, Food Safety and Standard Authority of India (FSSAI) issued letter on May 15, 2020 requesting CBIC to issue necessary instructions to filedContinue reading “CBIC issues instructions to Customs regarding requirement of Veterinary Certificate for Import of milk and milk products into India”
CBIC withdraw the concession available to the import of Bamboo and levy a uniform rate of 25% on import of Bamboos
The Central Board of Indirect Taxes and Customs (CBIC) on June 9, 2020, amend the Notification №50/2017-Cus dated June 30, 2017 so as to withdraw the concessional rate of 10% available to the import of Bamboo for the manufacture of Agarbattis, and to levy a uniform rate of 25% on import of Bamboos. [Notification №27/2020-Customs]Continue reading “CBIC withdraw the concession available to the import of Bamboo and levy a uniform rate of 25% on import of Bamboos”
CBIC clarifies refund related issues on Input Tax Credit
The Central Board Indirect Taxes and Customs (CBIC) on June 10, 2020, clarifies on refund related issues on Input Tax Credit in respect of invoices whose details are not reflected in the FORM GSTR-2A of the applicant. CBIC after examining the matter and decided that the refund of accumulated ITC shall be restricted to the ITC asContinue reading “CBIC clarifies refund related issues on Input Tax Credit”
Government of Bihar relaxes certain provisions under GST Act 2017 amid Covid-19 crisis
The State Government of Bihar on June 09, 2020 has provided relaxation in certain compliance under the Bihar Goods and Services Tax Act, 2017 due to the spread of COVID-19 pandemic. It is notified that:- The time limit for completion of compliance by any authority or by any person falling during the period from MarchContinue reading “Government of Bihar relaxes certain provisions under GST Act 2017 amid Covid-19 crisis”
CBIC extends the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli
The Central Board of Indirect Taxes and Customs (CBIC) on June 9, 2020, extends the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli till July 31, 2020. [Notification №45/2020- Central Tax] Get all CBIC Updates in one place, Subscribe us toContinue reading “CBIC extends the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli”
CBIC issued a circular for the phase one roll-out of the faceless assessment
The Central Board of Indirect Taxes and Customs (CBIC) issued a circular on June 05, 2020 implementing the first phase of all India roll-out of faceless assessment. The Board held the decision of implementing the Turant Customs for the purpose of easy clearance and transparency in decision making. The first phase of the Faceless AssessmentContinue reading “CBIC issued a circular for the phase one roll-out of the faceless assessment”
CBIC determines the Exchange Rate of Foreign Currency relating to Imported and Exported Goods on June 04, 2020
In accordance with Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) releases the Exchange Rate Notification for valuation of goods for purposes of assessment under the Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchangeContinue reading “CBIC determines the Exchange Rate of Foreign Currency relating to Imported and Exported Goods on June 04, 2020”
CBIC increases the rate of Road and Infrastructure Cess collected as additional duty of excise on petrol and diesel
The Ministry of Finance on May 5, 2020 exercised their powers under the Finance Act, 2018 along with the Central Excise Act, 1944 has decided to increase the effective rate of road and infrastructure cess collected as additional duty of excise on petrol and diesel. The price increase shall be Rupees 18 per litre, beContinue reading “CBIC increases the rate of Road and Infrastructure Cess collected as additional duty of excise on petrol and diesel”
Ministry of Finance increases effective rate of Special Additional Excise Duty on petrol
The Ministry of Finance on May 5, 2020 implemented the increase the effective rate of special additional excise duty on petrol. The rate increase shall be substituted by Rupees 12 per litre and Rupees 9 per litre. (Notification No. 5/2020-Central Excise) Get all CBIC Updates in one place, Subscribe us to never miss an updateContinue reading “Ministry of Finance increases effective rate of Special Additional Excise Duty on petrol”
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