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”
Tag Archives: COMPLIANCE
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”
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”
CBIC allows 24×7 clearance of customs under COVID-19 pandemic
The Central Board of Indirect Taxes and Customs (CBIC) on June 1, 2020, allows the 24×7 clearance due to COVID-19 pandemic. The 24×7 clearance was brought in considering the surge or delay in the reach of customs during the COVID-19 pandemic. Since, the conditions are still worse considering the pandemic, the customs clearance date hasContinue reading “CBIC allows 24×7 clearance of customs under COVID-19 pandemic”
CBIC has extended the validity of AEO certificates till 30.06.2020
The Central Board of Indirect Taxes and Customs vide Circular dated 02.06.2020 has extended the validity of the AEO certificates for the ease of renewal process. The Validity of AEO certificates like AEO-T1, AEO-T2, AEO-T3 & AEO-LO has been extended. All the AEO certificates expiring between 01.03.2020 and 31.05.2020 shall remain valid till 30.06.2020, exceptContinue reading “CBIC has extended the validity of AEO certificates till 30.06.2020”
Frequently Asked Questions on Universal Account number and Know Your Customer
The Employees’ Provident Fund Organisation (EPFO) on April 13, 2020, issues Frequently Asked Questions on Universal Account Number (UAN) and Know Your Customer (KYC). The Questions are as under: 1. What is Universal Account Number (UAN)? 2. What is KYC? 3. How can the employer generate UAN for newly joined employees not having UAN? 4.Continue reading “Frequently Asked Questions on Universal Account number and Know Your Customer”
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