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Highlights

GST - States: Clarification on taxability of custom milling of paddy - Milling of paddy is not an intermediate production process in relation to cultivation of plants. - Rate of GST is 5%

DGFT: Accountability of inputs where Advance Authorisations are issued on net to net basis for parts/ components- reg.

Customs: Exemption from customs duty on import of various items falling with the chapters 32, 34, 38, 83 or any other Chapter - Government extends the scope of exemption subject to conditions - See Sr. no. 229 and condition no. 21 of the notification No. 50 /2017

Companies Law: Central Government constitutes additional Benches of the National Company Law Tribunal (NCLT)

GST - States: GST is not leviable on General Insurance policies provided by a State Government to employees of the State government/ Police personnel, employees of Electricity Department or students of colleges/ private schools etc.

GST - States: Supply of goods or services or both between related persons or between distinct persons as specified in Section 25, when made in the course or furtherance of business, even if, without consideration, attracts GST.

GST - States: Mere cutting and packing of fabrics into pieces of different lengths from bundles or thans, will not change the nature of these goods and such pieces of fabrics would continue to be classifiable under the respective heading as the fabric and attract the 5% GST rate.

GST: Chargeability of tax/GST - Classification of goods - support services of loading, unloading, packaging, storage or warehousing of agriculture produce - if any processing is done on these products as is not usually done by a cultivator or producer at farm level then these would fall outside the definition of agricultural produce.

GST: Bio Fertilizer - rate of GST - Bio-Fertilizers, other than those put up in Unit Container and bearing a brand name will covered under Schedule I of rate of GST on Goods and would attracts NIL rate of duty and if the Bio-Fertiliser is put up in Unit Container and bears a brand name, it would be taxable under GST @ 5%.

Income Tax: TDS u/s 194C - payment to transporters - disallowance made u/s 40(a)(ia) - It is not clear from the records as to whether the assessee had indeed submitted the PAN of transporters before the competent authority as prescribed in section 194C(7) which also requires factual verification. - Matter restored before AO

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Articles
Notifications

Cus - Seeks to further amend Notifications No. 50/2017-Customs dated 30.06.2017 to expand list of exempt items for Handicraft Sector

Cus (NT) - Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg.

ADD - Seeks to rescind notification No. 36/2012- Customs (ADD) dated the 16th, July 2012

ADD - Seeks to impose anti-dumping duty on the imports of "Grinding Media Balls" (excluding Forged Grinding Media Balls) originating in or exported from China PR and Thailand

Cus - Corrigendum - Notification No. 50/2018 dated 30 June 2018

Co. Law - Amendment in Notification No. G.S.R 729 (E), dated the 21st September, 2015

Co. Law - Amendment in Notification No. S.O. 1935 (E), dated the 1st day of June, 2016

FTP - Insertion of import policy conditions under Chapter 29 and 30 of the ITC (HS) 2017, Schedule- I (Import Policy)

FTP - Addition of Vishakhapatnam port for import of new vehicles

Cus (NT) - Amendment to notification no. 12/97-Customs (NT) dated 2nd April, 1997

Cus (NT) - Appointment of Common Adjudicating Authority by DGRI-reg.

FTP - Corrigendum to Notification No. 9/2015-20 dated 28.05.2018

Cus - seeks to amend the notification No. 27/2011-Customs dated01 st March, 2011 so as to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japanand South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto andinclusive of 31.03.2021

ADD - Seeks to to impose definitive anti-dumping duty on imports of "High Tenacity Polyester Yarn(HTPY)" from China PR

CGST - Central Goods and Services Tax (Seventh Amendment) Rules, 2018

More Notifications

Circulars/ Public Notices

DGFT - Accountability of inputs where Advance Authorisations are issued on net to net basis for parts/ components- reg.

DGFT - Amendments in the Appendix 3B of the Merchandise Exports from India Scheme (MEIS)

DGFT - Merchandise Exports from India Scheme (MEIS) benefit for 'Bengal-gram' under ITC(HS) Code 07132020 upto 20.09.2018

RBI - Incorporation of Name of the Purchaser on the Face of the Demand Draft

DGFT - Enlistment under Appendix 2E of Agricultural and Processed Food Products Export Development Authority (APEDA) Authorized to issue Certificate of Origin (Non-Preferential) - reg.

DGFT - Amendment in Paragraph 2.79 of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

FEMA - Exim Bank's Government of India supported Line of Credit of USD 18 million to the Government of the Republic of Zambia

FEMA - Exim Bank's Government of India supported Line of Credit of USD 17.50 million to the Government of the Cooperative Republic of Guyana

FEMA - Exim Bank's Government of India supported Line of Credit of USD 36.92 million to the Government of Cambodia

FEMA - Exim Bank's Government of India supported Line of Credit of USD 45.27 million to the Government of Sri Lanka

Income Tax - Revision of monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court-measures for reducing litigation-Reg.

DGFT - Clarification on acceptance of any copy of Shipping Bill in lieu of EP copy of Shipping Bill for grant of EODC of Advance Authorisation - reg.

DGFT - Treatment the peas (other than Yellow Peas) imported during the period 25.4.2018 to 15.5.2018

DGFT - Issuance of export authorisation / license by DGFT (Hqrs) for export of SCOMET items - reg.

DGFT - Implementation of Notification No.04 dated 25.04.20 18 - reg.

More Circulars

News

Auction for Sale (Re-issue) of Government Stocks 2020

Assumption of the Vice Chair by India of the Asia Pacific Region for the World Customs Organisation (WCO); MOS (Finance):Customs administrations need to become more efficient by reducing the transaction costs associated with Customs formalities, so that trade flows are not unnecessarily restricted

8th India-Oman Joint Commission Meeting Begins in Muscat

Index Numbers of Wholesale Price in India (Base: 2011-12=100) Review for the month of June, 2018

India becomes the Vice Chair of the Asia Pacific Region of World Customs Organisation (WCO) for a period of two years, from July, 2018 to June, 2020

MCA has constituted a 10-Member Committee to review the offences under the Companies Act, 2013

India poised to pip Britain to become 5th largest economy next year: Jaitley

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified New Delhi, 13th July, 2018

INDIA’S FOREIGN TRADE: June 2018

India a Key Player in Generic Medicines – Suresh Prabhu

Framing of Income-tax rules relating to Significant Economic Presence as per Section 9(1)(i) of the Income-tax Act, 1961, Comments and suggestions

Proposal for construction of break water harbour in Konkan

Commerce Minister Meets World Bank Team

Competition Commission of India (CCI) issues order against All India Chess Federation (AICF) for abuse of dominant position and imposition of unreasonable vertical restraints on chess players and organisation of chess events; Imposes penalty of ₹ 6.92 lakhs on AICF for the Anti-Competitive conduct

First meeting of Sub-Group of Chief Ministers on coordination between MGNREGA and Agriculture held at NITI Aayog

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137
 
 
 
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