The Director General of Foreign Trade (DGFT) issued notification no. 38/2015-2020 dated 12.10.2022 to amended the export policy of broken rice against ITC (HS) Code 1006 40 00 of chapter 10 of ITC (HS), 2018, Schedule – II (Export Policy), for the period upto 31st March, 2023, for the year 2022-23, the export policy of...Read More
Prior to levy of introduction of GST, several indirect taxes were existing. GST has subsumed a number of indirect taxes being levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc. To carry forward pre-GST credits to...Read More
The Central Board of Indirect Taxes and Customs has revised the aggregate turnover for e-invoicing from 100 crores to 50 crores w.e.f 1st April 2021. Complete Notification is provided below for reference purpose. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 05/2021–Central Tax New Delhi,...Read More
Ministry of Finance on 24.10.2020 issued press release for Extension of due dates for Annual Return and Reconciliation Statement for 2018-19. The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account...Read More
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by...Read More
The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of...Read More
Status Holders are business leaders who have excelled in international trade and have successfully contributed to country’s foreign trade. Status Holders are expected to not only contribute towards India’s exports but also provide guidance and handholding to new entrepreneurs. Eligibility: All exporters of goods, services and technology having an import-export code (IEC) number shall...Read More
Refund of unutilised ITC under Inverted duty structure When the tax paid on input supply (ITC) is more than the output tax liability then ITC accumulated. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output...Read More
IMPORTER EXPORTER CODE (IEC) An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports however, IEC shall be not be necessary except when the...Read More
