Tuesday, August 4, 2020
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News Updates

Banking Company engaged in Supplying Services can avail an amount equal to 50% of eligible ITC: AAR [Read Order]

The Patna Authority of Advance Ruling (AAR) ruled that banking company engaged in supplying services by way of accepting deposits, extending loans or advances shall have the option to either comply with...

COVID-19: CBIC extends last date of Re-Import by 3 months

The Central Board of Indirect Taxes and Customs (CBIC) on Friday notified the extension of the last date of re-import by 3 months for those cases where the last date of such...

DGFT amends MEIS Schedule for Exports made with effect from Jan 1, 2020 [Read Notification]

The Director-General of Foreign Trade (DGFT) on Friday notified certain additions/amendments in the Merchandise Exports from India Scheme Schedule (MEIS)  which is Appendix 3B, Table 2 to harmonize it with the Notification...

Import of Blended edible Vegetable Oils without prior AGMARK Certification not allowed: CBIC [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC), on Friday, instructed that the import of blended edible vegetable oils without prior AGMARK certification is not allowed in India. The Instruction further clarified...

Govt. allows Three Months Extension for Reimport of Cut and Polished Diamonds

In view of the Covid-19 pandemic situation, the Government today extended relief to gems and jewelry sector by relaxing the requirement of reimport of cut and polished diamonds, which have been sent...

ICAI releases Technical Guide on Accounting for Expenditure on CSR Activities

The CSR Committee of the Institute of Chartered Accountants of India ( ICAI ) has released the Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities on 1st July 2020,...

DGAP incorrectly computed Profiteered Amount by Comparing Average to Average Base Price: NAA directs to Revise Mathematical Methodology

The National Anti-Profiteering (NAA) directed the Director-General of Anti-Profiteering(DGAP) to revise the mathematical method for computing the profiteered amount by the respondent. The Applicant, Ajay Jagga alleged that the Respondent had not passed...

Gaursons Realtech liable for Profiteering of 19.72 Cr: NAA directs DGAP to ensure Profiteered Amount is passed to all Buyers

The National Anti-Profiteering Authority (NAA) held that the Gaursons Realtech is liable for profiteering of 19.72 Crores and directed the DGAP to ensure that the profiteered amount is passed on to all...

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CBIC notifies Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) on Friday notified the Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020. They come into...

DGFT notifies Procedure & Criteria for Submission of Application for Export of Diagnostic Kits; ⅔ Ply Surgical Masks & Medical Goggles

The Director-General of Foreign Trade (DGFT) on Thursday notified the procedure and criteria for submission of application for the export of Diagnostic Kits; ⅔...

GST Revenue July 2020: ₹87,422 crore gross revenue collected in July

The gross GST revenue collected in the month of July 2020 is ₹ 87,422 crore of which CGST is ₹ 16,147crore, SGST is ₹...