Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The public notice announces the launch of the Exchange Rate Automation Module (ERAM) by the Central Board of Indirect Taxes and Customs (CBIC) to automate the process of ascertaining and publishing exchange rates. ERAM will receive exchange rate data from the State Bank of India (SBI) through message exchange, adjust it to the nearest five paise, and integrate it with the Indian Customs EDI System (ICES). The exchange rates will be published on the ICEGATE website at 6:00 p.m. as per the existing frequency and will come into effect from midnight of the following day. A contingency plan has been established to ensure uninterrupted accessibility of exchange rates, involving nodal officers from various agencies to monitor and manually intervene if needed. The automated system became effective from July 4, 2024, replacing the existing system of notifying exchange rates through notifications.
The public notice announces the launch of the Exchange Rate Automation Module (ERAM) by the Central Board of Indirect Taxes and Customs (CBIC) to automate the process of ascertaining and publishing exchange rates. ERAM will receive exchange rate data from the State Bank of India (SBI) through message exchange, adjust it to the nearest five paise, and integrate it with the Indian Customs EDI System (ICES). The exchange rates will be published on the ICEGATE website at 6:00 p.m. as per the existing frequency and will come into effect from midnight of the following day. A contingency plan has been established to ensure uninterrupted accessibility of exchange rates, involving nodal officers from various agencies to monitor and manually intervene if needed. The automated system became effective from July 4, 2024, replacing the existing system of notifying exchange rates through notifications.
Note: It is a system-generated summary and is for quick reference only.