Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
A system-based facility in ICES has been introduced to handle export cargo returned from international waters due to closure of the Strait of Hormuz, by enabling a new "Post EGM SB Cancellation" option for Shipping Bills after filing of the Export General Manifest. The proper officer may cancel such Shipping Bills to prevent export incentives and IGST refunds from being disbursed where no scroll has yet been generated. If a scroll is already generated before cancellation, recovery action must be taken manually by the field formation in line with the Board's circular.
A system-based facility in ICES has been introduced to handle export cargo returned from international waters due to closure of the Strait of Hormuz, by enabling a new "Post EGM SB Cancellation" option for Shipping Bills after filing of the Export General Manifest. The proper officer may cancel such Shipping Bills to prevent export incentives and IGST refunds from being disbursed where no scroll has yet been generated. If a scroll is already generated before cancellation, recovery action must be taken manually by the field formation in line with the Board's circular.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
