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Circulars
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Public Notice No.56/2024-25 - 22-07-2024 Customs
Amendment to the Public Notice No. 17/2022-23 dated 30.03.2023
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Second-hand machinery valuation updates the empanelled engineer's business name while retaining all existing valuation requirements unchanged.
Valuation of imported second-hand machinery continues under the existing framework for empanelled Chartered Engineers, with the business name at serial number 14 changed from M/s Priyanka & Associates to M/s Priyanka Engineers & Surveyors Pvt. Ltd. The listed applicant remains Priyanka Ramchandra Jagtap. The amendment takes immediate effect, while all other applicable provisions remain unchanged.
Instruction No. 19/2024 - 22-07-2024 Customs
Provisional attachment of bank account(s) - Section 110 (5) of Customs Act, 1962
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Provisional attachment of bank accounts: reasoned officer opinion, written approval, service on bank and hearing for extensions.
Provisional attachment under Section 110(5) requires a recorded, fact-based opinion that attachment is necessary to protect revenue or prevent smuggling, written approval by the Principal Commissioner/Commissioner, and a written order addressed to both the bank and account holder stating grounds and duration (initially up to six months). Extensions require an opportunity to be heard, recorded reasons and a prior written extension order; release must be communicated if attachment is no longer needed. Communications must carry a Document Identification Number and investigations should be expedited to realize liabilities within the attachment period.
Advisory No: 12/2024 - 22-07-2024 Customs
Updation of changes vide Budget 2024-25 in System
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Bill of Entry filing suspension pauses electronic import processing on Budget day until system updates are completed.
Filing of Bills of Entry will be unavailable from 11:00 hours on 23 July 2024 until Notifications and Tariff Directories in ICES are updated; Section 48 approvals will be suspended after that time. Shipping Bill processing continues, but sites must manually collect any export duties or cesses imposed by the Budget on Let Export Orders given after 23 July 2024 until directory changes are online. Field formations must track prior BEs for duty changes before granting OOC; system restoration for BE filing is dependent on completion of ICES updates, typically within 48 hours if no substantial new levies are notified.
SEBI/HO/DDHS/DDHS-POD3/P/CIR/2024/103 - 19-07-2024 SEBI
Enabling ESG Rating Providers (ERPs) to undertake ESG rating activities under IFSCA
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Regulatory jurisdiction: ESG rating activities in the IFSC are subject to local regulator oversight, complaints and enforcement mechanisms.
SEBI has added the IFSC regulator to the list of authorities under the ERP framework so that ESG ratings undertaken by SEBI-registered ERPs under IFSC guidelines are governed by the IFSC regulatory regime. The IFSC regulator will handle issues arising from ERPs' IFSC activities, including complaints, enforcement actions and provision of information to third parties, and the circular is effective immediately.
SEBI/HO/DDHS/DDHS-POD3/P/CIR/2024/102 - 19-07-2024 SEBI
Enabling Credit Rating Agencies (CRAs) to undertake rating activities under IFSCA
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IFSCA jurisdiction for CRA rating activities established, assigning complaints, enforcement and information duties to IFSCA.
Enables SEBI-registered Credit Rating Agencies to rate financial instruments in the IFSC-GIFT City under the regulatory framework of IFSCA; ratings under IFSCA guidelines are subject to IFSCA jurisdiction. IFSCA will address issues arising from CRA activities in the IFSC using powers under its Act, and will handle complaints, enforcement actions and provision of information to third parties and judicial or statutory bodies. The circular is effective immediately and issued under SEBI's enabling powers to protect investor interests and regulate the securities market.
13/2024 - 19-07-2024 GST - States
Clarification on the processing of scrutiny notices issued under section 61 of the Act - instructions - issued
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Section 61 scrutiny notices to be processed by deputy/assistant state tax officers; SCN issuance governed by pecuniary limits.
Scrutiny notices (ASMT-10/ASMT-12) issued before restructuring are to be further processed and finalized by Deputy State Tax Officers/Assistant State Tax Officers; such scrutiny instruments are not show cause notices and are not subject to pecuniary limits at the scrutiny stage. If amounts remain unpaid after intimation, DSTOs/ASTOs shall initiate proceedings under the recovery provisions, compute demand per prior circular instructions, and issue SCNs within their pecuniary limit or place draft SCNs before higher authorities when the amount exceeds their competence.
PUBLIC NOTICE NO. 12/2024 - 18-07-2024 Customs
Exports through New Mangalore Port under claim of drawback - Uploading of BRCs
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Exports through New Mangalore Port: ensure AD Banks upload BRCs to RBI EDPMS to reconcile drawback claims and avoid recovery action.
Exporters must ensure AD Banks upload Bank Realisation Certificate data in RBI's EDPMS so e BRCs transmit to ICES for reconciliation under the Drawback scheme; failure to upload or submit e BRCs within one month will prompt demand and recovery of drawback with interest under the Customs Act, 1962. The notice cites 22,539 shipping bills with pending realisation and reminds that FEMA requires foreign exchange realisation within nine months unless RBI extends the period.
PUBLIC NOTICE No. 06/2024 - 18-07-2024 Customs
Guidelines for implementation of pilot project relating to import of goods for repair & maintenance and re-export under ERSO Project
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Import for repair and re-export under ERSO: streamlined customs clearance via advance bills, continuity re-export bonds, and first-check exams.
The ERSO pilot permits import of defective electronic items for repair and subsequent re-export with procedural facilitation: filing advance Bills of Entry with accurate descriptions, uploading legible documents in e-Sanchit, and executing a continuity/re-export bond without bank guarantee debited automatically on ICEGATE. Faceless Assessment continues, but all repair/re-export consignments require immediate first-check examination coordinated by the designated Nodal Officer and ERSO Customs team. Examination areas, designated storage, empaneled Chartered Engineer certification, movement under Section 49 to Public Bonded Warehouse, and a named Nodal team are prescribed to expedite clearance.
171/2024-GST - 18-07-2024 GST - States
Processing of refund applications filed by Canteen Stores Department (CSD)
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CSD refund processing follows a revised electronic filing regime with quarterly claims, invoice validation, and capped tax refund eligibility.
Processing of refund applications filed by the Canteen Stores Department is to be done electronically on the common portal in FORM GST RFD-10A under the revised procedure introduced after insertion of rule 95B. The CSD may file quarterly refund claims, with clubbing of multiple quarters and financial years, subject to the two-year limitation from the last day of the quarter in which the inward supply was received. Refund is limited to fifty per cent of the applicable tax on eligible inward supplies and requires supporting invoices, an undertaking, and a declaration against double claim.
170/2024-GST - 18-07-2024 GST - States
Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to exports
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Refund of additional IGST on export price revision must follow prescribed GST portal filing, documentation, and officer verification.
Refund of additional Integrated Tax paid on account of upward revision in the price of export goods subsequent to export is to be claimed electronically in FORM GST RFD-01 and processed by the jurisdictional GST officer under rule 89 of the GST Rules. Until a separate refund category is available, the claim may be filed under "Any other" with the prescribed remark, together with statements 9A and 9B and supporting documents showing the revised price, payment of additional IGST and interest, and receipt of additional foreign exchange remittance.
169/2024-GST - 18-07-2024 GST - States
Clarification on various issues pertaining to taxability and valuation of supply of services of providing corporate guarantee between related persons.
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Corporate guarantee valuation under GST clarified: tax applies on guaranteed amount, with annual computation and ITC treatment explained.
Clarification is issued on the taxability and valuation of corporate guarantee services between related persons under GST. The circular explains that the service was taxable even before Rule 28(2), that valuation is based on the amount guaranteed rather than the loan actually disbursed, and that input tax credit remains available subject to the Act and Rules. It also addresses co-guarantors, takeover of loans, forward charge and reverse charge treatment, annual valuation, deemed invoice value where full input tax credit is available, and non-applicability to export of such services.
168/2024-GST - 18-07-2024 GST - States
Guidelines for recovery of outstanding dues, in cases wherein first appeal has been disposed of, till Appellate Tribunal comes into operation
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Pre-deposit adjustment and recovery stay govern confirmed GST demands pending appeal to the tribunal.
Guidelines are issued for recovery of outstanding dues where the first appellate authority has confirmed a demand, but appeal to the Appellate Tribunal cannot yet be filed because the Tribunal is not operational. Taxpayers may make the prescribed pre-deposit through the electronic liability register and furnish an undertaking to file appeal within the statutory time once the Tribunal becomes available. On compliance, recovery of the remaining confirmed demand stays pending appeal; otherwise, recovery may proceed according to law.
07/2024 - 17-07-2024 Companies Law
Merger of Forms IEPF-3 With IEPF-4 and IEPF-7 with IEPF-1 along with change in payment process thereof in MCA Version 3
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Investor Education and Protection Fund filings: forms consolidated and required transfers now payable online via MCA21 Pay Miscellaneous Fee.
Form IEPF 3 is merged with IEPF 4 and IEPF 7 with IEPF 1 in MCA Version 3, with revised forms enabled as Straight Through Process to ease compliance. Amounts required to be transferred under the Investor Education and Protection Fund Authority Rules must be paid online through MCA21 using the "Pay Miscellaneous Fee" service selecting "Investor Education and Protection Fund", superseding the earlier circular and requiring stakeholders to update their filing and payment procedures.
PUBLIC NOTICE No. 54/2024 - 16-07-2024 Customs
Monthly Public Notice containing therein list of EGM errors
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Export General Manifest compliance requires correction of EGM errors and pending filings to prevent delays in post-export incentives.
EGM filing requires the person in charge of a conveyance carrying export goods to deliver the manifest to the proper officer before departure from the Customs station. Incorrect or pending EGM filing may delay post-export benefits and incentives. Exporters and Customs Brokers must review identified Shipping Bills, coordinate with the concerned airlines to rectify EGM errors or complete pending EGM filing, and may raise implementation-related difficulties with Customs export officers.
Circular No. 18/2024 - 16-07-2024 GST - States
Clarifications regarding applicability of GST on certain services
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GST applicability clarified for composite supplies, pure agent treatment, job work maltification, leasing exclusion and governmental exemptions.
Clarifies that concessional input credit and 5% transport rate apply only to passenger transport and renting with operator, excluding leasing without operator; bundled electricity with renting/maintenance is a composite supply taxed at the principal supply rate unless supplied by a pure agent on actual basis; job work converting barley to malt is job work in relation to food products and attracts the food job work rate; DMFTs are Governmental Authorities eligible for exemptions; horticulture services to CPWD with goods value 25% are exempt under the cited state notification.
Circular No. 17/2024 - 16-07-2024 GST - States
Clarification regarding GST rate on imitation zari thread or yarn based on the recommendation of the GST Council in its 52nd meeting held on 7th October, 2023
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GST rate on imitation zari thread clarified: metallised polyester/plastic-film yarn included under reduced treatment; no inversion refunds.
Imitation zari thread or yarn made from metallised polyester film or plastic film that meets the HS description of yarn combined with or covered by metal is covered by the imitation zari entry in Schedule I and attracts the reduced GST rate; amendments to the State notification implement this, and no refund is permitted for polyester (metallised)/plastic film on account of tax inversion.
Circular No. 16/2024 - 16-07-2024 GST - States
Clarification on issues pertaining to taxability of personal guarantee and corporate guarantee in GST
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Taxability of guarantees: personal guarantees may be taxable zero where no consideration; corporate guarantees valued per prescribed rule.
Personal guarantees by directors are supply between related persons even without consideration; due to regulatory prohibition on paying consideration to such guarantors, their open market value may be treated as zero and thus taxable value zero unless remuneration is in fact paid. Corporate guarantees between related companies, including holding-subsidiary guarantees, are supply and their taxable value is to be determined by the prescribed valuation rule; a newly inserted sub-rule governs valuation of such corporate guarantees and applies irrespective of input tax credit availability. The valuation sub-rule does not apply to personal guarantees.
Circular No - 2425023/91 - 16-07-2024 GST - States
Clarification on issues pertaining to taxability of personal guarantee and corporate guarantee in GST
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Taxability of guarantees: personal guarantees may have zero taxable value; corporate guarantees are valued under related-party rules.
Personal guarantees by directors for company borrowings constitute a supply of service between related persons and are valued at open market value; where regulatory mandates bar any consideration the open market value may be zero and taxable value nil, except where remuneration is in fact paid. Corporate guarantees by related companies or by a holding company for a subsidiary are treated as supplies between related persons and must be valued under the amended related-party valuation provision, which applies regardless of input tax credit availability; that amended provision does not apply to personal guarantees.
14/2024-25 - 16-07-2024 DGFT
Amendment in Para 4.49 (b) of the Handbook of Procedures, 2023
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Composition fee for value-add shortfall reduced, lowering penalty obligation for exporters under authorisation when value addition is below minimum.
Amendment revises Para 4.49(b) of the Handbook of Procedures, 2023: where the Export Obligation is fulfilled in quantity but Value Addition falls below the minimum prescribed, the Authorisation holder must deposit a reduced composition amount calculated as a percentage of the FOB value shortfall, payable in Indian Rupees online via the DGFT website; the change lowers the composition fee to streamline compliance.
06/2024 - 16-07-2024 Companies Law
Filings under section 124 and section 125 of the Companies Act 2013 read with IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016 in view of transition from MCA 21 version 2 to version 3
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IEPF filings transition relief: additional filing fees and specified e verifications waived, with one time relaxation for rule seven compliance.
The Ministry of Corporate Affairs has waived additional filing fees for specified IEPF e forms (IEPF 1, IEPF 1A, IEPF 2, IEPF 4) and for e verification of claims in e form IEPF 5 during the MCA21 V2 to V3 transition, and granted a one time relaxation for e verification under the third proviso to sub rule (3) of rule 7 of the IEPFA Rules to enable stakeholders to regularise filings without the additional fee.

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Minutes of the 122nd meeting of the Board of Approval for SEZs held on 30th August, 2024 at Hyderabad

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SEZ approvals: board authorises extensions, co developer recognitions, de notifications and conditional import and security directions for units and developers
The Board directed adoption of a DGEP/DoC checklist for Rule 11B implementation and required DCs to submit checklist outcomes; it authorised time limited ... Summary

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Acts Income Tax
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