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    TMI Tax Updates e-Newsletter
    Mar 10,2025

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    Contents
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    28 Highlights / Catch Notes Toggle
    10 Articles Toggle
    By: SUBRAMANYA RAYAPROL
    Summary : Export Oriented Units (EOUs) are designed to focus on exports, benefiting from various concessions to compete internationally. However, these units also cater to domestic markets, utilizing extra capacity to produce for the Domestic Tariff Area (DTA). Under GST, exports are zero-rated, allowing EOUs to claim tax refunds on inputs. Despite the label, EOUs are not strictly 100% export-focused, as they can sell up to 50% of their production domestically. The evolving economic landscape and government policies encourage EOUs to balance between export and domestic markets, challenging the notion of them being exclusively export-oriented.
    By: K Balasubramanian
    Summary : The article discusses the implications of failing to file returns under the Goods and Services Tax (GST) regime, focusing on Sections 46 and 62 of the CGST Act. Section 46 mandates issuing a notice to defaulters, while Section 62 allows for a best judgment assessment if returns are not filed post-notice. The article critiques Section 62 for its harshness and lack of adherence to natural justice principles, as it limits taxpayer representation. Amendments to Section 62 extend the filing period to 120 days to nullify assessment orders. The article emphasizes the importance of taxpayer awareness and suggests a more lenient approach by officials before passing orders.
    By: DR.MARIAPPAN GOVINDARAJAN
    Summary : The article discusses the audit process under the Central Goods and Services Tax Act, 2017, detailing the types of audits: by tax authorities, special audits, and turnover-based audits. It explains the procedures, including the period, place, and obligations during audits. A case law involving a business entity challenging the timing of an audit under Section 65 is examined. The High Court ruled against the petitioner, affirming that the audit was completed within the statutory timeframe, as the commencement date was when documents were provided, not when the audit was proposed. The petition was dismissed due to compliance with legal provisions.
    By: Ishita Ramani
    Summary : In a competitive market, protecting a trademark's identity is crucial. An Online Trademark Lookup is essential before registration to ensure availability and avoid legal conflicts. This process helps prevent infringement, saves time and money, and provides brand protection by identifying similar trademarks. The lookup involves visiting a government portal, entering the trademark name, selecting the relevant category, and analyzing results. Trademark registration, on the other hand, grants exclusive legal rights and involves filing with the Trademark Registry, examination, publication, and certificate issuance. While lookups are quick and free, registration offers legal ownership but is time-consuming. Conducting both ensures long-term trademark security.
    By: YAGAY andSUN
    Summary : The India-Sri Lanka trade relationship is deeply rooted in historical, cultural, and economic ties, with India being one of Sri Lanka's largest trading partners. Key areas include trade in goods, energy cooperation, and investment in infrastructure. The India-Sri Lanka Free Trade Agreement and the South Asian Free Trade Area facilitate this relationship. However, China's increasing influence through the Belt and Road Initiative and infrastructure investments, like the Hambantota Port, introduces new dynamics. This has led to geopolitical tensions, with Sri Lanka balancing its relations with both India and China to leverage opportunities while managing economic and strategic challenges.
    By: YAGAY andSUN
    Summary : The India-Nepal trade relationship is deeply rooted in historical, cultural, and geographical ties, with India traditionally serving as Nepal's largest trade partner. This relationship includes significant trade in agricultural and industrial goods, energy cooperation, and shared transit routes. However, China's growing influence, marked by infrastructure investments and the Belt and Road Initiative, is reshaping Nepal's economic and political landscape. This shift presents Nepal with opportunities for economic development and diversification of trade routes but also poses challenges in balancing its relations with India and China, especially amidst geopolitical tensions and territorial disputes.
    By: YAGAY andSUN
    Summary : The India-Bhutan trade relationship is deeply rooted in historical ties, with India as Bhutan's largest trading partner, accounting for 80% of Bhutan's trade. Key exports from Bhutan include hydropower and agricultural products, while imports from India include machinery and consumer goods. The relationship is strategically significant due to Bhutan's economic dependence on India and its landlocked status. Geopolitically, the partnership is influenced by China's growing regional presence, particularly regarding border disputes like Doklam. Bhutan maintains a neutral foreign policy, balancing relations with India and China, while India supports Bhutan's security and development. Future prospects include strengthened economic ties and careful geopolitical balancing.
    By: YAGAY andSUN
    Summary : The trade relationship between India and Afghanistan is strategically significant, influenced by regional stability, economic growth, and energy security. Despite Afghanistan's landlocked status, India is a major trading partner, exporting medicines, machinery, and textiles, while importing Afghan dry fruits and carpets. Iran plays a crucial role by facilitating trade through the Chabahar Port, offering an alternative route bypassing Pakistan. This port enhances connectivity to Central Asia and Europe. Challenges include security issues, US sanctions on Iran, and regional political instability. However, future prospects for increased trade and energy cooperation remain promising, strengthening India's influence in the region.
    By: YAGAY andSUN
    Summary : The trade relationship between India and Pakistan is heavily influenced by political tensions, particularly the Kashmir dispute, leading to limited direct trade. Despite these challenges, trade persists through unofficial channels, primarily via Dubai, which acts as a neutral hub. Dubai's strategic location and business-friendly policies facilitate indirect trade, with sectors like textiles, agriculture, machinery, and gold being significant. The city's free zones and financial systems enable businesses from both countries to circumvent direct trade restrictions. Future trade prospects depend on political developments, but Dubai is likely to remain a pivotal intermediary in India-Pakistan economic exchanges.
    By: YAGAY andSUN
    Summary : India's export sector is pivotal in achieving the United Nations' Sustainable Development Goals (SDGs), which address issues like poverty, inequality, and climate change. Indian exporters contribute to multiple SDGs by creating jobs, promoting sustainable agriculture, providing affordable healthcare, and supporting clean energy. However, challenges such as environmental impacts, limited access to green technology, supply chain issues, and regulatory barriers hinder progress. To enhance their role in sustainable development, Indian exporters must adopt eco-friendly practices, ensure fair trade, and foster international cooperation. Overcoming these challenges is crucial for aligning India's export activities with global sustainability goals.
    15 News Toggle
    Summary : The government has introduced a 10 percent import duty on lentils, comprising a 5 percent basic customs duty and a 5 percent Agriculture Infrastructure and Development Cess, effective from March 8. Previously, lentils were exempt from import duty. Additionally, the duty-free import of yellow peas has been extended until May 31 to boost domestic supply. Initially granted in December 2023, the duty-free status for yellow peas has been extended multiple times. In 2024, India imported 30 lakh tonnes of yellow peas out of a total 67 lakh tonnes of pulses.
    Summary : China has adapted its strategy in response to renewed US tariffs under President Trump's second term, opting for a firm stance rather than seeking immediate negotiations. Unlike Canada and Mexico, which are engaging directly with Trump, China has prepared retaliatory measures, including tariffs on US farm imports and blacklisting US companies. Beijing aims to negotiate on equal terms, avoiding any appearance of capitulation. With Xi Jinping's leadership providing continuity, China is leveraging its economic resilience and diversified trade relationships to withstand US pressures. Meanwhile, Canada and Mexico face challenges from Trump's shifting trade policies, responding with their own retaliatory measures.
    Summary : Negotiations for a trade deal between India and the US have commenced, with both nations emphasizing their respective interests and sensitivities. Government sources in India consider it premature to discuss specifics like tariff reductions, despite US President Trump's claims that India agreed to significantly lower tariffs on American products. Talks were initiated following discussions between Indian Prime Minister Modi and President Trump, aiming for a Bilateral Trade Agreement by fall 2025. India's Commerce Minister recently visited the US for discussions. India has not directly addressed Trump's reciprocal tariff announcement but seeks to deepen trade relations by reducing barriers.
    Summary : India and Mauritius will sign pacts on capacity building, trade, and tackling financial crimes during Prime Minister Modi's visit. In Karnataka, two women, including an Israeli tourist, were allegedly gang-raped, and a male traveler was killed. President Murmu emphasized the need for increased women's workforce participation. PM Modi highlighted his government's focus on women's safety. India-US trade negotiations are ongoing, with no details finalized. The world's first commercial space surveillance satellite was commissioned by Digantara. China extended Pakistan's loan repayment period by one year, and Nepal experienced three earthquakes with no casualties reported.
    Summary : The Indian government has lifted the export ban on broken rice, which was imposed in September 2022, to boost shipments. The Directorate General of Foreign Trade announced the amendment of the export policy from prohibited to free. This decision follows exporters' requests due to increased inventories and comes after the removal of the minimum export price on non-basmati white rice. The ban was initially enacted due to supply chain disruptions from the Russia-Ukraine conflict. Despite the ban, exports to certain countries were allowed. In recent years, India exported significant quantities of broken rice to various nations.
    Summary : India is seeking a beneficial trade agreement with the US to boost economic growth and maintain stable supply chains, according to the Finance Minister. Amid global tariff conflicts, India aims to protect domestic industries from potential dumping of goods due to US tariffs, while also ensuring affordable imports. The Commerce Minister is actively negotiating to double trade with the US to USD 500 billion by 2030. The government is also reviewing existing free trade agreements to prioritize India's interests and is consulting stakeholders throughout the process. Various sectors, like steel, have requested safeguard duties against increased imports.
    Summary : Negotiations between India and the US for a trade deal are in their early stages, and it is too soon to discuss details, according to Indian government sources. This follows US President Trump's claim that India agreed to significantly reduce tariffs. Talks for a Bilateral Trade Agreement were initiated after discussions between Indian and US leaders. Indian Commerce Minister recently engaged in talks in the US. Trump's comments on India's tariffs were seen as premature by New Delhi. India has been lowering tariffs for several countries and is negotiating similar agreements with others, including the EU and the UK.
    Summary : Finance Minister announced that GST rates are set to decrease further as efforts to rationalize tax rates and slabs near completion. The revenue neutral rate has reduced from 15.8% at GST's inception in 2017 to 11.4% in 2023, with expectations of further decline. A group of ministers, including finance ministers from six states, has been working on this rationalization. The minister plans to review their work before presenting it to the GST Council. Additionally, the government aims to increase public sector banks' public float by encouraging more retail investors.
    Summary : The External Affairs Minister inaugurated a new Consulate General of India in Manchester, highlighting its significance for the Indian diaspora and as a precursor to an India-UK Free Trade Agreement. The event coincided with International Women's Day, marking the appointment of a new Consul General. The minister emphasized the evolving India-UK relationship and the potential impact of the FTA. The inauguration was attended by UK officials, including the Deputy Prime Minister, and concluded with a diaspora reception. The opening of consulates in Manchester and Belfast concluded the minister's tour of the UK and Ireland.
    Summary : Ethanol-producing cooperative sugar mills in India are enhancing food security and reducing the petroleum import bill, according to a Union minister. At an event in Gujarat, the foundation for reviving three sugar mills was laid, benefiting around 10,000 local farmers. The revival is supported by Indian Potash Limited and involves the use of advanced agricultural technologies. The initiative aligns with Prime Minister Modi's vision of transforming farmers into global biofuel producers. Additionally, significant increases in the agriculture budget and farmer loans under Modi's government were highlighted. The minister also inaugurated several educational and medical facilities in the region.
    Summary : The Congress party has urged Prime Minister Modi to clarify whether India has agreed to reduce trade tariffs as claimed by US President Trump. They demand transparency and ask the government to take Parliament into confidence, questioning if Indian interests are being compromised under US pressure. Commerce Minister Piyush Goyal is in the US for trade talks, but Congress accuses the government of surrendering to US demands without consulting key stakeholders. They criticize the Modi administration for potentially harming Indian farmers and MSMEs, suggesting that the government's actions prioritize foreign relations over domestic economic interests.
    Summary : The Enforcement Directorate (ED) seized a business jet at Hyderabad airport as part of a money laundering investigation involving a Hyderabad-based company, Falcon Group, and its promoters. The case originated from a Cyberabad police FIR, alleging the company defrauded investors in a Rs 850 crore Ponzi scheme. The Falcon Group reportedly collected Rs 1,700 crore from investors through a fraudulent investment scheme, repaying only Rs 850 crore. The company's CMD allegedly fled using the seized jet, which was bought with proceeds from the scheme. The ED conducted a search under the Prevention of Money Laundering Act and recorded statements from the crew and associates.
    Summary : The Congress party urged Prime Minister Narendra Modi to clarify US President Donald Trump's claim that India has agreed to significantly reduce trade tariffs. Concerns were raised about whether this decision might compromise the interests of Indian farmers and manufacturers. Commerce Minister Piyush Goyal is currently in Washington for trade discussions. Trump, in a video shared by a Congress official, accused India of imposing massive tariffs that hinder US business, claiming India has now agreed to lower them. The Congress demands the Prime Minister address these issues when Parliament resumes on March 10.
    Summary : US President Donald Trump announced that India has agreed to significantly reduce its tariffs, addressing longstanding concerns about the high tariffs that restrict American products in India. Trump criticized India, along with other countries like Canada, Mexico, and the EU, for imposing what he considers unfair trade barriers. He emphasized that reciprocal tariffs on countries imposing levies on American goods will be implemented soon. Trump has repeatedly labeled India as a "tariff king" and criticized its trade practices as restrictive. His comments follow previous statements made during a joint press conference with India's Prime Minister.
    Summary : The Enforcement Directorate has seized a private jet, valued at approximately Rs 14 crore, in connection with a money laundering investigation involving a Hyderabad-based company and its promoters. The case involves a Ponzi scheme that defrauded investors of around Rs 850 crore. The company, Falcon Group, and its head are implicated, with the latter reportedly fleeing the country using the jet. The jet, owned by Prestige Jets Inc, was found at Hyderabad airport, and the ED is investigating under the Prevention of Money Laundering Act. The aircraft is believed to have been purchased with illicit funds.
    6 Notifications Toggle

    Customs

    1.
    01/2025 - dated - 7-3-2025 - ADD
    Seeks to impose ADD on Trichloro Isocyanuric Acid imported from China PR and Japan for 5 years, pursuant to final findings of DGTR
    Summary : The Ministry of Finance has imposed anti-dumping duties on Trichloro Isocyanuric Acid imported from China and Japan for five years. This decision follows the Directorate General of Trade Remedies' findings that these imports were sold below normal value, causing material injury to the domestic industry by undercutting local prices. The duties, varying by producer, aim to protect domestic manufacturers from unfair pricing practices. The duty rates are specified in U.S. dollars per metric ton, with the applicable exchange rate determined by current government notifications. The duties will be enforced from the date of publication in the Official Gazette.
    2.
    17/2025 - dated - 7-3-2025 - Cus
    Amendment in Notification No. 64/2023-Customs, dated the 7th December, 2023 - Exemption for imports of Yellow Peas [HS 0713 10 10] from applicable BCD and AIDC
    Summary : The Central Government has amended Notification No. 64/2023-Customs to extend the exemption for imports of Yellow Peas (HS 0713 10 10) from the applicable Basic Customs Duty (BCD) and Agriculture Infrastructure and Development Cess (AIDC). The deadline for this exemption, originally set for February 28, 2025, is now extended to May 31, 2025. This amendment is effective immediately and is issued under the powers granted by the Customs Act, 1962, and the Finance Act, 2021.
    3.
    16/2025 - dated - 7-3-2025 - Cus
    Seeks to amend various Notifications - Change in rate of duty against import of Lentils (Mosur)
    Summary : The Ministry of Finance has issued Notification No. 16/2025-Customs, effective from March 8, 2025, amending various customs notifications to alter the duty rate on imported lentils (Mosur). The amendments include changing the duty rate to 5% in specific entries of previous notifications dated June 30, 2017, February 2, 2018, and February 1, 2021. Additionally, certain entries in the October 13, 2021 notification have been omitted. These changes are made under the authority of the Customs Act, 1962, and relevant Finance Acts, considering public interest.

    DGFT

    4.
    61/2024-25 - dated - 7-3-2025 - FTP
    Amendment in Export Policy of Broken Rice under HS code 1006 40 00
    Summary : The Directorate General of Foreign Trade amended the export policy for broken rice under HS code 1006 40 00, changing the status from "Prohibited" to "Free" with immediate effect. This notification was issued under the Foreign Trade (Development & Regulation) Act, 1992, and Foreign Trade Policy provisions. The amendment removes export restrictions on broken rice, allowing unrestricted exports without conditions. The change applies to Chapter 10 of Schedule-II (Export Policy) of the ITC (HS) 2022 classification system.

    GST - States

    5.
    312 .F.T. - dated - 25-2-2025 - West Bengal SGST
    Seeks to waive late fees for those RTPs who had failed to furnish FORM GSTR-9C along with FORM GSTR-9 but subsequently filed FORM GSTR-9C on or before 31.03.2025.
    Summary : The Government of West Bengal has issued a notification waiving late fees for registered taxpayers who failed to submit FORM GSTR-9C along with FORM GSTR-9 for the financial years 2017-18 to 2022-23 but filed FORM GSTR-9C by March 31, 2025. This waiver applies to fees exceeding those payable under section 47 of the West Bengal Goods and Services Tax Act, 2017. However, no refunds will be provided for late fees already paid. This notification is effective from January 23, 2025.
    6.
    309-F.T. - dated - 25-2-2025 - West Bengal SGST
    Seeks to notify the special procedure under section 148 of the WBGST Act for rectification of demand orders issued for contravention of section 16(4) of the said Act.
    Summary : The notification outlines a special procedure under section 148 of the West Bengal Goods and Services Tax Act, 2017, for rectifying demand orders related to wrong availment of input tax credit due to contravention of section 16(4). Registered persons must electronically file an application for rectification within six months if they have not appealed the order. The proper officer will handle the rectification, aiming to issue a decision within three months. Rectified orders will be uploaded in specific forms, and natural justice principles will be followed if rectification adversely affects the applicant. The notification is effective from October 8, 2024.

    Topics

    ActsIncome Tax