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News Bills
AMENDMENTS IN THE IGST ACT 2017:
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Extension of removal of difficulties orders: continuation permitted for two years under amended IGST Act provision.
The amendment to Section 25 extends the authority to issue removal of difficulties orders for an additional two years, allowing such orders to be made up to five years from the date of commencement of the IGST Act, thereby prolonging the administrative mechanism to address implementation issues.
News Bills
AMENDMENTS IN THE CGST ACT 2017:
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Composition scheme exclusions expanded, affecting service suppliers and inter state service supplies and tightening input tax credit rules.
Amendments revise the definition of Union territory, narrow the composition scheme to exclude specified categories of service supplies, delink debit note date from invoice date for input tax credit, prescribe manner and time limits for transitional credit, and strengthen registration, procedural and enforcement provisions including cancellation and revocation rules, invoice issuance for services, removal of TDS certificate obligations, and enhanced penalties and cognizable treatment for fraudulent availment of input tax credit.
News Bills
EXCISE AMENDMENT IN THE SEVENTH SCHEDULE TO THE FINANCE ACT, 2001* [Clause [145] of the Finance Bill...
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Excise duty increase and higher NCCD rates on tobacco products raise tax incidence and apply immediately.
Amendment increases excise and NCCD rates for specified tobacco and tobacco substitute tariff items in the Seventh Schedule to the Finance Act, 2001, listing revised unit and ad valorem rates by tariff heading and measurement unit. The changes take effect on enactment and are applied immediately under the Provisional Collection of Taxes Act, 1931.
News Bills
Other Miscellaneous changes pertaining to Anti-Dumping Duty/Countervailing Duty
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Anti-circumvention measures expanded to enable investigations into circumvention of anti-dumping and countervailing duties.
Amendments broaden Anti-Dumping Rules to strengthen anti-circumvention measures and clarify investigation scope for dumping that injures domestic industry; corresponding changes add an explicit investigatory mechanism in Countervailing Duty Rules to address circumvention of countervailing duties and clarify procedural scope. The instrument also revokes specified anti-dumping duties on purified terephthalic acid originating from certain trading partners.
News Bills
Exemption from Social Welfare Surcharge hitherto available on certain items falling chapter 84, 85 a...
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Social Welfare Surcharge exemption withdrawn; notification amended to remove specified tariff entries in certain chapters.
Exemption from the Social Welfare Surcharge previously applicable to specified imported goods is being withdrawn by amendment to the governing customs notification, which omits certain table entries so those goods no longer attract the earlier surcharge exemption.
News Bills
Social Welfare Surcharge is being exempted on following items.
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Social Welfare Surcharge exemption on specified imported goods announced, covering foodstuffs, stone products and complete commercial vehicles.
Social Welfare Surcharge is exempted on a specified list of imported goods identified by HS codes and descriptions, including dairy products (whey, cheese), live plants, nuts (almonds, walnuts), cereals (wheat, maize), chewing gum, infant food preparations, various forms of orange juice, selected marble and calcareous stone products (tiles, blocks, monumental stone), and all commercial vehicles (including electric vehicles) imported as completely built units.
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OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS' TECHNICAL CHANGES)
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Customs tariff amendments tighten concession eligibility and harmonise BCD entries while removing redundant provisions.
Amendments to customs tariff notifications revise BCD entries by omitting redundant listings, consolidating inconsistent tariff provisions, and narrowing ambiguous item scope so concessions apply only to intended end uses. Procedural and eligibility changes include imposing an actual user condition on a bamboo import concession, aligning technical conditions for satellite testing equipment and scientific instruments, clarifying assistive device coverage for disabled users, and removing the techno economic clearance requirement for a fertilizer renovation concessional BCD.
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IMPOSITION OF HEALTH CESS ON IMPORT OF CERTAIN ITEMS
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Health cess on imported medical devices imposes an additional customs duty, excluding BCD exempt items and manufacturing inputs.
A Health Cess is proposed as an ad valorem customs duty on imported medical devices (HS headings 9018-9022) measured by import value under the Customs Act; export promotion scrips cannot be used for payment. Devices exempt from basic customs duty and inputs/parts used in manufacture are exempt from the Cess, and proceeds are to fund health infrastructure.
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Customs duty exemptions which have been granted through certain other stand-alone notifications have...
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Customs duty exemptions withdrawn as obsolete; several notifications rescinded or consolidated into updated customs notifications.
Several earlier customs duty exemption notifications are being withdrawn as no longer relevant, including exemptions for Commonwealth Games imports, power-project imports, Advance Customs Clearance Permit imports, SAARC preferential trade, goods produced in Nepal, wool/woollen fabrics and paper money by humanitarian entities, preferential tariff items, and water-supply projects under Project Imports; certain entries have been merged or superseded and some exemptions are now available through notification No. 50/2017-Customs.
News Bills
Review of concessional rates of BCD prescribed in notification no. 50/2017 - Customs dated 30.62017:...
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BCD exemption withdrawal removes concessional customs treatment for numerous listed import goods, restoring standard basic customs duty.
Review under the Finance Bill 2020 withdraws concessional basic customs duty exemptions by omitting specified entries from Notification No. 50/2017-Customs, thereby removing concessional BCD treatment for a broad list of listed imports - including agricultural and food products, oils, sugars, raw materials, polymers, films, chemicals, specified machinery and project-tied imports - with several entries subject to quantitative caps or conditional provisos.
News Bills
OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS
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Customs duty revisions reshape tariffs to protect domestic manufacturing while exempting inputs and conditioning concessional rates.
Proposed revision of basic customs duty rates reallocates protection by increasing duties on finished consumer and automotive imports while reducing or exempting inputs and designated end-use materials to promote domestic manufacturing. Concessional rates and exemptions are conditional on specified end-uses and registrations, such as RNI registration for newsprint; electronic and mobile-phone components face staged duty increases with effective dates; defense-related imports by specified public sector undertakings are exempted subject to listed items.
News Bills
AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
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Basic Customs Duty increases apply to numerous tariff headings, altering import duty obligations from the effective date.
Amendments increase the Basic Customs Duty in the First Schedule to the Customs Tariff Act, 1975 for numerous tariff headings, specifying revised duty percentages for defined commodities and adding new tariff entries; certain new entries show an operative zero effective rate. The changes are effective 02.02.2020 and declared immediately collectible under the Provisional Collection of Taxes Act, 1931.
News Bills
AMENDMENTS IN THE CUSTOMS TARIFF ACT 1975
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Safeguard measures expanded to permit duties or tariff rate quotas when increased imports threaten domestic industry.
The substituted Section 8B empowers the Central Government to apply safeguard measures-including imposition of a Safeguard Duty, application of a Tariff Rate Quota, or any other appropriate measure-when increased imports of an article cause or threaten to cause serious injury to domestic industry, centralising authority to identify qualifying import patterns and to select proportional remedial instruments.
News Bills
AMENDMENTS IN THE CUSTOMS ACT 1962
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Preferential tariff verification: suspension of duty concessions pending exporter verification and security requirement for import clearance.
New Chapter VAA (section 28DA) creates a framework for preferential tariff treatment under trade agreements, imposes importer obligations and requires time bound verification from the exporting country; preferential treatment may be suspended pending verification with clearance only on furnishing security equal to the differential duty, and may be denied in certain cases. Section 51B establishes an Electronic Duty Credit Ledger for duty credits in lieu of remission and extends recovery provisions to such credits. Amendments also add confiscation liability for contraventions of preferential claims and empower rulemaking under sections 156 and 157; an explanation preserves pre 2018 notices under section 28.
News Bills
Amendment in the provisions of Act relating to verification of the return of income and appearance o...
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Verification of Returns: prescribed persons may verify company and LLP returns and act as authorised representatives.
Amendments allow any person prescribed by the Board to verify the income-tax return of a company or LLP and permit any person prescribed by the Board to appear as an authorised representative on behalf of an assessee, supplementing existing verification and representation rules that currently designate managing directors, directors, insolvency professionals, designated partners or partners.
News Bills
Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect ...
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Cost of acquisition for segregated portfolio units: holding period continuity and proportional NAV-based allocation determine tax basis.
Units in a segregated portfolio inherit the holding period of the original units in the main portfolio, and the cost of acquisition of segregated portfolio units is the portion of the original cost proportionate to the ratio of the NAV of assets transferred to the segregated portfolio to the NAV of the total portfolio immediately before segregation; the cost of the original units in the main portfolio is deemed reduced by that allocated amount.
News Bills
Rationalisation of provision relating to Form 26AS
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Annual financial statement upload expands tax-statement data in assessees' accounts, aiding compliance and accurate return filing.
The administering income-tax authority, or its authorised person, will be required to upload an Annual Financial Statement to the assessee's registered account on the designated portal, in such form, manner and within such time as may be prescribed, containing financial information in the possession of the authority (including items beyond tax deducted or collected). The existing provision specifically governing the prior tax-deduction statement is proposed to be deleted and the amendment takes effect from 1st June, 2020.
News Bills
Rationalisation of provisions relating to tax audit in certain cases.
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Tax audit threshold increase for low-cash businesses; tax audit reports must be furnished earlier to enable return pre-filling.
The proposal raises the audit exemption threshold for businesses where both aggregate cash receipts and aggregate cash payments do not exceed five percent of totals; it mandates that tax audit reports for business or professional income be furnished at least one month before the return filing due date to enable pre-filling, and it amends return due dates and partner treatment while making consequential TDS/TCS amendments to align withholding references with the revised audit framework.
News Bills
Expanding the eligibility criteria for appointment of member of Adjudicating Authority under the Pro...
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Eligibility expansion for Adjudicating Authority members adds District Judge qualification, broadening appointment pool under Benami Property law.
Section 9 eligibility for appointment as a Member of the Adjudicating Authority under the Prohibition of Benami Property Transaction Act is expanded to include persons who are qualified for appointment as District Judge, in addition to existing eligibility for Indian Revenue Service officers who have held Commissioner of Income-tax (or equivalent) and Indian Legal Service officers who have held Joint Secretary (or equivalent). The amendment takes effect from 1 April 2020 under Clause 143 of the Finance Bill.
News Bills
Filing of statement of donation by donee to cross-check claim of donation by donor
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Donation reporting: donees must file statements and issue certificates before donor deduction claims are allowed under tax law.
Entities receiving donations must furnish a standardized statement of donations and issue certificates to donors; donor deduction claims will be permitted only where the donee has filed the prescribed statement, with fees and penalties for non compliance. Approvals and registrations under charitable exemption provisions will be time limited and may be granted provisionally on application without detailed enquiry, with requirements to reapply to reactivate inoperative registrations.

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AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975

1 February, 2021

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Budget 2021-22 + FINANCE Bill, 2021

AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975

S. No.

 Amendment

Clause of the Finance Bill, 2021

1.

Section 8B of the Customs Tariff Act is being amended to incorporate certain technical changes.

[ 92 ]

2.

Section 9 of the Customs Tariff Act is being amended to include provisions for anti-absorption, retrospective levy from the date of initiation of investigation in anti-circumvention cases, aligning countervailing duty provisions with those in safeguard measures in respect of levy on goods cleared from EOU and SEZ into Domestic Tariff Area, stipulating that when countervailing duty is revoked temporarily, such revocation shall be for a period not exceeding one year at a time and to provide for imposing Countervailing duty on review for period not exceeding 5 years at a time, instead of the 5 years at present

 [ 93 ]

3.

Section 9A of the Customs Tariff Act is being amended to include provisions for anti-absorption, retrospective levy in anti-circumvention cases, aligning anti-dumping duty provisions with those in safeguard measures in respect of levy on goods cleared from EOU and SEZ into Domestic Tariff Area, stipulating that when anti-dumping duty is revoked temporarily, such revocation shall be for a period not exceeding one year at a time and to provide for imposing ADD on review for period not exceeding 5 years at a time, instead of the 5 years at present.

 [ 94 ]

 

 

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Budget 2021-22 + FINANCE Bill, 2021

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Acts Income Tax
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