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    NotificationsDGFT
    Liberalizing Silver Imports: Analyzing the Impact of DGFT Notification No. 57/2023 on India's Trade ...
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    Liberalizing silver imports: expanding free actual user access and enabling bullion exchange imports to boost industrial inputs.
    Amendment to import policy for silver under Chapter 71 of ITC (HS) 2022 classifies semi manufactured silver as Free on an Actual User basis for specified manufacturing sectors and permits R&D imports by government or recognised institutions; it also revises HS code treatment to allow qualified jewellers to import via a recognised bullion exchange, expanding import access beyond nominated agencies.
    NotificationsCustoms
    Extension of the existing concessional import duties on specified edible oils up to and inclusive of...
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    Concessional import duties on specified edible oils extended, preserving customs and AIDC exemptions to support supply and affordability.
    Notification No. 02/2024 amends Notifications Nos. 48/2021 and 49/2021 to extend the concessional import duty treatment and the exemption from the Agriculture Infrastructure and Development Cess for specified edible oils, preserving customs duty relief for listed soybean, palm and sunflower oil categories to maintain lower import costs and supply continuity.
    NotificationsCustoms
    Levy of Export Duty on Molasses Exports
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    Export duty on molasses imposed to secure domestic supply for ethanol blending and reduce fuel import reliance.
    A 50% export duty has been added to the Second Schedule of the Customs Tariff Act, effective January 18, 2024, using the government's urgent power to levy export duties, to restrict molasses exports and increase domestic supply for ethanol production and to address sugar shortages and fuel-import dependence.
    Act RulesCustoms
    Anti-Dumping Duties: A Comprehensive Analysis of the Customs Tariff Act, 1975
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    Anti-dumping duties protect domestic industry by allowing provisional and retrospective measures and circumvention checks on dumped imports.
    Anti-dumping duties under the Customs Tariff Act, 1975 define anti-dumping duties, margin of dumping, export price and normal value, and set methods to determine dumping when direct comparisons are infeasible. The statute provides anti-circumvention and duty-absorption rules, permits provisional duties based on preliminary findings and retrospective duties in certain large cases, and allows conditional exemptions for consignments to export-oriented units and special economic zones.
    NotificationsCustoms
    Analysis of Recent Anti-Dumping Duty Imposition on Meta Phenylene Diamine Imports from China to Indi...
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    Anti-dumping duty continuation on Meta Phenylene Diamine from China preserves domestic industry protection under sunset review recommendation.
    Continuation of anti-dumping duty on Meta Phenylene Diamine from China follows a sunset review finding continued dumping and injury to the domestic industry; the government imposed differentiated per-metric-ton duties on a named Chinese producer and other exporters, including imports from other countries exported via China, to be levied for a five-year period unless earlier revoked, superseded or amended and payable in Indian currency.
    NotificationsCentral Excise
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    Notification No. 03/2024 amends Notification No. 18/2022 by reducing the Special Additional Excise Duty on production of petroleum crude, directly altering the statutory excise rate and thereby affecting government excise revenue, oil company margins and pricing incentives, potential consumer fuel prices given other tax and market factors, and environmental consumption incentives.
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    Show AI Summary
    Right to speedy trial can justify bail when prolonged trial delay exists and courts must reassess bail applications.
    The matter focuses on bail principles and statutory interpretation under the Prevention of Money Laundering Act, questioning whether proceeds arising from an administrative excise policy constitute proceeds of crime and whether money laundering prosecution requires independent evidence distinct from a scheduled offence. Defence objections include prolonged custody, voluminous evidence, and constitutional protections for ministerial decision making. The court emphasized that bail assessments are tentative, must account for the accused's right to a speedy trial where delay is not attributable to them, and allowed liberty to re apply for bail or interim relief if trial delay or medical emergency arises, to be considered on merits.

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      Income Tax

      Manner of disposal of application for advance ruling under Income Tax Act, 1961

      13 June, 2023

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      Notification No. 38/2023 - Dated: 12-6-2023 - Manner of disposal of application for advance ruling - In case difference of opinion between the members, decision will be taken by Majority with the help of Third Member - e-advance rulings (Amendment) Scheme, 2023

      Section 245R 

      - The Ministry of Finance has issued a notification regarding amendments to the e-advance rulings Scheme, 2022.
      - The Scheme is now called the e-advance rulings (Amendment) Scheme, 2023.
      - The amendments come into effect from the date of publication in the Official Gazette.
      - In paragraph 6 of the e-advance rulings Scheme, 2022, clause (iv) is replaced with new clauses.
      - The Board for Advance Rulings will consider the response and provide an opportunity of being heard to the applicant through video conferencing or video telephony.
      - The advance ruling on the specified question will be pronounced and sent to the applicant and the relevant authority.
      - If the Members of a Board for Advance Rulings have differing opinions on any point, it will be referred to the Principal Chief Commissioner of Income-tax (International Taxation).
      - The Principal Chief Commissioner will nominate one Member from another Board for Advance Rulings, and the majority opinion will prevail in deciding the point or points of disagreement.

       

      Full Text:

      Notification No. 38/2023 - Dated: 12-6-2023 - Manner of disposal of application for advance ruling - In case difference of opinion between the members, decision will be taken by Majority with the help of Third Member - e-advance rulings (Amendment) Scheme, 2023

      Section 245R 

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      ActsIncome Tax
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