Kochhar & Co. is pleased to present the very first edition of their Trade and Taxation Newsletter. Each month, they will share important updates, key developments, and practical insights on trade and taxation, all tailored to help you stay ahead in an ever-changing regulatory environment. They hope you find this newsletter useful and informative, and they look forward to your continued engagement.
In this edition, you will find:
CUSTOMS
- Action against Customs Brokers only under Regulations
- Extension of RoDTEP Scheme
- SCOMET list revised
- Global Authorization for Intra-Company Transfer (GAICT) expanded
- Benefit of export promotion schemes extended to courier
- Access to Common Portal for EOUs
- Warehouse Module introduced
GOODS & SERVICES TAX (GST)
- Delayed ITC claims for 2017 to 2021 regularised
- Amnesty Scheme announced for July 2017 to March 2020
- Common time limit introduced for Notices under New Section 74A from November 01, 2024
- Taxpayer eligible for ITC on reinstatement of registration
- Anti-profiteering cases to be taken up by GSTAT
- Place of Supply clarified for Data Hosting Services
- Advertisement services provided to foreign clients are exports
- Export refund allowed for payments made on re-assessment of Bill of Entry
- Invoice Management System (IMS) introduced to streamline invoicing process under GST
SPOTLIGHT ON JUDICIAL PRONOUNCEMENTS
- Landmark decision in Safari Retreats pronounced (also watch our Vodcast)
- Review petitions in Canon India case heard
- Supreme Court dismisses departmental appeals on monetary limits
- Single notice for multiple tax periods quashed
- Notification extending time limit for passing orders under Section 73 quashed
INTERNATIONAL TRADE BRIEF
- Retaliatory Customs Duties on EU
- Measures for Retroactive Collection of Duties by EU
- Policy on Pet Coke relaxed
- Duties imposed or extended on import of certain products
- Initiation of Anti-dumping investigations of certain products
- Initiation of Sunset Review Investigations of Anti-dumping duties
Click HERE to view the PDF.