Blog Archives

CBIC notifies Custom officers for adjudging confiscation or penalty

Notification No. 50/2018-Customs (N.T.) CBIC hereby confers power, for purposes of adjudging confiscation or penalty, on Customs Officer as mentioned in column (2) of the Table below, in terms of value limit as specified in column (3) of the said Table, in relation to goods which are liable to confiscation under Chapter XIV of the said Act:

Processing of IGST refund claims stuck due to SB003 error & Extension of date for cases having SB005 error

Apart fromSB005 errors, IGST refunds are also stuck on account of SB003 error on the customs side. This error occurs when there is a mismatch between GSTIN entity mentioned in the Shipping bill and the one filing GSTR-1/GSTR-3B.

Central Bank Watch: Preparing for a hike

Abheek Barua* We have argued “Hike the interest rate now“, 1st June, 2018) that the current macroeconomic situation warrants a policy rate hike. Rising and more dispersed core inflation, the immediate and possible second-round effects of the fuel price increases and the pressure on the rupee; all call for a 25 basis point hike in […]

RBI hitting on Government owned NBFCs – Withdrawing Exemptions!

Chahat Jain Government owned companies always reveled in many exemptions from provisions of NBFC regulations. To bring government NBFCs on equal footing with non-government NBFCs (or private NBFCs), RBI vide notification no. DNBR (PD) CC.No.092/03.10.001/2017-18 dated May 31, 2018 withdraws certain exemption granted to government NBFCs with respect to compliance. RBI in its circular has […]

7 Post Budget Suggestion on Custom Law by ICAI

ICAI submitted sugesstion on 1. Levy of Integrated Tax on goods remaining in Bonded warehouse 2. Audit of assessment of imported or exported goods. 3. Power to issue supplementary notice 4. Communication of an order, decision, summon, notice etc. under Customs Act, 1962 through electronic mails. 5. Requirements for being an applicant of Advance ruling 6. Sections 25A and 25 B and 7. Appellate Authority for AAR

CBIC revises anti-dumping duty on imports of Hydrogen Peroxide

Seeks to revise anti-dumping duty on imports of Hydrogen Peroxide originating in or exported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand by amending the notification No. 28/2017-Customs (ADD) dated 14th June, 2017. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 33/2018-Customs (ADD) New Delhi, dated the 01st June, 2018 G.S.R. […]

Anti-Dumping Duty on Digital Offset Printing Plate import from china rescinded

Seeks to rescind Anti-Dumping Duty on imports of the ‘Digital Offset Printing Plates’ originating in or exported from China PR imposed vide Notification No. 51/2012- Customs (ADD), dated the 3rd December, 2012. Government Of India Ministry Of Finance Department Of Revenue Central Board Excise And Customs New Delhi Notification No. 32/2018-Customs (ADD); Dated: June 01, […]

Govt to issue pending IGST refund on the basis of undertakings/ submission of CA certificates

Following procedure is being prescribed to overcome the problem of GST / IGST refund blockage. This would be an interim solution subject to undertakings/ submission of CA certificates by the exporters as given below and post refund audit scrutiny.