CBIC reduces compliance burden by abolishing renewals of licenses/registrations

The Central Board of Indirect Taxes and Customs (CBIC) has w.e.f. 23.07.2021 abolished the requirement of periodic renewals of Licence/Registration issued to Customs Brokers and Authorised Carriers. This would greatly help reduce the compliance burden cast on the trade, which had to otherwise make application and submit numerous documents to renew their licenses/registrations. The netContinue reading “CBIC reduces compliance burden by abolishing renewals of licenses/registrations”

GST Compensation dues paid to States

The Government has paid all the GST Compensation dues to the States the financial years 2020-21 and 2021-22. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated that the GST compensation cess levied under Section 8 ofContinue reading “GST Compensation dues paid to States”

CBIC proactively put in place a COVID Response Plan (CRP) for speedy clearances of COVID-19 vaccines at all major airports

Recognizing that efficient and expeditious release of temperature-sensitive vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, CBIC has proactively put in place a COVID Response Plan (CRP) ( Annexed herewith) for speedy clearances of COVID-19 vaccines at all major airports. CRP provides for setting up of wherein a COVID-19 Vaccine Response TeamContinue reading “CBIC proactively put in place a COVID Response Plan (CRP) for speedy clearances of COVID-19 vaccines at all major airports”

Tariff Notification No. 60 /2021-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the MinistryContinue reading “Tariff Notification No. 60 /2021-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver”

₹ 75,000 crore released to States and UTs with Legislature as GST Compensation shortfall.Almost 50 % of the total shortfall for the entire year released in a single instalment

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation.  This release is in addition to normal GST compensation being released every 2 months out of actual cess collection. Subsequent to the 43rd GST Council Meeting held on 28.05.2021, it was decidedContinue reading “₹ 75,000 crore released to States and UTs with Legislature as GST Compensation shortfall.Almost 50 % of the total shortfall for the entire year released in a single instalment”

Import clearance time for edible oil comes down significantly to approx. 3-4 days ; there is no clogging of consignments at the ports

The Indian Customs is continuously monitoring the import clearances of edible oils in co-ordination with Food Safety and Standards Authority of India (FSSAI). It is seen that the import clearance time for edible oil has come down significantly to approx. 3-4 days at present which is the usual time taken for sampling, duty payment and logistics.Continue reading “Import clearance time for edible oil comes down significantly to approx. 3-4 days ; there is no clogging of consignments at the ports”

CGST Zones and Directorate General of GST Intelligence booked about 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21

Ministry of Finance Press release dated 13th July 2021 Misuse of the beneficial provision of Input Tax Credit (ITC) under GST regime is the most common modus of evasion under the GST Law. The field formations of the Central Board of Indirect taxes and Customs (CBIC) have beenregularly detecting such cases from very beginning ofContinue reading “CGST Zones and Directorate General of GST Intelligence booked about 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21”

CGST officials bust network of 23 firms for claiming input tax credit of Rs 91 crore

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through goods less invoices of Rs 91 crore (approx). The modus operandi involved floating of multiple firms with theContinue reading “CGST officials bust network of 23 firms for claiming input tax credit of Rs 91 crore”

Launch of online filing of application for Authorised Economic Operators (AEO T2 and AEO T3)

Ministry of Finance Press release dated 07th July 2021 Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications. The AEO web application is accessible at URL www.aeoindia.gov.in. The new version (V 2.0) of the web application is designed to ensureContinue reading “Launch of online filing of application for Authorised Economic Operators (AEO T2 and AEO T3)”