| Forex Rates | Tariff Value (Imports) | Drawback (Exports) | |
| 1 US $ = Rs.84.30 (Imports) | Gold = US $ 891 per 10 gm | Gold = Rs.335.50 per 10 gm | |
| 1 US $ = Rs.82.60 (Exports) | Silver = US $ 1109 per kg | Silver = Rs.4468.10 per kg | |
| Notifn No. | 45/2024-Cus(N.T.) | 73/2024-Cus(N.T.) | 55/2024-Cus(N.T.) |
| Dated | 20.06.2024 | 30.10.2024 | 23.08.2024 |
20.11.2024 : In this case, on being review petition No.400 of 2021 filed by the department (seeking review of the judgment and order dated 09.03.2021 passed by the Apex Court in Civil Appeal No. 1827 of 2018 in case of M/s Canon (I) Pvt Ltd Verses Commissioner of Customs), the Supreme Court reviewed its earlier order dated 09.03.2021 and allowed the Review Petition No. 400/2021 insofar as the issue of jurisdiction of the proper officer to issue show cause notice under Section 28 is concerned and also held that its findings related to limitation period remain undisturbed.
3. The new tax regime rate structure is also revised to give a salaried employee benefits up to ₹ 17,500/- in income tax.
New tax regime proposed tax structure :-
| Income slabs (Rs.) | Tax Rate % |
| 0 ~ 3 lakh | Nil |
| 3 ~ 7 lakh | 5% |
| 7 ~ 10 lakh | 10% |
| 10 ~ 12 lakh | 15% |
| 12 ~ 15 lakh | 20% |
| Above 15 lakh | 30% |
4. Abolishing Angel Tax for all classes of investors.
4. In section 16 of the Central Goods and Services Tax Act, with effect from the 1st day of July, 2017, after sub-section (4), the following sub-sections shall be inserted, namely :–
“(5) Notwithstanding anything contained in sub-section (4), in respect of an invoice or debit note for supply of goods or services or both pertaining to the Financial Years 2017- 18, 2018-19, 2019-20 and 2020-21, the registered person shall be entitled to take input tax credit in any return under section 39 which is filed upto the thirtieth day of November, 2021.
(6) Where registration of a registered person is cancelled under section 29 and subsequently the cancellation of registration is revoked by any order, either under section 30 or pursuant to any order made by the Appellate Authority or the Appellate Tribunal or court and where availment of input tax credit in respect of an invoice or debit note was not restricted under sub-section (4) on the date of order of cancellation of registration, the said person shall be entitled to take the input tax credit in respect of such invoice or debit note for supply of goods or services or both, in a return under section 39,–
(i) filed upto thirtieth day of November following the financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier; or
(ii) for the period from the date of cancellation of registration or the effective date of cancellation of registration, as the case may be, till the date of order of revocation of cancellation of registration, where such return is filed within thirty days from the date of order of revocation of cancellation of registration, whichever is later.”.
(7) Inserted proviso to Rule 36(4) of CGST Rules, 2017 by which the taxpayer may take 110% ITC in their GSTR-3B for May'21 cumulatively for Apr'21 & May'21 {Refer Notification No.13/21-CT dated 1.5.21}
The application so filed is populated to dashboard of jurisdictional tax official. The tax official can issue a Notice for personal hearing to the taxpayer. Then the taxpayer can file their reply to the notice online, along with supporting documents.
At conclusion of the proceedings, the Tax Officer can issue an order (in Form EWB-06) approving the taxpayer application for unblocking the EWB generation facility. After which their EWB generation facility will be restored for the duration specified in the order.
If the Tax Officer rejects the taxpayer’s application vide order in Form EWB-06, the EWB generation facility will remain blocked and the taxpayer shall be required to file their pending returns (in Form GSTR-3B / Statement in FORM CMP-08, so as to reduce the pendency to less than two tax periods), for restoration of the EWB generation facility.
Notice(s)/ Order issued by Tax Officer will be sent via SMS and mail to taxpayer and will be made available on the taxpayer dashboard (Services > User Services > View Additional Notices/Orders option).
(3) If the goods supplied by a supplier are returned by the recipient and where tax invoice had been issued, the supplier is required to issue a “credit note” in terms of section 34 of the CGST Act. He shall declare the details of such credit notes in the return for the month during which such credit note has been issued. The tax liability shall be adjusted in the return subject to conditions of section 34 of the CGST Act. There is no need to file a separate refund claim in such a case. However, in cases where there is no output liability against which a credit note can be adjusted, registered persons may proceed to file a claim under “Excess payment of tax, if any” through FORM GST RFD-01.
(4) If letter of undertaking (LuT) could not be furnished for FY-2020-21 between 1.4.2020 to 29.6.2020, then the same may be furnished till 30.6.2020 and till then the exporters may quote their previous FY-2019-20 LuT Number for exports under LuT.
GST Dept should Release the Seized Goods soon after Security Deposit is made: Allahabad HC
11.4.2020 : M/s Skipper Limited was required to furnish a bank guarantee equivalent to the amount of his liability determined under Section 129 of the Uttar Pradesh Goods and Services Tax Act, 2017 at the time of the seizure of goods and conveyance in transit. The seized vehicle and goods have been released on the strength of such security deposit. While relying on the decision of the Supreme Court and the legislative intent, the high court observed, “the legislative intent is to secure revenue interests and equally to ensure the expeditious release of the seized goods and conveyances. This procedure is distinct from the adjudicatory process of determination of tax liability. The scheme of Section 129 of the Uttar Pradesh Goods and Service Tax (UPGST) Act, 2017 thus achieves the purpose of keeping trade and commercial transactions unhindered by the adjudicatory process for determination of tax liability, while at the same time protecting revenue interests and allowing the adjudicatory mechanism to run its course independently.
Raj.HC strikes down GST Demand against UltraTech for old unpaid dues of Binani Cement
11.4.2020 : The assessee, Binani Cement suffered huge losses and was unable to pay the debts to the Financial Creditor i.e. Bank of Baroda. Consequently, the Binani Cements was acquired by the Aditya Birla Group-owned cement company through Corporate Insolvency Resolution Process (CIRP) in 2018 for Rs 7,900 crore. After the acquisition the company was renamed as UltraTech Nathdwara Cement. The primary issue in the dispute lies in several notices issued by the Goods and Service Tax (GST) Department of Rajasthan for all the old unpaid dues of Binani Cement. The Goods and Service Tax (GST) Department of Rajasthan contended that it was not heard by the committee of creditors (CoC) before finalizing the resolution plan and as such, it is not bound by it. The division bench consisting of Justice Vijay Bishnoi and Justice Sandeep Mehta allowed the petition of UltraTech Cement, the court ruled that the purpose of the statute is to revive the dying industry by providing an opportunity for a resolution applicant to take over the same and begin the operation on a clean slate. “We are of the firm view that the authorities should have adopted a pragmatic approach and immediately withdrawn the demands rather than indulging in totally frivolous litigation, thereby unnecessarily adding to the overflowing dockets of cases in the courts,” said the division bench of the High Court of Rajasthan.
GST Dept cannot detain Goods for bonafide Misclassifation: Kerala HC
11.4.2020 : In a major relief to Hindustan Coca Cola, the Kerala High Court recently quashed the notices issued by the Goods and Service Tax (GST) department and directed to release the seized goods which were detained on the ground of bonafide misclassification of goods. Justice Amit Rawal, while presiding over the case directed the squad officer to release the seized goods on the grounds that there was a bonafide miscalculation as to whether the goods would be exigible to 12% or 28% of GST. The single-judge bench relying on the decision in J.K Synthetics Limited V. Commercial Taxes Officer held that the charging provisions must be construed strictly but not the machinery provisions which would be construed like any other statute. The High Court observed that the process of detention of the goods cannot be resorted to when the dispute is bonafide, especially concerning the eligibility of tax and, more particularly, the rate of tax.
Government to release all GST, customs refund worth Rs 18k crore
10.4.2020 : In a bid to provide relief to businesses hit by the Covid-19 pandemic, the Government on Wednesday said it will release all GST & Customs refunds to provide benefit to around 1 lakh business entities including MSMEs. “It has been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore,” said a statement.