Note: (a)           CGST Act means Central Goods and Services Tax Act, 2017 (b)          IGST Act means Integrated Goods and Services Tax Act, 2017 (c)           UTGST Act means Union Territory Goods and Services Tax Act, 2017 (d)          Cess Act means Goods and Services Tax (Compensation to States) Act, 2017 Unless specified otherwise, amendments […]

Note: (a)           “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the Central Excise Act, 1944. (b)          “NCCD” means National Calamity Contingent Duty levied under Finance Act, 2001, as a duty of excise on specified goods at rates specified in Seventh Schedule to Finance Act, 2001 (c)          

Following goods are being exempted from levy of Social Welfare Surcharge S. No. Description 1. Natural Graphite 2. Natural sands 3. Quartz (other than natural sands); quartzite 4. Strontium sulphate (natural ore) 5. Copper ores and concentrates 6. Cobalt ores and concentrates 7. Tin ores and Concentrates 8. Tungsten Ores and Concentrates 9. Molybdenum ores

Certain BCD exemptions entries under S No. 50/2017-Customs dated 30.6.2017 and other notifications are being allowed to lapse with effect from 30.9.2024. (A) The following entries of notification no. 50/2017-Customs dated 30.6.2017 are being allowed to lapse with effect from 30.9.2024: S. No. S N of 50/2017- Customs Description 1. 478 Wireless apparatus, accessories and

A.   Changes in Basic Customs Duty (to be effective from 24.07.2024) S. No. Chapter, Heading, sub- heading, tariff item Commodity From To I. Agricultural Products 1. 1207 99 90 Shea nuts 30% 15% II. Aquafarming & Marine Exports 1. 0306 36 Live SPF Vannamei shrimp (Litopenaeus   vannamei) broodstock 10% 5% 2. 0306 36

Note: (a)           “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962. (b)          “Agriculture Infrastructure and Development Cess (AIDC)” means a duty of customs that is levied under Section 124 of the Finance Act, 2021. (c)           “Road and Infrastructure Cess (RIC)” means an additional duty of customs that

Provisions and Amendments Relating to Direct Tax Vivad se Vishwas Scheme, 2024 The Income-tax Act, 1961 provides for a mechanism of filing of appeals against orders passed under the proceedings of the Act, both by the taxpayer and the Department before respective appellate fora, such as Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals),

Tax on distributed income of domestic company for buy-back of shares Special provisions relating to tax on distributed income of a domestic company from buy-back of shares were introduced by Finance Act, 2013, in line with the then schema of dividend distribution tax. Prior to the amendments made by the Finance Act, 2020, a company

1. Introduction of Block Assessment Provisions in cases of Search under Section 132 and Requisition under Section 132A Vide Finance Act, 2021 the provisions of section 153A and section 153C of the Act were amended to provide that the said provision shall only apply to search and seizure proceedings under section 132 or requisition under

Tax incentives to International Financial Services Centre International Financial Services Centre (IFSC) is a jurisdiction that provides financial services to non-residents and residents, to the extent permissible under the current regulations, in any currency except Indian Rupee. In order to promote the development of world-class financial infrastructure in India, several tax concessions have been provided