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Corporate News *   FM acknowledges problems faced by businesses in migration to GST *   Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver *   Rate of exchange of conversion of the foreign currency with effect from 21th July, 2017 *   Clarification regarding import of goods for personal use through courier  *   GSTIN requirement for the purpose of import & export  *   Operational problems being faced by EOU in GST regime consequent to amendment in Notification no. 52/2003-Customs dated 31-3-2003 *   Detailed guidelines for retesting of sample *   Seeks to Impose provisional anti-dumping duty on imports of 'O-Acid" originating in exported from China PR  *   SEZ units exempted from IGST  on import *   aircrafts exempted from customs and  IGST *   Drawback of Integrated Tax and Compensation Cess paid on imported goods upon re-export under Section 74 of the Customs Act, 1962 *   Disposal of seized/confiscated cigarettes of foreign origin vis-à-vis provisions of the Cigarettes and other Tobacco products (Packaging and Labelling) Rules, 2008 *   Amendment in export policy of sandalwood oil *   Addition of M/s International Gemological Institute (India) Pvt LTd. in paragraph 4.42 of FTP 2015-2020 *    Amendment in export policy for export of chemicals listed under SCOMET *   Permission to supply of essential commodities to the Republic of Maldives during 2017-18 *   Amendment in export policy of Muli Bamboo and export policy for bamboo products *   Extending Merchandise Exports from India Scheme (MEIS) benefit for `Onions Fresh or Chilled` *   Revision of Permanent IEC code to alpha numeric format *   Applicability of FTP provisions in the context of the implementation of the GST regime *   No excuse for firms not to be ready for GST: Arun Jaitley  *   Exempt roads, railways from GST: Assocham to govt *   Companies may lose their registration if they fail to pass GST benefits to you  *   Industry hails 2 month relaxation in filing of returns under GST *  Indian Mid-Market Companies See GST as a Boon *  Drug inventory with stockists falls ahead of GST *  Government examines drawback benefit schemes in GST regime  *  Excise Department to have own Vigilance Cell *  Excise cut on alcohol may protect off-licences from Brexit impact *  Use of Natural Resource-Cenvat credit to be carried forward under GST: Finance Ministry
Subject News *  Deadline for GST composition scheme extended till Aug 16 *   Services provided by smaller RWAs are exempt from GST *   Seeks to extend levy of anti- dumping duty on imports of ' Grinding Media Balls' (excluding Forged Grinding media Balls), originating in, or exported from, Thailand and people's Republic of China imposed vide Notification 36/2012- Customs (ADD) ,dated 16th July, for one year i.e. up to and inclusive of the 15th July, 2018. *   IGST exempted on cut & polished diamonds *   Seeks to increase import duty on sugar [Raw sugar, Refined or White sugar, Raw sugar if imported by bulk consumer under tariff head 1701, from the present 40% to 50% with immediate effect and without an end date *   Amended chapter heading 8504 40 in notification no. 25/2005 customs *   Duty Drawback for supplies made by DTA units to Special Economic Zones in the GST scenario *   Implementation of Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 *   Export procedure and sealing of containerized cargo *   Regarding revised rates of Rebate of State Levies on Export of Garments and textilemade-up articles w.e.f. 01.07.2017 *   notification No.28/2002-Central Excise, dated the 13th May, 2002 amended {See notification no 20/2017-CE, dt. 03-07-2017 in What’s new}   *   Notification No. 16/2010-Central Excise, dt 27th February, 2010 rescinded {See notification no 19/2017-CE, dt. 01-07-2017 in What’s new}   *   Exemption from Additional duty of excise on goods specified in the Seventh Schedule of Finance Act, 2005 {see notification no. 18/2017-CE, dt. 01-07-2017 in What’s new} *   Amendment in various Central Excise Exemption notifications relating to Export Promotion Schemes {See notification no 17/2017-CE, dt. 30-06-2017 in What’s new}   *   Amendment to notification No. 23/2003-CE, dt 31st March, 2003 {See notification no 16/2017-CE, dt. 30-06-2017 in Whar’s new} *   Exemption from special additional excise duty on Motor spirit & HSD Oil omitted {See notification no. 15/2017-CE, dt. 30-06-2017 in What’s new} *   Amendment in notifications 52/2002 –CE, 8/2003-CE, 38/2004-CE, 3/2006-CE, 29/2008-CE, 62/2008-CE and 21/2009-CE *   Exemption from excise duty on goods specified for defence and other specified purposes {see notification no. 13/2017-CE, dt. 30-06-2017 in What’s new} *   Exemption from excise duty on goods manufactured on or before 30th june 2017 but not cleared from the factory of production before 1st july 2017 {see 12/2017-CE, dt. 30-06-2017 in What’s new} *   Notification 12/2012-central excise superseded {see notification no 11/2017-CE, dt. 30-06-2017 in What’s new} *   Few Central Excise notifications rescinded. {See notification 09/2017-CE, dt. 30-06-2017 in What’s new} *   Exemption to specified goods supplied to the United Nations or an international organisation for their official use from excise duty {see notification no 10/2017-CE, dt. 30-06-2017 in What’s new} *   Credit transfer document under rule 15(2) of CCR, 2017 prescribed {See notification no21/2017-CENT dt. 30-06-2017 in What’s new} *   the new CENVAT Credit Rules, 2017 notified {See notification no. 20/2017-CENT dt. 30-06-2017 in What’s new} *   The new Central Excise Rules, 2017 notified {See notification no 19/2017-CENT dt. 30-06-2017 in What’s new} *   Classification of Printed Workbooks, Exercise books etc. under erstwhile CETA 1985 {See circular no1057/06/2017-CX dt. 07-07-2017 in What’s new} *   Handling of legacy work of LTUs in the GST regime {See circular no 1056/05/2017-CX dt. 29-06-2017 in What’s new} *   Postings/transfers in the grades of Principal Commissioner/Commissioner of Customs and Central Excise - Please refer to D.O. letter dt. 31-05-2017 from Member (Admn.)Corrigendum to Office Order 79/2017 {See Office Order No. 79/2017 in what’s new} *   Grant of Ante-dated Non-Functional Selection Grade to Ms. P.N. Hemalata, Addl. Commissioner (Retd.) on ad-hoc basis w.e.f. 30.07.2009 {See office order no. 80/2017 in what’s new} *   Posting of 3 IRS (C&CE) in GST Policy Wing {See office order no. 81/2017 in what’s new}  

Comments

Industry hails 2 month relaxation in filing of returns under GST

 Hailing the Goods and Services Tax (GST) Council's decision to give initial two months' relaxation in filing of returns, industry said that the move will give ample time for businesses to prepare their IT systems and comply with the new indirect tax regime.
"It will give more time to traders to prepare themselves to comply with GST law," Confederation of All India Traders (CAIT) said welcoming the announcement by Finance Minister Arun Jaitley after the Council's meeting here on Sunday.
(Source -http://www.suryaa.com)

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PRADEEP JAIN, F.C.A.

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