The export of coir and coir products has shown an increase to the tune of 37 percent in terms of value and 17.6 percent in terms of quantity during the year 2020-21, compared to 2019-20. February 4th, 2022 Posted By: Team-MMTaxClub News & Updates
Government extended due date for linking aadhar with Voter ID Bihar board inter 12th result 2023 announced | check out result Free CA certificates for traders below ₹20L annual turnover Customs, Excise and Service Tax Appellate Tribunal (CESTAT) to commemorate 40 years of glorious and successful journey Calcutta High Court slaps ₹20,000 costs on Income Tax officer for issuing notice to non-existent entity twice Digital Payments Awareness Week 2023 – Launch of Mission “Har Payment Digital” CBI ARRESTS AN ABSCONDING ACCUSED IN A CASE RELATED TO MULTI-THOUSAND CRORE FINANCIAL SCAM EPFO will hold Nidhi Aapke Nikat 2.0 programme on February 27 DGFT provided one time relaxation in submission of additional fee to cover excess duty utilised in EPCG authorisations Details of ex-bond Bill of Entry / Shipping Bill to be maintained by licensee of the warehoused goods ED has filed a Prosecution complaint before Hon’ble Special Court Madurai, Tamil Nadu against M/s. Bluemax Capital Solution Private Limited ED has carried out search operations, and freezed the an amount of Rs.29.5 Crore w.r.t cheating of gullible investors through App-based token ED has arrested Shailesh Kumar Pandey and Prasenjit Das w.r.t illegal Forex Trading in TPG Global FX RBI releases Outward Foreign Direct Investment (OFDI) for January 2023 Court convicts nine accused including then assistant general manager, IDBI bank & others for causing loss of Rs.99.21 lakh to bank Cabinet approves signing of Memorandum of Understanding between the ICAI and ICAEW CBIC instruction on BIS standards for toys or parts of toys during import CBDT: Offices established for Boards for Advance Rulings in Delhi and Mumbai DRI seizes 24.4 kg gold smuggled from Bangladesh in Operation Eastern Gateway RBI imposes monetary penalty on The Vaidyanath Urban Co-operative Bank Limited, Parli Vaijnath, Beed (Maharashtra) THREE ACCUSED INCLUDING THEN AGM OF IDBI BANK SENTENCED TO UNDERGO TWO TO FOUR YEARS RIGOROUS IMPRISONMENT IN SEPARATE CASES CBI ARRESTS THREE PUBLIC SERVANTS IN TWO SEPARATE CASES OF BRIBERY THREE YEARS RIGOROUS IMPRISONMENT TO TWO OFFICIALS OF HDFC BANK IN A BRIBERY OF Rs. TWO LAKH CBI arrests Hyderabad based chartered accountant in Delhi excise policy case Import of High risk food products at specific ports Assistance in filing of the applications for fixation of Standard Inputs Output Norms Alignment of RoDTEP Schedule for chapter 28, 29, 30 & 73 with First Schedule of the Customs Tariff Act, 1975 Under PMLA, Rs. 936 crore related to crypto currency is attached/seized/freezed by ED as on 31.01.2023 DGGI and NFSU signed a MoU for setting up of digital forensic laboratories Blockchain Technology (BCT) is one of many promising technologies: RBI ED seized ₹859.15 crore under PMLA and Rs 189.28 crore under FEMA Act India received highest ever foreign inward remittances in a single year of $89,127 million in FY 2021-22 RBI statement on health of Indian banking sector in amid of ongoing controversies of Adani Group ED has provisionally attached movable and immovable assets to the tune of Rs. 9,12,58,507/- under the PMLA, 2002 ED has provisionally attached movable assets and immovable assets worth Rs 6.30 Crore in the matter of Saradha Group of Companies CBI filed FIR against GTL Ltd in Bank Fraud case of Rs.4,760 crore : Despite RBI Red flag The President is pleased to award Appreciation Certificates and Medals to the officers and staff of CBIC RBI imposes monetary penalty on Nutan Nagarik Sahakari Bank Ltd RBI extends time for renewal of agreements for existing Safe Deposit Locker CBI registers a case on the allegations of leakage of question papers of Arunachal Pradesh public service commission exam ED has provisionally attached immovable assets having P.V of Rs. 90,38,912/- belonging to M/s Kausahalya Nirman Pvt Ltd and Kaushalya Township ED conducted searches at various locations in Mumbai, Bengaluru, and Chennai at premise of M/s Vihaan Direct Selling India Private Limited CBI ARRESTS RAILWAY MANAGER (IRSE-1997), OPERATOR IN A BRIBERY OF Rs. 50 LAKH AND ALSO RECOVERS Rs.47 LAKH(APPROX) DURING SEARCHES CBIC exempted custom duty on export of covid vaccines CBI RECOVERS Rs. 1.03 CRORE (APPROX.) SO FAR INCLUDING IN FURTHER SEARCHES AT AROUND 39 LOCATIONS IN A MASSIVE OPERATION ‘KANAK’ AND ALSO ARRESTS A MANAGER OF FCI : SO FAR, SEARCHES AT AROUND 99 LOCATIONS RBI imposes monetary penalty on Bahadur Chand Investments Private Limited, New Delhi CBIC issued clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting CBIC issued clarifications regarding the applicability of GST on certain services Instruction regarding Health Warning on both sides of the tobacco product packages covering 85°/» of display area - reg. UIDAI urges verification entities to adhere to Aadhaar usage hygiene Abolished the interest limit of INR 5K to Zero for submission of Statement of Financial Transactions Release Plan of 45 company e-Forms in MCA 21 Version 3.0-reg. CBI arrests an Income Tax officer and an auditor/CA on the allegations of bribery of Rs.2.25 lakh Auction of State Government Securities First Advance Estimates of National Income, 2022-23 National Startup Awards 2022 Winners to be felicitated on National Startup Day on 16th January 2023 The Pradhan Mantri National Apprenticeship Mela to be conducted in 242 districts of India on January 9, 2023 RBI imposes monetary penalty on Sharad Sahakari Bank Ltd., Pune RBI imposes monetary penalty on The Sahebrao Deshmukh Cooperative Bank Ltd., Mumbai RBI releases 2022 list of Domestic Systemically Important Banks (D-SIBs) RBI imposes monetary penalty on The Baghat Urban Co operative Bank Limited, Solan, Himachal Pradesh RBI imposes monetary penalty on Col. R.D.Nikam Sainik Sahakari Bank Ltd., Satara Increase in Special Additional Excise Duty on high speed diesel oil w.e.f. January 3, 2023 CBIC amended exemption on Special Additional Excise Duty for Petroleum crude and Aviation Turbine Fuel w.e.f 3rd Jan 2023 Amendments in Annexure-IV under Appendix-2A (Imports of Items under TRQ under India- UAE CEPA) Prescribing manner of filing an application for refund by unregistered persons-reg. ATM transaction failed and money debited from Bank account, what to do? Amendment of Appendix 2B [List of Agencies Authorised to issue Certificate of Origin (Preferential)] of Foreign Trade Policy, 2015-2020 RBI imposes monetary penalty on The Harij Nagrik Sahakari Bank Ltd., Harij, district Patan (Gujarat) RBI imposes monetary penalty on Bank of Bahrain & Kuwait BSC, India Operations RBI imposes monetary penalty on Bassein Catholic Co-operative Bank Ltd., Vasa RBI imposes monetary penalty on The Janata Co-operative Bank Ltd., Godhra, Dist. Panchmahal (Gujarat) RBI imposes monetary penalty on The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) RBI imposes monetary penalty on The Delhi State Cooperative Bank Ltd., New Delhi RBI imposes monetary penalty on The Andhra Pradesh State Co-operative Bank Limited, Vijayawada Govt may extend coal cess for green mission Auction for Sale (reissue) of (i) 7.38pc GS 2027 (ii) 7.26pc GS 2032 (iii) 7.36pc GS 2052 FOUR YEARS RIGOROUS IMPRISONMENT TO THEN DIRECTOR(AN IA&AS OFFICER) OF AUDIT DEPARTMENT AND THREE YEARS RI TO THEN ASSISTANT SURGEON OF GOVERNMENT PRIMARY HEALTH CENTRE IN A BRIBERY CASE THREE YEARS RIGOROUS IMPRISONMENT TO THEN ASSISTANT COMMISSIONER OF INCOME TAX AND TWO OTHERS IN A BRIBERY CASE Measures taken by Government to boost exports Sovereign Gold Bond Scheme 2022-23 (Series III) – Issue Price Exchange Rate Notification No. 109/2022 - Customs (N.T.) Class 8 dropout posing as GST official in UP arrested RBI Governor interacts with FinTechs and Industry Associations KVIC Chairman distributed footwear manufacturing machines and 200 B-boxes in Agra and Barabanki Centre encouraging sugar mills to divert excess sugarcane to ethanol Financial assistance of Rs. 46.86 Crore released to States/UTs, NIC/NICSI, during last three financial years 2020-21, 2021-22 and 2022-23 under One Nation One Ration Card (ONORC) plan for nationwide portability of ration cards 94 Financial Institutions onboarded on Account Aggregator (AA) platform as Financial Information User (FIU) Central Bank Digital Currency (CBDC) pilot launched by RBI in retail segment has components based on blockchain technology Direct tax collections up 24.3% in April-Nov, despite high refunds Central govt says no proposal for restoration of old pension scheme Traders meet BJP MLA in UP’s Firozabad, ask for action against GST raids Postal Export (Electronic Declaration and Processing) Regulations, 2022 and implementation of PBE Automated System- reg. Amendment in Para 2.61 of Hand Book of Procedure (HBP) 2015-20 reg. Revised Instruction for withholding of Refund u/s 241A in Scrutiny cases - prescribing time lines for submission of response to CPC -regarding- Department of Animal Husbandry implements dairy development schemes to improve milk availability Steps by Ministry of Fisheries, Animal Husbandry and Dairying to increase shrimp production RBI’s Monetary Policy Committee hikes Repo Rate by 35 bps to 6.25% | check out details Finance Ministry rejects provision for tax benefits to SEZs under DESH Bill GST payment issue paralyses cotton purchase in Khammam CBI Announces reward of Rs 1 Lakh on ‘absconding’ IRS Officer Can wastage of Gold during jewellery creation be treated as making charges and TDS imposed? ITAT decides DOPPW’s Nationwide Campaign for Submission of Digital Life Certificates by Pensioners successfully completed all over the country CBIC issued Exchange Rate Notification No. 101/2022 - Customs (N.T.) Operationalisation of Central Bank Digital Currency – Retail (e₹-R) Pilot CBIC amends Instructions regarding extension of Requirement of Health Certificate accompanied with import of food consignments CBIC: SWIFT enhancements include the integration of ICEGATE with Animal Quarantine and Certification Services-Import Clearance System w.e.f. Dec 1, 2022 Union Finance Minister Smt. Nirmala Sitharaman concludes pre-Budget meetings for forthcoming Union Budget 2023-24 PNB is holding a nationwide online mega e-auction of residential and commercial properties ED has provisionally attached 40% Share of the Hotel Project (1,40,000 Sq. Ft. FSI Space) with in the Commercial Centre, “Garden’s Galleria”, Noida ED has attached immovable properties worth Rs. 31.24 Crore In the form of lands at various districts of U.P. and one residential plot in Lucknow Saras sales touch record high at the 41st India International Trade Fair, did a business of over Rs. 6 crores Khadi India Pavilion registers a record sale of Rs 12.06 crore at India International Trade Fair 2022 CBIC notifies member for the Authority for Advance Ruling in the Union Territory of Chandigarh CBIC amends 5 Customs Notifications w.r.t imports of Flat panels, Display modules, or Control circuits into India from Singapore Centre releases Rs. 17,000 crore of GST compensation to States/UTs CBI ARRESTS AN INCOME TAX OFFICER FOR ACCEPTING BRIBE OF Rs.FIVE LAKH Startup India launches Startup applications for MAARG Portal Union Agriculture Ministry is open to taking pro-farmer changes in PMFBY in response to the recent climate crisis and rapid technological advances With 18% Increase Coal Production Touches 448 Million Ton in October Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework EPFO Payroll Data: EPFO adds 16.82 lakh net members in the month of September, 2022 India is a bright shining spot in the world economy amidst global economic uncertainty: Union Minister for Commerce and Industry CBI files chargesheet against 25 accused including Mumbai based private company in a case related to Fraud of Rs.22,842 crore (approx) CBI arrests principal chief Engineer, Rail wheel factory for accepting bribe of rs.75,000/- Technology, innovation and problem-solving approach of Indian Start-ups will help the country acquire global dominance-Piyush Goyal Government withdraws export duty on Steel Exchange Rate Notification for Export Import w.e.f. 18th November, 2022. India’s Foreign Trade for the month of October, 2022 Tariff Notification No. 96/2022-CUSTOMS (N.T.) in respect of Fixation of Tariff Value for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver CBDT enabled new ‘Co-browsing’ feature on Income Tax Portal for taxpayer’s CBI arrests Manager(mines) of western coalfields limited for accepting bribe of rs.50,000/- CBI arrests a superintendent and an assistant commissioner, both of CGST in a bribery of rs.75,000/- CBI arrests a managing director of private company in a case related to bank fraud of rs.512.67 crore Repayment of ‘7% FERT COS GOI SPL BOND 2022’-Issue of Press Communique. Auction for Sale (re-issue) of (i) ‘6.69% GS 2024’, (ii) ‘7.10% GS 2029’, (iii) ‘7.54% GS 2036’ (iv) ‘7.40% GS 2062’ NFRA introduces audit quality inspections Amendment in Export Policy of broken rice under HS Code 1006 40 00 Centre allows International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy Direct Tax Collections for F.Y. 2022-23 up to 10.11.2022 Haryana government cancels all non-filers of GSTR-3B till March 2021 under State jurisdiction Ministry of Commerce & Industry Instruction for Digital Receipt and Payment implementation in the Ministry s subordinate offices CBIC modified circular for Faceless Assessment - Anonymized Escalation Mechanism & extension of Standard Examination Orders through RMS Central Record Keeping Agencies (CRAs) of PFRDA have become Digi Locker Partner Organizations to provide Subscriber Centric online Services Ms Bharati Das takes charge as new Controller General of Accounts (CGA) NFRA Publishes list of Audit firms/ auditors Who not filed mandatory NFRA-2 form Union Finance Minister participates in Development Committee (DC) meeting in Washington DC DGFT Permitted export of Wheat flour (Atta) with Advance Authorization, as well as by EOUs and units in SEZs Anti-Evasion Team of Faridabad CGST officials “Green warriors” bust racket of illegal fire-crackers, seize almost Rs 51 lakh PM GatiShakti National Master Plan has the potential to save over Rs. 10 Lakh Crore annually by improving logistics efficiency: Shri Piyush Goyal Both side printed A4 size paper to be used uniformly in High Court and District Courts of Delhi w.e.f. November 01, 2022 Indian Footwear sector can grow 10-fold in near future: Shri Piyush Goyal Revenue Deficit Grant (RDG) of Rs. 7,183.42 crore released to 14 States Concessional custom duty on Edible Oil import extended till March 2023 7 new PLI schemes just approved; MSMEs are the real beneficiaries of the PLI scheme Clarification in operation of Senior Citizens’ Savings Scheme ₹1,47,686 crore gross GST revenue collected in the month of September 2022 Updated exchange rate for Rupee vs Pound Sterling applicable w.e.f 01st October, 2022. SPMCIL launches Mata Sherawali silver Souvenir Coin to mark Navratri DGFT extended the validity of the existing Hand Book of Procedures, 2015-20 till March 2023 India-UAE CEPA makes significant positive impact on India-UAE trade Fact Sheet on Amendment in India’s export policy on Rice MCA crackdown on Chinese shell companies in India SFIO arrests mastermind & chief plotter DGFT Amended Export Policy of broken rice under HS Code 1006 40 00 India’s merchandise export in April -August 2022-23 increases 17.1% CBIC extends anti dumping duty on imports of Jute products from Bangladesh & Nepal till December 31, 2022 Cabinet approves amendment to export policy for Wheat or Meslin Flour Minister of Ayush visits National Institute of Homoeopathy, Narela Instructions for applying CAROTAR maintaining consistency with the provisions of relevant trade agreement or its Rules of Original CBIC issued revised Guidelines for Arrest and Bail in relation to offences punishable under Customs Act, 1962 CBIC issued Guidelines for launching of Prosecution in relation to offences punishable under the stoms Act, 1962 Government issued Auction for Sale (issue/re-issue) of Government Security (GS) More than 5 crore Tiranga selfies uploaded on the Har Ghar Tiranga website DGFT Advisory for Anonymised Escalation Mechanism (AEM) for delayed Bill of Entry under Faceless Assessment DRI detects Customs duty evasion of Rs. 2,217 crore by M/s. Vivo Mobile India Pvt. Ltd. CCPA issues 24 notices for unfair trade practices against e-commerce companies Steps taken for increasing exports through e-Commerce GSTN advisory for Single Click NIL filing of GSTR-1 Various communication and outreach initiatives to spread financial and tax literacy awareness among masses DGFT Relaxes provision of submission of ‘Bill of Export’ as an evidence of export obligation discharge for supplies made to SEZ units CBIC Clarification on Electro-Chemiluminescence Immunoassay kits ECGC introduces new scheme providing enhanced export credit risk insurance cover up to 90% for small exporters Government providing all round support to domestic toy industry Government’s Efforts to Increase Export of Steel India’s overall (merchandise plus services) exports increased from USD 52.8 billion in June 2021 to USD 64.9 billion in June 2022 DGFT clarification on Non-Ferrous Metal Import Monitoring System (NFMIMS) CBIC issued FAQs on GST applicability on ‘pre-packaged and labelled’ goods India’s agricultural and processed food products exports up by 14% to USD 5987 Million in the first three months of current fiscal Procedure for submission of requests for seeking IMC’s approval for export of Wheat Flour (Atta) Centre extends RoSCTL scheme till March 31, 2024 for export of apparel/garments and made-ups DRI unearths Customs duty evasion of Rs.4389 crore by Oppo India RBI International Trade Settlement mechanism in Indian Rupees (INR) Amendment in registration time period of Steel Import Monitoring System (SIMS) DGFT unrestricted export of wheat flour from India | Amendment in export policy of wheat flour Finance Ministry clarified National flags is exempt from GST under “Har Ghar Tiranga†initiative Manufacturers of Electrical vehicle are to get incentive from Haryana government | Electric Vehicle Policy ED has attached immovable properties of M/s Sarvana Stores (Gold Palace) Chennai amounting to 234.75 Crore rupees ED arrested Khagesh Kachhwal & Varanasi Dileef in a money laundering case | Bank fraud to the tune of Rs 74.83 Crore No Rebate of duty and export without payment of duty to the export of Motor spirit – CBIC CBIC removed exemption of Road and Infrastructure Cess on Petrol and Diesel for export w.e.f July 1, 2022 Extension in deadlines for submission of applications under MEIS for exports made in the 4 months period Amendments to FTP 2015-2020 | Exemption of IGST and Compensation Cess under Advance Authorisation, EPCG and EOU scheme Continued CBIC exempted Agriculture Infrastructure and Development Cess on Gold products | Notification No. 36/2022-Customs Government increase Customs duties/cesses on Gold, Petroleum Crude, HSD, Petrol & ATF | Press Release DGFT Migrated e-BRC Portal or Website to new IT platform MCA further relaxes additional fees for delay in filing Form 11 by LLPs up to July 15, 2022 Format Procedure and Guidelines for submission of Form No. 1 Form No. 2 and Form No. 2A for Securities Transaction Tax. Minister of State for Commerce & Industry Smt. Anupriya Patel launches Indian Business Portal - e-commerce marketplace ICAI issued Handbook on Statement of Donations Received | Access complete handbook MCA relaxes additional fees for filing Form 11 (Annual Return) by LLP for FY 2021-22 | check out extended date Import of Paper brought under Compulsory Registration from 1st October 2022 DGFT amended import policy Oxytocin reference standards | Notification No. 09/2015-2020 DGFT Amendment in Export Policy of sugar in order to maintain domestic availability and price stability of sugar in country Haryana Revenue Department to share data of Commercial Rent/Lease Deed with Haryana Excise and Taxation Department to curb evasion of GST India gets the highest annual FDI inflow of USD 83.57 billion in FY21-22 GSTN issued advisory on Incomplete GSTR-2B in some cases DGFT amended export policy of Wheat | Check out details Merchandise Exports scale a new high in April 22 cross USD 40 billion, registering 30% growth over April, 2021 Indian economy witnessing V-shaped recovery due to Government’s all-round efforts amid COVID-19, says Raksha Mantri at an event in Lucknow Revenue Deficit Grant of Rs.7,183.42 crore released to 14 States India’s Services exports set a new record of USD 254.4 Billion in FY 2021-2022, beats previous high of USD 213.2 Billion in 2019-20 New financial year begins with record exports of USD 38.19 billion in April 2022 Total Coal Production in April, 2022 Touches 661.54 Lakh Ton ICAI urges DGP to issue SoP to be followed before making any Arrest/FIR on a Chartered Accountants ED attached assets amounting to Rs.7.27 Crore including Fixed deposits worth Rs.7.12 Crore of Jacqueline Fernandez under PMLA. ED has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts DRI seizes 395 kg of thread laced with heroin at Pipavav Port, Gujarat A total of 61 applicants approved under Production Linked Incentive (PLI) Scheme For Textiles out of 67 applications received Government issued India’s Foreign Trade for the month of March 2022 Government Exempted IGST & Compensation Cess on imported goods or procured by EOU’s, STP Units, EHTP units etc., till June 30, 2022 DGFT extends FTP 2015-2020 till September 30, 2022 Result Out | Bihar BSEB 10th result declared at 3.00 PM on 31st March 2022 | Check your result Centre extends import of Tur and Urad under ‘Free category’ for another one year | Read details The Government has created a grievance redressal platform namely CPGRAMS SEEPZ-SEZ Mumbai issued revised guidelines for “Work From Home†Coal Import by Power Sector Decreased to 22.73 Million Ton During April 2021-January 2022 India’s maize exports at an all-time high of USD 816.31 million in the first ten months of current fiscal CBIC notified to Provide Information regarding details of all Licensee, Lessee and Contractor project-wise involved in Petroleum Operations Credit Guarantee Scheme for Subordinate Debt (CGSSD) extended upto 31.03.2023 DGFT issued Advisory for Importers to avail benefit of IGCR Rules (Import of Goods at Concessional Rate of duty) . Government invites applications for National Startup Awards 2022 across 17 sectors and 7 special categories E-Bill processing system, announced in Union Budget 2022-23, to be launched on 2nd March 2022. Last day to link PAN, Aadhaar with your policy today for eligibility under reserved quota of LIC IPO. Export of guavas sees a surge; records growth of 260% since 2013 | Growth of 200% in the export of curd and paneer Rs 200 crore MSME Technology Centre to be set up in Sindhudurg district of Maharashtra