MM TAX CLUB

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 97/2022-Customs(N.T.), dated 17^th November, 2022 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 2^nd December, 2022, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I

SCHEDULE-II

The CBDT vide Notification No. 126/2022 dated November 30, 2022 notified that the income of the Federation Internationale de Football Association, arising by organizing the Under-17 Women’s World Cup, 2022 in India, shall be exempt under section 10(39) of the Income Tax Act, 1961 (“the IT Act”).

"In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as the international sporting event, persons and specified income for the purposes of the said clause namely: -

(a) Federation Internationale de Football Association Under-17 Women’s World Cup, 2022 as the international sporting event;

(b) the Federation Internationale de Football Association, as the person;

(c) income arising from the receipts from National supporters namely; Hero Motocorp Ltd., the Department of Tourism, Government of Odisha, the National Thermal Power Corporation Limited and the Power Grid Corporation of India Limited - rupees twelve crores and fifty lakhs only (Rs. 12,50,00,000/-) as specified income arising to Federation Internationale de Football Association, from organising the Federation Internationale de Football Association, Under-17 Women’s Football World Cup, 2022 in India."

The gross GST revenue collected in the month of November 2022 is ₹1,45,867 crore of which CGST is ₹25,681 crore, SGST is ₹32,651 crore, IGST is ₹77,103 crore (including ₹38,635 crore collected on import of goods) and Cess is ₹10,433 crore (including ₹817 crore collected on import of goods)

The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is ₹59678 crore for CGST and ₹61189 crore for the SGST. In addition, Centre had also released ₹17,000 crore as GST compensation to States/UTs in November 2022.

The revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year, which itself was Rs. 1.31,526 crore. During the month, revenues from import of goods was 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.

The chart below shows trends in monthly gross GST revenues during the current year.

PRESS RELEASES Dated Nov 29, 2022

The CBIC vide Instruction No. 32/2022-Customs dated November 28, 2022 has issued an amendment to Instruction No 18/2022-Customs dated August 12, 2022 and 26/2022-Customs dated October 06, 2022 regarding the extension of Requirement of Health Certificate accompanied with the import of food consignments.

Reference is drawn to Board’s Instruction No 18/2022-Customs dated August 12, 2022 and 26/2022-Customs dated October 06, 2022 relating to the requirement of a Health Certificate to be accompanied with the import of certain food consignments, based on a reference from FSSAI.

In this regard, FSSAI has further clarified vide its order dated October 27, 2022 (copy enclosed), that the implementation of the order dated August 03, 2022 (copy enclosed) and its subsequent clarification vide order dated September 26, 2022 (copy enclosed), has been extended based on the comments received from various stakeholders in respect of the implementation of time. The date of implementation of said orders shall be extended by two months and the order will be now effective from January 01, 2023.

It is requested that the necessary action may be taken to sensitize officers under your jurisdiction.