MM TAX CLUB

Implementation of Melon Seeds Import Monitoring System (MS-IMS)

F. No. 01/89/180/14/AM21/PC-2(A)/E-28288.—In exercise of powers conferred under Paragraph 1.03 and 2.04 of the Foreign Trade Policy (FTP) 2023, as amended from time to time, and in reference to Notification 05/2023 dated 05.04.2024, the Director General of Foreign Trade hereby notifies the procedures for registration of import consignments under Melon Seeds Import Monitoring System(MS-IMS) as follows :–

i. The importer may apply under MS-IMS online on the DGFT Website -> Services -> Import Management System -> Services under Import Monitoring System -> Melon Seeds & Yellow Peas Import Monitoring System. The importer on submission of advance information in MS-IMS and on online payment of Rs. 500/-, shall be issued an Automatic Registration Number.

ii. The concerned Importer(s) shall undertake MS-IMS registration within 10 (ten) days from the date of Bill of Lading(Shipped on Board).

iii. 1 Automatic Registration Number shall be valid for 1 specific country of Origin and 1 Port of Import only. Automatic Registration Number granted shall be valid for any number of import consignments.

iv. Bill of Lading (Shipped on Board) details shall be declared in the MS-IMS registration. Multiple Bills of Lading (Shipped on Board) details may be specified under a single MS-IMS registration.

v. All copies of Bills of Lading (Shipped on Board) should be mandatorily uploaded during the registration process. The Importer may choose to mask the Exporter details on the said Bills of Lading copies.

2. At the time of Import clearance, the concerned Importer(s)are required to submit the MS-IMS Automatic Registration Number details, along with a valid FSSAlManufacturer Licence for Melon Seeds in line with FSSAI Order RCD-12005/1/2021-Regulatory-FSSAI-Part(2) (E-1638) dated 15.03.2024,to the concerned Customs Port Authorities.

The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) “7.32% Government Security 2030” for a notified amount of ₹11,000 crore (nominal) through price based auction using multiple price method, (ii) “New Government Security 2039” for a notified amount of ₹10,000 crore (nominal) through yield based auction using multiple price method, and (iii) “7.30% Government Security 2053” for a notified amount of ₹9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹ 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on April 12, 2024 (Friday).

Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 12, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

The result of the auctions will be announced on April 12, 2024 (Friday) and payment by successful bidders will be on April 15, 2024 (Monday).    

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corrective action. However, some posts on social media, as well as articles in the media, have highlighted enquiries initiated by the Central Board of Direct Taxes (CBDT) in cases where employees have made incorrect claims of HRA and rent paid.

At the outset, it is stated that any apprehensions about retrospective taxation on these matters and re-opening of cases on issues pertaining to HRA claims is completely baseless.

Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the FY 2020-21.

This verification was done in a small number of cases without re-opening bulk of cases, especially since Updated Return for FY 2020-21 (AY 2021-22) could have been filed by the taxpayers concerned only till 31.03.2024.

It is underlined that the objective of the e-verification was to alert cases of mismatches of information for FY 2020-21 only without affecting the others.  

It is reiterated that there is no special drive to re-open such cases, and media reports alleging that large-scale re-opening is being undertaken by the Department are completely misplaced.

Dear Taxpayers,

1.   If your turnover exceeds INR 5 crores in the financial year 2023-2024, you will be required to start e-Invoicing from the next financial year, i.e., from 1st April 2024 onwards