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News – 11 December 2019

 

 

What's New...

 

Section 88(b) of the Finance (No. 2) Act, 2019 Schedule Changes to be Implemented from 1 Jan 2020

Clear Float Glass 4mm to 12mm from Pakistan, Saudi Arabia and UAE to Continue under ADD for Next Five Years in Review – No Changes in Duty

Mumbai Waste Management Ltd, Mumbai Lab Notified for Waste Oil Sample Testing

·     Chemical Laboratory at JNCH under Renovation, not Prepared for Testing As of Now

WTO Members Agree to Extend E-commerce, Non-violation Moratoriums

 

10.12.2019

Parliament Passes Ship Recycling Bill

Mono Ethylene Glycol (MEG) from Kuwait, Oman, Saudi Arabia, UAE and Singapore under DGTR Investigation on Complaint of Reliance Industries

 

09.12.2019

MEIS Cut by 2% w.e.f 1 Jan-2020, All other Rates less 2% will Continue

Textile Only Exception on which the Cut to 2% is not Applicable

·    1842 Entries in the Total of 8059 Affected

·    49 Textile Products consists of Shawls, Handloom, Jute Products and made-ups Exempted from Cut

·    Compensation through 2% RoSCTL Expected

(Ref pp 309 to 383 of Foreign Trade Policy Vol. III for Restored Old Rates)

 

07.12.2019

GST Council may Hike 5% GST Rate to 6%, 12% Slab may go to 18%

GST Council to Meet on 18 Dec

Import Policy Changes in ITC(HS) Schedule I to Align with Finance (No. 2) Act, 2019 – Effect of the Changes will be Notified Later

·   Implementation Date of Finance Act Fifth Schedule Amendments not yet Notified by the Dept of Revenue

Procedure for KYC Verification of First Time Importers

·    Aadhar Copy or Passport plus IEC plus IT Return or Bank Account Satisfactory Report

·   KYC Cell will Verify with SIIB Help

Mandatory Uploading of Documents in e-Sanchit Comes into Effect from 5 Dec 2019

Draft National Logistic Policy

DG Azevêdo Urges WTO Members to Find Ways Forward on the Dispute Settlement System

Eighth China Round Table Underlines Contributions of Accessions to WTO Reform

 

06.12.2019

Relief to Call Centres and BPO Services Back-offices of IT Companies under GST

·      July Circular Withdrawn to Lift Coverage under “Intermediary Services” who provided other than own account. These were classified as non exporters and thus liable to 18% GST.

Toy Imports will be Cleared by Customs but Market Sales not Allowed till Successful Test at NABL Lab

Legacy Dispute on Resolution on Excise Scope Extended

·      Poor Response Move, only 25K crores Disputes till now Out of total 3 crore plus

DGFT Re-Notifies 24 Pre-Shipment Inspection Agencies (PSIA)

Bangladesh Gets USD 500 mn Credit for Defence Purchases from India

·      Condition Requires Purchase of 75% of Credit from India thru Exim Bank

Rupee Gains by 30 paise against Dollar, Pegged at Rs. 72.40 w.e.f. 6 December 2019

US Blocks Early Decision in Pending Cases before Appellate Body

·      India Appellant is 3 Out of 14 Pending Cases

 

 

Released on 15 Oct 2019

Amendments and Changes Since
Budget 2019

From 7 July to 10 October 2019

BIG’s Easy Reference VOL I
Customs Tariff
with IGST, Import Policy, FTA

+

BIG’s Easy Reference VOL III
Customs Manual
with Customs Act, e-SANCHIT, 12 NTBs

Author: Arun Goyal

ISBN: 978-81-86234-69-3

Rs. 380  $50

 

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Released on 9 July 2019

BIG’s Easy Reference Vol. I
Customs Tariff

With IGST, Import Policy, FTAs

43rd Budget Edition

July 2019

Author: Arun Goyal

ISBN: 978-81-86234-67-9

Rs. 2190  $250

 

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BIG’s Easy Reference Vol. II

Foreign Trade Policy

3rd Budget Edition July 2019

Author: Arun Goyal

ISBN: 978-81-86234-68-6

Rs. 1250  $180

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BIG’s Easy Reference Val. III

Customs Manual

July 2019

Author: Arun Goyal

ISBN: 978-81-86234-65-5

Rs. 850  $120

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Last Updated on 11-12-2019