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What's New...
Modification of Reassessment of Customs Cleared Goods
Allowed
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Supplementary Notice Regulations 2019 Notified on 18
June
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Fresh Grounds for Invoking of Penal Action, New
Sections and New Evidence under Section 28 (Reassessment) or Section 124
(Appeals) Allowed
·
Supplementary Notice for Reassessment for Customs
Cleared Goods may be issued within Two Years of Imports
Proper officer for Customs (Supplementary Notice)
Regulations, 2019
DGTR Plugs Circumvention on Sacking Bags Anti-dumping
Duty through Sacking Cloth Route from Bangladesh or Nepal – Anti-dumping Duty
of US$125.21/MT and US$138.97/MT Notified
Govt of India Compulsorily Retires 15 Senior Officers of
the Indian Revenue Service (C &CE) with Immediate Effect
Commerce Minister Holds Meeting with E-Commerce and
Tech Companies
CCI begins Market Study in E-Commerce in India,
findings expected at end of August
IGST Refund Procedure for Exporters
·
Identification of Suspicious cases:
·
Inserting Alert in the System
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Examination of the export goods
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Suspension of IGST refunds
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Verification by GST formations
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Action to be taken by customs formations on receipt of verification
report from GST formations
Export Credit of US$150mn to Ghana for Financing
Strengthening of Agriculture Mechanization Services Centers in Ghana
Export Credit of US$95mn to Mozambique for Railway
Rolling Stock including Locomotives, Coaches and Wagons
India Issues Notifications
to Levy Special Duties on US – New Duty Structure will come into Effect from
Sunday, 16 June 2019
· 15 Categories Identified for Duty including Five New
Categories
·
Artemia for Fish Industry Deleted from Hit List
·
Original List Expanded to Include following Items
Ø Almonds in Shell –Rs.
41/kg
Ø Apples – 70%
Ø Phosphoric Acid – 10%
·
Desi Chana (Bengal Gram) from All Sources including
US New Duty – 60%
Unutilised Material in
Advance Authorisation can be Destroyed through CA
·
Customs Supervised Destruction not Compulsory
One Lakh MT of Maize (Feed Grade)
under TRQ Distributed Amongst MMTC and NAFED Equally
Exports Up 3.93 percent in
May; Imports too Rise @4.31 percent
India- Kyrgyz Republic Joint
Declaration during visit of Prime Minister to Kyrgyz Republic
Tariff Value of Palm Oil, Palmolein, Gold and Silver, Brass Scrap, Areca Nuts and
Poppy Seeds Notified
Cabinet Approves the Special Economic Zones (Amendment)
Bill, 2019
Cabinet Approves Signing of Memorandum of Understanding
between India and Kyrgyzstan in the Field of Legal Metrology
Kimberley Process Intersessional Meeting 2019 in Mumbai
·
India Current Chair of Kimberley Process Certification
Scheme
PVC Suspension Grade from China, US, Thailand,
Anti-dumping Duty Extended by Two Months to 12 Aug 2019 in Review
·
Korea, Taiwan, Indonesia, Malaysia, Japan Out of Net
Onions High MEIS of 10 percent Withdrawn
New Form GST RET 1 with 2 Ann to Replace GSTR 1, 2 and
3B from July
·
Trial Runs to End in Adoption of New System from Jan
2020
Paracetamol Anti-dumping Duty Extended to 24 June 2019
to Follow Gujarat HC Order
·
Central Government Challenges HC Order in Supreme Court
SLP
Commerce Minister Asks for Reciprocal in Market Access
in G20 Meeting in Japan
FM Flags BEPS in Japan Meet of Big Powers of G20
·
Calls for Containment of Oil Prices, Extradition of
Economic Offenders to Home Countries
Pre-Budget Consultations: Finance Minister to Meet
Economists, Industry Chambers between June 11-23
Govt Customs Lab Acquire Competence to Test Lube Oil, Olifins, Canola Oil and NPK Fertilizers
River Sand and Stone Aggregates Exports Quota to
Maldives under Bilateral Trade Agreement through CAPEXIL Notified
India, Nepal to Amend Trade Treaty to include Waterways
for Cargo Transport
Local Content Measures Scrutinized by WTO Members in
Investment Committee (TRIMS)
Food Safety Standards Launches 2018 Annual Report
Rupee Gains by 85 paise
against Dollar to Rs. 70.30 w.e.f.
7 June 2019
Piyush Chairs First Board of Trade Meet, Promises action
within 45 Days
Piyush Leads Delegation to Trade and Digital Economy to G20
Meet in Japan
WTO Talks on Huawei, IT Duties, Real Time Data Exchange
Goods Council Agrees on 2019 Chairs for Subsidiary
bodies
Canada Appeals Panel Report regarding US Dumping Duties
on Canadian Lumber
Agreement for Exchange of Information between India and
Marshall Islands notified
Email ID Recognized for IEC Registration at Customs,
Digital Signature Requirement Dropped
From 1 July, Users will not be Allowed to Upload Licences to Customs, Agencies Themselves will Directly
Upload
Last Date for Filing Annual Return FORM GSTR-9 is 30
June 2019 – CBIC Clarification
DIPP Issues Draft Copyright (Amendment) Rules, 2019
Rs 1,00,289 Crs Total Gross GST
Revenue Collected in May 2019
US Withdrawal
of GSP to India may be Set Off with Sops
· Central and State Tax Rebates Among Proposals
Punjab CM
Writes to Modi with 101 Suggestions to Simplify GST 2.0
·
Suggests Maximum of 2 Slabs, Amnesty Scheme,
Widening of GST Net to Include Electricity & Petroleum
·
Wants SGST Rate Higher than CGST to Reduce Deficit
on States Like Punjab
Trump Terminates GSP to India, Affects $260mn Exports,
Claims India Denies US “Access to Market”
Indonesia Lists Benefits of Palm Oil Trade with India
New Commerce Minister Goyal
Faces Crucial Negotiations on RCEP, Trade Deal with US
Tariff Value of Palm Oil, Palmolein,
Gold and Silver, Brass Scrap, Areca Nuts and Poppy Seeds Notified
South Africa Rand Exchange Rates Revised
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BIG’s Easy Reference
Customs Tariff 2018-19 Vol. I
IMPORTS
with IGST
With Free
Supplement
(Covering
Four Month Period Oct 2018 to Jan 2019)
 42st
Budget Edition
October 2018
Author: Arun Goyal
ISBN: 978-81-86234-64-8
Rs. 1990
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Released
on 9 February 2019
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SUPPLEMENT
(Covering
the Four Month Period Oct 2018 to Jan 2019, including Interim Budget 2019)
Big’s Easy Reference Customs Tariff Vol. I
IMPORTS with IGST
42nd Edition
October 2018
Author: Arun Goyal
ISBN:
978-81-86234-64-8
Rs. 150
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BIG’s
Easy Reference Customs Tariff Val. II
EXPORT of Goods
and Services
2nd
Edition
Author: Arun Goyal
ISBN: 978-81-86234-66-2
Rs. 1250
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