|
|
|
What's New...
Indian Government to Slap Enhanced Tariff on US from 4
August
· Retaliation against US Measures on Indian Exports of
Steel and Aluminium
· 5 to 10% Hike on Almonds, Walnuts, Apples,
Phosphoric Acid, Boric Acid along with Lab Reagents, Chemical Mixtures, and
some Steel Items
· Schedule Rate on 30 Tariff Lines Notified by
Emergency Powers to Amend Customs Tariff Act, 1975, Government uses Special
Powers to By-Pass Parliament
· Effective Rates Maintained by Exemption Notification
for All Countries other than US
· Pulses also Affected but Nominal Import from US
· India, China, EU, Canada, Mexico, Join together in
Trade War with US, Japan to Follow Soon
· Duty on Mechanical for Mobile Phones Raised to 25%
from 15%
New Cigarette Labelling Text Postponed to 31 August
2018
Govt Claims IGST Refund of Rs. 6087
Crs by Mid June in Special
Refund Fortnight Week, Total Refunds of Rs. 38062 crs Sanctioned till 16 June
Transporters can Get Unique Common Enrolment Number
(UCEN) to Substitute Multiple GSTIN for Different States
·
New Form GST ENR-02 Released
South
African Rand Exchange Rates
PAN Mandatory for All Remittances under Liberalised Remittance Scheme
Krishi Kalyan Cess
on Imported Coal Eligible to ITC?
·
No Clean Energy Cess
Eligible to ITC under Dispute
·
Cesses can be Subsumed Only under Transitional Credit and
Not ITC
India Claims GSP as a Matter of Right under MFN Clause of WTO
USTR Issues List of $50bn Chinese Products for 25%
Tariff
Another List of $16bn on the Anvil
Place of Removal is with reference to Point of Sale of
Manufacturer and not in Relation to Buyer,
Excise Circular of 20.10.2014 Amended
· Cenvat Credit not
Available on Transport from Seller to Buyers Premises, New Show Cause Notices
Outside Limitation Period not to be Issued as Supreme Court Judgement is only
Interpretation
Saccharin from Indonesia under DGTR Investigation on
Complaint of Swati Petro Products
· Indian Costs to be Used for Calculated Normal Value in Indonesia
RFID OTL (One Time Lock) to Replace Conventional OTL in
Warehouse Movements too on Lines of Exports
· RFID No Must in Shipping Documents
· Procedure not to be Applied on Duty Free Shops
Security Transfer by FPI
Exports Bounce Back Showing 20% Growth in May Over
Previous Year
· Petroleum Products, Chemicals, Pharma, Cotton and Engineering Goods
Lead, Garments Fall by 12.6%
Soyabean Oil Duty Raised to 35% from 30%
·
CPO to Continue at 54%, No Change
·
Other Oils also Up by 5 to 10 percent
Services to SEZ will be Treated as Inter-State Supply
to be Covered under IGST
·
Services Supply to SEZ Unit will be Treated as Zero
Rated Supply only for Authorised Operations of Unit
·
Fabric Processors as Job Workers can Get Refund of
Inverted Duty since they are in Services Sector
·
Inverted Duty Provision under Section 54(3) of CGST
is Only for Goods
Change of Email and
Mobile Number of the Authorized Signatory by Taxpayers with Assistance from
the Jurisdictional Tax Officer
Corrigendum to Public
Notice No. 09 dated 14.05.2018
Tariff Value of Palm Oil, Palmolein,
Gold and Silver, Brass Scrap, Areca Nuts and Poppy Seeds Notified
CGST Rules, 2017 Amended – New Forms Prescribed for
Fortnightly Return in Composition Revenue and Refund Applications RFD-01
Disposal within One Month Notified for Seized Goods
under Section 67(2) of GST Act
DGTR Initiates Sunset Review Investigation on Nonyl Phenol from Taiwan on Complaint of SI Group
Low Value Postal Exports Allowed under Single Shipping
Bill PBE-II for Single Payment Shipments thru e-Commerce Portals
Board Withdraws Circular 16/2018-Customs on Revised
Adjudication Powers of Commissioners for Confiscated Goods to Avoid Further
Delay
Karanja Terminal (Mah) Notified for
Unloading Imported Goods and Loading Export Goods
|
|
|
|
|
|
BIG’s
Easy Reference
Customs Tariff 
2018-19
41st
Budget Edition
Author: Arun Goyal
ISBN: 978-81-86234-60-8
Rs. 1990
|
|
|
Rupee Gains 80 paise against Dollar to
Rs. 67.85 w.e.f. 8 June
2018
[Customs Notification No. 49 (Non Tariff) dated 7 June 2018]
|
Schedule-I
|
|
SNo.
|
Foreign Currency
|
Rate of exchange of one unit of foreign currency equivalent to
Indian rupees
|
|
(1)
|
(2)
|
(3)
|
|
|
(a)
|
(b)
|
|
|
(For Imported Goods)
|
(For Export Goods)
|
|
1.
|
Australian Dollar
|
52.60
|
50.25
|
|
2.
|
Bahrain Dinar
|
183.40
|
171.65
|
|
3.
|
Canadian Dollar
|
52.80
|
50.90
|
|
4.
|
Chinese Yuan
|
10.65
|
10.30
|
|
5.
|
Danish Kroner
|
10.80
|
10.40
|
|
6.
|
EURO
|
80.55
|
77.55
|
|
7.
|
Hong Kong Dollar
|
8.70
|
8.40
|
|
8.
|
Kuwait Dinar
|
229.25
|
214.40
|
|
9.
|
New Zealand Dollar
|
48.50
|
46.30
|
|
10.
|
Norwegian Kroner
|
8.45
|
8.15
|
|
11.
|
Pound Sterling
|
91.60
|
88.30
|
|
12.
|
Qatari Riyal
|
19.00
|
17.95
|
|
13.
|
Saudi Arabian Riyal
|
18.45
|
17.30
|
|
14.
|
Singapore Dollar
|
51.10
|
49.55
|
|
15.
|
South African Rand
|
5.15*
|
4.80*
|
|
16.
|
Swedish Kroner
|
7.80
|
7.55
|
|
17.
|
Swiss Franc
|
69.40
|
66.65
|
|
18.
|
UAE Dirham
|
18.85
|
17.65
|
|
19.
|
US Dollar
|
67.85
|
66.15
|
|
Schedule-II
|
|
SNo.
|
Foreign Currency
|
Rate of exchange of 100 units of foreign currency equivalent to
Indian rupees
|
|
(1)
|
(2)
|
(3)
|
|
|
(a)
|
(b)
|
|
|
(For Imported Goods)
|
(For Export Goods)
|
|
1.
|
Japanese Yen
|
62.10
|
59.75
|
*w.e.f.
19.06.2018
[F.No.468/01/2018-Cus.V]
|
|
|
|
|
|
