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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
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
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)
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
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July Circular Withdrawn to Lift Coverage under “Intermediary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
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Released
on 15 Oct 2019
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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
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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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