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News –21 September 2018

 

 

What's New...

 

E-Commerce Operators to Collect 1% GST in All Transactions

Joint Ventures of Government through Subsidiaries also covered for Exemption of Lease Rentals for Industrial Promotion

Rupee Falls by Rs. 1.10 against Dollar to Rs. 73.65 w.e.f. 21 September 2018

Manufacturers Allowed Raise ECB for One Year with $50mn Limit

Foreign Standards Accepted for Free Import of Motor Vehicles in M1 or L Category upto 2500 per Year

·     Import through Authorised Reps Must

Fraudulent ITC of Rs. 79.21 crs Detected in Gurugram

 

20.09.2018

Pending IGST Refund Claims of Exporters

·   CBIC Authorises Cost Accountants to Provide Certificates in Mismatch of GSTR-1 and GSTR-3B Cases

Online Mode for SEIS Applications only After 3 Oct 2018 in New Format ANF 3B

South African Rand Exchange Rates

China Plans Broad Tax Cut on Tariff Next Month

US, China Prepare to Impose New Round of Tariffs Next Week, Targeting Billions of Dollars in Goods

G20 Trade Ministers Call for "Urgent" Discussions on WTO Update and Efforts to Boost Confidence in Trade

 

19.09.2018

MEIS Customs Notification – Payment of Duty with Scrip – Changes to Align them with FTP

DGTR Issues Proforma for Change of Name of Producers/Exporters in Anti-dumping and Countervailing Duty Investigation

Amendment Procedure in Advance Bill of Entry Decentralised

Suresh Prabhu Urges G-20 Members to Focus on Services for Enhancing Global Trade

China Retaliates as US Slaps Tariffs

Govt Plans Hike in Gold Import Duty to Check Rising CAD

·    Move may Hamper Exports, say Jewellers

Radical Invoicing Proposal could do Away with GST Returns Chore

·     Business-to-Business (B2B) Transactions

·    ‘Distinct Invoice Number’ (DIN)

 

18.09.2018

India Blinks, Postpones Retaliatory Duties against US Delayed till 2nd Nov 2018

·    18 September was Date of Promulgation

Long Pepper Import below Rs. 500 per kg Shifted to Free from Prohibited List

Last Date for Submission of Declaration in TRAN-1 Form Extended to 31 Jan 2019

·    Date Extended Dye to Failure of GSTN Portal

Transit Cargo from Kolkata to Nepal and Bangladesh and Vice Versa thru ECTS (Electronic Cargo Trading System) with Electronic Seals - Facilities Extended Five More LCSs on Nepal and Petrapole/Gede on Bangladesh Border, Circular 52/2017 Amended

 

17.09.2018

2% TDS for GST on Value to be Deducted on All Payments above Rs. 2.50 lakhs from 1 Oct, 2018

·    Guidelines for Deductions and Deposits of TDS under GST by DDO (Drawing and Disbursing Officer)

Local Value Add in India-Singapore FTA Down to 35% from 40%

·    India Implements Second Review Protocol

 

15.09.2018

E-way Bill Proceedings under Sec 129 of CGST Act, 2017

·     E-way Bill Invalid if Transport Detail in Part B not Furnished

·     Invoice is not an E-way Bill, Sec 129 Proceeding to Attracted

·     Minor Errors like Wrong Address but Locality Correct

·     Error in 4 or 6 Digit Level of HSN where the first 2 digits of HSN are correct

·     Error in One or Two Digits/Characters of the Vehicle Number

·    Penalty to the tune of Rs 500/- each under section 125 of the CGST Act and the respective State GST Act should be imposed (Rs.1000/- under the IGST Act) in FORM GST DRC-07 for every consignment

Processing of GST Refund Claim by UIN Entities – CBIC Clarification

Twenty Six Tariff Lines Shifted to Nil under Singapore FTA

·    Nylon Yarn @5%

Registered Exporters System (REX) Registration under EU GSP Scheme is Free – Approved Agencies not to Charge Fee from Exporters

·    Exporters under “DEL” too should be Registered

DGFT Creates Google Spread Sheet for “To do List for SCOMET Policy’ for Feedback from Industry

Anti-dumping Duty on Tetrafluoroethane – Zhejiang Sanmei Chemicals China Case – Ntfn 10/2017-Customs (ADD) Rescinded – New Shipper Review Exemption Restored from Current Date

FIEO Concerned Over Currency Instability, Notes Up 19% in August at $27.84bn

Imports Up 36% in August

·    Balance of Trade Deteriorates by $9bn in August as Gold Import Doubles, Oil Up 65%, Coal 57%

Tariff Value of Palm Oil, Palmolein, Gold and Silver, Brass Scrap, Areca Nuts and Poppy Seeds Notified

 

 

 

BIG’s Easy Reference
Customs Tariff

2018-19

41st Budget Edition

Author: Arun Goyal

ISBN: 978-81-86234-60-8

Rs. 1990

 

Order Now

Rupee Falls by Rs. 1.10 against Dollar to Rs. 73.65 w.e.f. 21 September 2018

[Customs Notification No. 81 (Non Tariff) dated 20 September 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

53.95

51.60

2.

Bahrain Dinar

199.35

187.05

3.

Canadian Dollar

57.20

55.25

4.

Chinese Yuan

10.80

10.45

5.

Danish Kroner

11.60

11.20

6.

EURO

86.55

83.45

7.

Hong Kong Dollar

9.45

9.10

8.

Kuwait Dinar

248.30

232.60

9.

New Zealand Dollar

49.35

47.10

10.

Norwegian Kroner

9.10

8.75

11.

Pound Sterling

97.40

94.05

12.

Qatari Riyal

20.65

19.35

13.

Saudi Arabian Riyal

20.05

18.80

14.

Singapore Dollar

54.05

52.25

15.

South African Rand

5. 05

4.75

16.

Swedish Kroner

8.30

8.00

17.

Swiss Franc

76.90

73.95

18.

UAE Dirham

20.45

19.20

19.

US Dollar

73.65

71.95

 

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

66.00

63.60

[F.No.468/01/2018-Cus.V]

 

 

 

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Last Updated on 21-09-2018