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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
Pending IGST
Refund Claims of Exporters
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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
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
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Business-to-Business (B2B) Transactions
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‘Distinct Invoice Number’ (DIN)
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
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%
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India Implements Second Review Protocol
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
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Error in One or Two Digits/Characters of the Vehicle
Number
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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
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BIG’s
Easy Reference
Customs Tariff
2018-19
41st
Budget Edition
Author: Arun Goyal
ISBN: 978-81-86234-60-8
Rs. 1990
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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]
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Schedule-I
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SNo.
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Foreign Currency
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Rate of exchange of one unit of foreign currency equivalent to
Indian rupees
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(1)
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(2)
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(3)
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(a)
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(b)
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(For Imported Goods)
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(For Export Goods)
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1.
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Australian Dollar
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53.95
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51.60
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2.
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Bahrain Dinar
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199.35
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187.05
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3.
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Canadian Dollar
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57.20
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55.25
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4.
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Chinese Yuan
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10.80
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10.45
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5.
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Danish Kroner
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11.60
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11.20
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6.
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EURO
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86.55
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83.45
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7.
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Hong Kong Dollar
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9.45
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9.10
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8.
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Kuwait Dinar
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248.30
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232.60
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9.
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New Zealand Dollar
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49.35
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47.10
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10.
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Norwegian Kroner
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9.10
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8.75
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11.
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Pound Sterling
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97.40
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94.05
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12.
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Qatari Riyal
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20.65
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19.35
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13.
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Saudi Arabian Riyal
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20.05
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18.80
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14.
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Singapore Dollar
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54.05
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52.25
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15.
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South African Rand
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5.
05
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4.75
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16.
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Swedish Kroner
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8.30
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8.00
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17.
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Swiss Franc
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76.90
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73.95
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18.
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UAE Dirham
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20.45
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19.20
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19.
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US Dollar
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73.65
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71.95
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Schedule-II
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SNo.
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Foreign Currency
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Rate of exchange of 100 units of foreign currency equivalent to
Indian rupees
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(1)
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(2)
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(3)
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(a)
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(b)
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(For Imported Goods)
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(For Export Goods)
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1.
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Japanese Yen
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66.00
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63.60
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[F.No.468/01/2018-Cus.V]
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