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TMI Short Notes

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TMI Short Notes on various issues

 

  1. Definition of the term “Liable to tax”
  2. Income Declaration Scheme (IDS) amendment
  3. Tax Deduction at Source (TDS) on purchase of goods
  4. TDS/TCS on non filer at higher rates
  5. Taxability of Interest on various funds where income is exempt
  6. CUSTOMS
  7. AMENDMENTS IN THE CUSTOMS ACT, 1962
  8. AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975
  9. AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
  10. CHANGES IN CUSTOMS RULES
  11. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN RESPECTIVE NOTIFICATIONS [with effect from 2.2.2021, unless specified otherwise]
  12. Other miscellaneous changes
  13. Pruning and review of customs duty concessions/ exemptions
  14. Prescribing the condition of observance of the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR Rules, 2017) for certain conditional entries in notification No. 50/2017-Customs dated 30.06.2017, in lieu of certain exiting conditions. Besides certain other conditions for imports are being rationalized/simplified
  15. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS ON IMPORT OF CERTAIN ITEMS [to be effective from 02.02.2021] [Clause [115] of the Finance Bill, 2021]
  16. OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS/ TECHNICAL CHANGES BY AMENDING NOTIFICATION NO. 50/2017-CUSTOMS DATED 30.06.2017
  17. Review of levy of Social Welfare Surcharge on various items
  18. Other Miscellaneous changes pertaining to Anti-Dumping Duty (ADD)/ Countervailing Duty (CVD)/ Safeguard Measures
  19. EXCISE
  20. AMENDMENT IN THE FOURTH SCHEDULE
  21. Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
  22. Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
  23. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC) ON PETROL AND DIESEL
  24. CHANGE IN EFFECTIVE RATE OF BASIC EXCISE DUTY AND SPECIAL ADDITIONAL EXCISE DUTY ON PETROL AND DIESEL [to be effective from 02.02.2021]
  25. EXEMPTIONS FOR M-15, E-20 AND OTHER BLENDED FUELS
  26. Amendments in the Schedule VII of the Finance Act 2001 (NCCD Schedule)
  27. Goods and Service Tax
  28. AMENDMENTS IN THE CGST ACT, 2017
  29. AMENDMENTS IN THE IGST ACT, 2017
  30. Refund of unutilised ITC - inverted duty structure - Denial on Input services - Contradictory Judgements on the same issue - GUJARAT HIGH COURT allows the refund while MADRAS HIGH COURT not
  31. Introduction of concept of mediation and Advance Ruling System for Residents to reduce tax litigation and more clarity
  32. Supersession of regulation - Transportation of Goods (Through Foreign Territory), Regulations 1965
  33. Retrospective Amendments of GST rate notifications
  34. AMENDMENTS IN THE Goods and Services Tax (Compensation to States) ACT, 2017:
  35. AMENDMENTS IN THE UTGST ACT 2017:
  36. AMENDMENTS IN THE IGST ACT 2017:
  37. AMENDMENTS IN THE CGST ACT 2017:
  38. EXCISE AMENDMENT IN THE SEVENTH SCHEDULE TO THE FINANCE ACT, 2001* [Clause [145] of the Finance Bill. 2020]:
  39. Other Miscellaneous changes pertaining to Anti-Dumping Duty/Countervailing Duty
  40. Exemption from Social Welfare Surcharge hitherto available on certain items falling chapter 84, 85 and 90, is being withdrawn. Accordingly, notification No 11/2018-Customs dated 02.02.2018 is being amended to, -
  41. Social Welfare Surcharge is being exempted on following items.
  42. OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS' TECHNICAL CHANGES)
  43. IMPOSITION OF HEALTH CESS ON IMPORT OF CERTAIN ITEMS
  44. Customs duty exemptions which have been granted through certain other stand-alone notifications have also been reviewed. The following notifications, which have ceased to be relevant, are being withdrawn:
  45. Review of concessional rates of BCD prescribed in notification no. 50/2017 - Customs dated 30.62017: The BCD exemption hitherto available on certain goods are being withdrawn by omitting following entries of notification No. 50/2017-Customs dated 30.6.2017.
  46. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS
  47. AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
  48. AMENDMENTS IN THE CUSTOMS TARIFF ACT 1975
  49. AMENDMENTS IN THE CUSTOMS ACT 1962
  50. Amendment in the provisions of Act relating to verification of the return of income and appearance of authorized representative.

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