GST
Rule 86A – Unblocking of Electronic Credit Ledger – Once the statutory period of one year comes to an end, the authority has no further discretion in the matter; unblocking is automatic. – Guj HC.
INCOME TAX
CBDT issues E-Advance Rulings Scheme, 2022.
Income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions – Guidelines issued.
New rule inserted for Computation of capital gains for the purposes of sub-section (1B) of section 45 – Unit Linked Insurance Policy.
Securities Transaction Tax Rules amended to include Insurance Companies.
CUSTOMS
BCD and IGST exempted on goods imported for the purpose of AFC Women’s Asian Cup India, 2022.
Retention of ISO Containers to meet future requirements for Covid-19 purposes – clarification issued.
Alignment of AEO Circular No. 33/2016 dated 22.07.2016 and 54/2020 dated 15.12.2020 with CAROTAR, 2020 – the latter provisions will prevail over the former.
DGFT
Re-import of steel for packaging purposes will not be covered under SIMS (Steel Import Monitoring Authority).
If the steel /steel item is exported from DTA to SEZ and then imported into DTA from SEZ without value addition, or with value addition, there is no requirement for SIMS registration.