HomeNewsletterJune, 2022 – Issue No. II

June, 2022 – Issue No. II

GST
Waiver of interest for specified electronic commerce operators granted due to technical glitch in the portal.
INCOME TAX
Income Tax Department has released a functionality “Compliance Check for Section 206AB & 206CCA” to facilitate tax deductors/collectors to verify if a person is a “Specified Person – as per Section 206AB & 206CCA. This functionality is made available through (https.fireporlinsight.gov.in) of Income-tax Department.
CUSTOMS

ADD on Hydrogen Peroxide imported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand rescinded.

Anti dumping duty on imports of “New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code  above 16 used in buses and lorries/trucks”, from China levied upto 17.12.2022.

DGFT

Para 2 (b) (i)- For Deemed Exports – has been amended to simplify the procedure and reduce the compliance burden for applying for EODC.

EPCG Scheme – Time limit to file returns for the year 2022-23 extended till 30.9.2022. Late fees of Rs. 5000/- is applicable for the returns due to be filed from the year 2022-23 onwards.

SEZ LAWS

For supplies made prior to 01.04.2015 – Relaxation provided for submission of ‘Bill of Export’ as an evidence of export obligation discharge for supplies made to SEZ units in case of Advance Authorisation.

Payment of Customs duty on export of goods – Notification No. 28/2022- Customs dated 21.05.2022 & Notification No. 29/2022- Customs dated 21.05.2022 – Bill of export to be filed and duty liability to be discharged by Units.

The Indian Tax Advisors