HomeNewsletterMay, 2022 – Issue No. V

May, 2022 – Issue No. V

GST

Late fee under section 47  waived for the period from 01.05.2022 till 30.06.2022 for delay in filing FORM GSTR-4 for FY 2021-22 (Notification No. 07/2022-CT dated 26.5.2022).

Deposit of tax during the course of search, inspection or investigation – recovery of tax during the course of proceedings not to be made; however, voluntary deposit by taxpayer is allowed.

INCOME TAX
Procedure laid down for imposition of penalty by amending the Faceless Penalty Scheme, 2021.
CUSTOMS

ADD imposed on imports of Ceramic Tableware and kitchenware, excluding knives and toilet items from China PR for a period of five years.

Effective rate of export duty increased/imposed on iron and steel inputs/intermediates.

Customs duty reduced on coking coal and anthracite (high energy coal), coke and semi-coke.

DGFT
Import policy of Paper – revised from ‘Free’ to ‘Free subject to compulsory registration’ under Paper Import Monitoring System (PIMS)’. PIMS to be effective from 01.10.2022.

Export of Sugar (Raw, Refined and White sugar) is placed under ‘Restricted’ category from 1st June, 2022 onwards (except fixed quantity of sugar being exported under CXL and TRQ quota to EU and USA). Export after 01.06.2022 will be allowed on production of specific permission.

Import of Fresh ginger, wholly produced in Bhutan, is Free subject to Article-1 of Agreement on Trade, Commerce and Transit between India and Bhutan.

The Indian Tax Advisors