GST REGULATORY UPDATES NOTIFICATION NO. 66/2015-20, DATED 01-04-2022
FTP & HBP amended to provide extension of exemption of imports under specified export schemes (AA, EPCG, EOU, etc.)
Editorial Note : The existing exemp- tions of imports under specified export incentive schemes (such as advance authorisation, Export Promotion of Capital Goods, Export
oriented units, etc.) have been extended up to June 30, 2022. The DGFT has made suitable amendments under FTP & HBP to incorporate the above amendments.
CIRCULAR NO. 7/2022- CUSTOMS, DATED 31-03-2022 Clarification explaining jurisdic- tional powers of proper officers under Customs laws in terms of Finance Act, 2022
Editorial Note : The Finance Act, 2022 has made various amend- ments under the Customs law to extend the scope and powers of the Proper officers in order to nullify the impact of the judgment of the Supreme Court in the case of Canon India. In this regard, the Government has issued necessary notifications extending the scope of officers in terms of that amendment. The clarification explains the impact of such notifications.
NOTIFICATION NO. 32/2022 – CUSTOMS(N.T.), DATED 07-04-2022
CBIC notified exchange rates effec- tive from April 8th, 2022
Editorial Note : The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the foreign curren- cies into Indian currency or vice versa, with effect from 8th April 2022, for import and export of goods.
PUBLIC NOTICE NO. 03/2015/2020, DATED 13-04-2022
Amendments to EPCG scheme to reduce compliance burden and enhance ease of doing business
Editorial Note : The DGFT has issued public notice to amend certain provisions of Foreign Trade Policy relating to EPCG authorisation scheme in order to reduce compliance burden and enhance ease of doing business.
NOTIFICATION NO. 21/2022-CUSTOMS, DATED 13-04-2022
Govt. exempts Customs Duty and AIDC on Cotton, not carded or combed w.e.f. 14th April, 2022 Editorial Note : The CBIC has issued notification to exempt Customs Duty and AIDC on Cotton, not carded or combed falling under HSN 5201 w.e.f. 14th April, 2022 till 30th September, 2022
Correlation of Customs Tariff w.r.t changes in effect from 1st May, 2022
Editorial Note : In the Finance Act 2022, amendments have been introduced in the First Schedule of the Customs Tariff Act, 1975, with effect from 1st May, 2022. In this document, Guidance Note on the Correlation Table is issued.
Rs. 2.78 lakh crore of compensa- tion released to States for the year 2020-21: Press Release Editorial Note : To ensure that States have adequate and timely resources to combat covid and related issues, Centre borrowed Rs. 1.1 lakh crore in 2020-21 and Rs. 1.59 lakh crore in 2021-22 and passed it on to States on a back-to-back basis. Taking into account this loan, Rs. 2.78 lakh crore of compensation has been released to States for the year 2020-21 itself and nothing is pending for the year.
INSTRUCTION NO. 4/2022, DATED 27-04-2022
CBIC issues instruction for granting exemption from customs duty on parts of specified medical oxygen related equipments
Editorial Note : The CBIC has issued instruction for granting exemption from customs duty on parts of specified medical oxygen related equipments to provide that the benefit of the exemption
notification may not be denied, merely on the issue of not observing the procedure.
RECENT JUDICIAL RULINGS ON GST CLASSIFICATION OF GOODS
Marine engine and spare parts thereof : Where applicant is import- ing marine engines under HSN Code 8407 and HSN Code 8408 as well as spare parts thereof under HSN Code 8409 and is supplying same for use as parts of fishing vessels, said goods will be liable to 5 per cent GST; when these goods are supplied for use of defence purpose, patrolling purpose, flood relief and rescue operations, 5 per cent GST can be charged – Ocean Blue Boating (P.) Ltd., In re – [2022] 137 taxmann.com 97 (AAR – MAHARASHTRA)
SECTION 2(17) OF THE CENTRAL GOODS AND SER- VICES TAX ACT, 2017 – BUSINESS
Where applicant Rotary Club collects contributions from its mem- bers and spends same towards meeting and administrative expenditures only, activity of appli- cant is business – Rotary Club of Mumbai Elegant, In re – [2022] 137 taxmann.com 80 (AAR – MAHARASHTRA)
SECTION 7 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – SUPPLY – SCOPE OF Where applicant Rotary club receives contributions from its mem- bers for expending same for weekly and other meetings and administra- tive expenses, contributions received by applicant amount to or result in a supply – Rotary Club of Mumbai Elegant, In re – [2022] 137 taxmann.com 80 (AAR – MAHA- RASHTRA)
SECTION 54 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – REFUND – TAX, REFUND OF
Refund of IGST paid cannot be denied on the ground that higher rate of duty drawback was availed when shipping bill has been amended and excess drawback availed was returned to the Department – Swastik International v. Union of India – [2022] 137 taxmann.com 289 (Gujarat)
SECTION 73 OF THE FINANCE ACT, 1994 – RECOVERY OF SER- VICE TAX NOT LEVIED OR PAID OR SHORT-LEVIED OR SHORT-PAID OR ERRONEOUS- LY REFUNDED
Where assessee is paying 50% of service tax and 50% of service tax is recoverable from service recipi- ents, any excess recovery of service tax can only be demanded under section 73A of finance Act, 1994 – R D Contractors And Consul- tants v. Commissioner of Central Excise & Service Tax, Panchkula – [2022] 137 taxmann.com 288 (Chandigarh – CESTAT) Figures of balance sheets are more authenticate for computation, there- fore, computation of demand of service tax is to be done as per balance sheets figures – R D Contractors And Consultants v. Commissioner of Central Excise & Service Tax, Panchkula – [2022] 137 taxmann.com 288 (Chandigarh – CESTAT) Absence of supression of facts by assessee extended period of limitation not invokable; penalty is not imposable – R D Contractors And Consultants v. Commissioner of Central Excise & Service Tax, Panchkula – [2022] 137 taxmann.com 288 (Chandigarh – CESTAT)
SECTION 130 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – CONFISCATION OF GOODS OR CONVEYANCES AND LEVY OF PENALTY
Where assessee was only required to show cause within seven days of notice as to why action under section 130 should not be taken against him, assessee should approach proper officer for making his stand clear and seek audience before him; writ was not proper – Sudhish P.P. v. State Tax Officer – [2022] 137 taxmann.com 52 (Kerala)
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