The Finance Ministry is set to review the potential removal of the windfall tax on domestic crude oil production, as revealed by Tarun Kapoor, an advisor to Prime Minister Narendra…
RBI Predicts 6.8% GDP Growth for Q2FY25 Amid Mixed Economic Signals
The Reserve Bank of India (RBI) has projected a 6.8% GDP growth for the second quarter of FY25, slightly up from the 6.7% growth in the previous quarter. Despite this…
Bharat 6G Alliance Recommends Extension of PLI Scheme to Boost Mobile Device Manufacturing
The Bharat 6G Alliance has proposed extending the Production-Linked Incentive (PLI) scheme for mobile devices until 2030 to strengthen India's domestic manufacturing for 6G devices. The current PLI scheme, which…
DGFT Notifies Procedure for Filing Annual RoDTEP Return (ARR)
The Director General of Foreign Trade (DGFT), through Public Notice No. 27/2024-25 dated October 23, 2024, has outlined the procedure for filing the Annual RoDTEP Return (ARR). This notification introduces…
Kerala GST Dept. Mandates Common Adjudicating Authority for Multiple SCNs to Ensure Uniformity
The Kerala GST Department issued Circular No. 12/2024-Kerala SGST on October 18, 2024, requiring the use of a common adjudicating authority for show cause notices (SCNs) involving multiple taxpayers or…
CBIC Allows Duty-Free Import of ‘Rough Diamonds’ and ‘Simply Sawn Diamonds’
The Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 70/2024-Customs on October 23, 2024, amending the customs duty provisions on Simply Sawn Diamonds. This follows the initial…
Supreme Court to Decide on Seizure of Cash Under Section 67 of the CGST Act
The Supreme Court is set to resolve whether authorities have the power to seize cash during a search under Section 67 of the Central Goods and Services Tax (CGST) Act,…
Number of Income Tax Payers with Over ₹1 Crore Taxable Income Rises Fivefold in Ten Years
The number of Indian taxpayers with over ₹1 crore in taxable income has grown more than fivefold over the past decade, reaching nearly 2.3 lakh in AY 2023-24, compared to…
Supreme Court Upholds State Power to Regulate and Tax Industrial Alcohol in Landmark 8:1 Ruling
In a historic ruling on October 23, 2024, the Supreme Court ruled in favor of state governments' power to regulate and tax industrial alcohol. The nine-judge bench delivered an 8:1…
CBIC Issues Passenger Name Record Information (First Amendment) Regulations, 2024
By: AdminOctober 22, 2024Categories: CBIC | Notification and Circular > Customs4 Min Read The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 68/2024 – Customs (N.T.),…