On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system as per the provisions below: (i) For borrowers,
The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 85/2021 – Customs (N.T.) dated 27th October 2021 further amends the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 85/2021-Customs (N.T.) New
The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 13/2021 – Central Tax (Rate) dated 27th October 2021 further amends the Notification No 1/2021 – Central Tax (Rate) dated 28th June 2017. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 13/2021-Central Tax (Rate) New Delhi, the 27th
The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 50/2021 – Customs dated 22nd October 2021 notifies the amendment in Notification No 96/2008 – Customs dated 13-Aug-2008 to include Sierra Leone. GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE)Notification No. 50/2021-CustomsNew Delhi, the 22nd October, 2021 G.S.R…. (E). – In exercise of
The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 51/2021 – Customs dated 22nd October 2021 amends the Notification No 25/2021 – Customs dated 31st March 2021. GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE)Notification No. 51/2021-CustomsNew Delhi, the 22nd October, 2021 G.S.R…..(E).- In exercise of the powers conferred by sub-section (1)
The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 82/2021 – Customs (N.T.) dated 21st October 2021 notifies the exchange rates for the purpose of calculation of Customs and related duties. GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUECENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS*****Notification No.82 /2021 – Customs (N.T.)New Delhi, dated
Goods and Services Tax Network (GSTN) issues advisory on availability of input tax credit for the financial year 2020-21 under section 16(4) of Central Goods and Services Tax (CGST) Act, 2017. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply
A Electronic Way Bill (e-Way Bill) is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include name of consignor, consignee, the point of origin of the consignment, its destination, and details of transporter along with the details of
The Central Board of Direct Taxes (CBDT) vide its Notification No 119/2021 [S.O. 4207(E)] dated 11th October 2021 exempts the certain person from the requirement of furnishing a return of incomeunder section 139(1) of the Income Tax Act, 1961 from assessment year 2021-2022 onwards. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the
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