Centaxonline’s Tax Gazette
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Welcome to Centaxonline's Tax Gazette – Where Complexity Meets Clarity.
Today, we draw the definitive line between being informed and uninformed, empowering you with the latest and most essential tax insights.
Statutory Scope
DGFT added Amritsar Airport for exports under schemes of jewellery and articles thereof: Public Notice
FOREIGN TRADE POLICY ?|? CIRCULARS & NOTIFICATIONS
The DGFT has issued public notice to inform that Amritsar Airport is added as an additional port of export for exports under schemes of gold/silver/platinum jewellery and articles thereof, for ease of doing business.
Key Details:
Statute Number: FTP PUBLIC NOTICE NO. 32/2024-25
Date of Statute: 13-11-2024
Fixation of new SION for export product 'Clobetasol Propionate': Public Notice
FOREIGN TRADE POLICY ?|? CIRCULARS & NOTIFICATIONS
The DGFT has issued notice to inform that SION for export of product 'Clobetasol Propionate' under Chemical and Allied Group has been notified.
Key Details:
Statute Number: FTP PUBLIC NOTICE NO. 33/2024-25
Date of Statute: 14-11-2024
Updated draft of Schedule-II (Export Policy) for all Chapters 01 to 98: Trade Notice
FOREIGN TRADE POLICY ?|? CIRCULARS & NOTIFICATIONS
The DFGT has earlier issued draft Schedule-II (Export Policy) for Chapters 40-98 and the comments received have been incorporated into the revised draft. Now, updated draft Schedule-II (Export Policy) for all Chapters 01 to 98 is issued and comments/feedback on the draft are invited via email at mailto:[email protected] by 27.11.2024.
Key Details:
Statute Number: FTP TRADE NOTICE NO. 22/2024-25
Date of Statute: 14-11-2024
CBIC issued clarification regarding classification of Clear Float Glass: Circular
CUSTOMS ?|? CIRCULARS & NOTIFICATIONS
The CBIC has issued circular to clarify that the clear float glass which is not wired, not coloured, not reflective and not tinted and has only a tin layer on one side and there is no other metal oxide layer on it, will be said to be having no absorbent layer; therefore, will be correctly classified under tariff item 7005 29 90.
Key Details:
Statute Number: CUSTOMS CIRCULAR NO. 23/2024-CUSTOMS
Date of Statute: 14-11-2024
Case Chronicles
CVD/SAD paid on the finalization of assessment for pre-GST imported goods is eligible for a cash refund under GST law: CESTAT
EXCISE & SERVICE TAX ?|? CASE LAW
Excise: CVD and SAD paid in GST regime on finalization of assessment in respect of goods imported in pre-GST regime were eligible for refund in cash in terms of provisions of Section 142(3) of Central Goods and Services Tax Act, 2017.
Key Details:
Case Name: JSW Steel Ltd. vs. Commissioner of Central Tax & Central Excise, Belgaum
Citation: (2024) 24 Centax 70 (Tri.-Bang)
No reversal of credit on raw materials is required where payment of central excise on final products is accepted by the revenue: CESTAT
EXCISE & SERVICE TAX ?|? CASE LAW
Excise: Payment of Central Excise duty on final products having been accepted by Department, Cenvat Credit availed on raw materials was not to be reversed even if activity undertaken on such raw materials did not amount to manufacture.
Key Details:
Case Name: Aradhya Wire Ropes Pvt. Ltd. vs. Commissioner of Central Excise
Citation: (2024) 24 Centax 96 (Tri.-Bang)
No service tax on book provision for anticipated warranty expenses without separate consideration received: CESTAT
EXCISE & SERVICE TAX ?|? CASE LAW
ST: Service tax cannot be levied on provision made in books for warranty expenses without actual receipt of separate consideration beyond sales commission. 2024 (389) E.L.T. 000 (Tri. - Chan.).
Key Details:
Case Name: Heidelberg India Pvt. Ltd. vs. Commissioner of CGST & Central Excise
Citation: (2024) 24 Centax 97 (Tri.-Chan)
Benefit of abatement can't be denied if assessee reversed wrongly availed CENVAT credit: CESTAT
EXCISE & SERVICE TAX ?|? CASE LAW
ST: Where assessee reversed wrongly availed CENVAT credit with interest, CESTAT allowed appeal holding that reversal of credit has effect as if no credit was availed, thus making assessee eligible for abatement benefit under Notification No. 1/2006-ST.
Key Details:
Case Name: Hitech Constructions vs. Commissioner of Central Excise and Service Tax, Ludhiana
Citation: (2024) 24 Centax 84 (Tri.-Chan)
As we conclude this issue of Tax Gazette, we hope you've gained clarity and insights on the critical legal and tax matters that shape our world. Remember, with Centaxonline. You're not just informed. You're insightfully empowered.
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