Insights

The GST Council held its 50th meeting on 11th July 2023 and made a slew of recommendations with respect to changes in GST law and Rules and to clarify various ambiguities. We have captured certain significant changes having impact on Trade Please note that these recommendations will take effect only after issuance of corresponding Notification/circular or amendments in the GST Act/Rules

The GST Council held its 50th meeting on 11th July 2023 and made a slew of recommendations with respect to changes in GST law and Rules and to clarify various ambiguities. We have captured certain significant changes having impact on Trade Please note that these recommendations will take effect only after issuance of corresponding Notification/circular or amendments in the GST Act/Rules

HSN codes, or Harmonized System Nomenclature codes, are a multi-purpose international product classification system. In simpler terms, they are used to classify goods for taxation purposes. These codes were developed with the goal of facilitating international trade, simplifying taxation processes, and increasing transparency, and have been implemented globally since 1988. Want to know more about how they work? Keep reading!

Welcome to the world of Extended Producer Responsibility (EPR)! EPR is a mechanism that holds manufacturers accountable for the entire lifecycle of their products, including the post-consumer stage. Simply put, if you make it, you take it back. Sounds fair, right? By implementing EPR, we can significantly reduce the environmental impact of products, promote resource efficiency and circular economy, and protect the well-being of humans and the planet.

Import of second-hand goods for repair, reconditioning or re-engineering and re-export Remanufacturing is already big business globally. The European Remanufacturing Network estimated the value of remanufacturing in 2015 at just under…

India Jobbing under Customs Manufacture of export goods undertaken in India from goods supplied free of cost by a foreign buyer Underlying legal reference: Notification 32/1997-Customs, dated 1 April 1997…

MOOWR – Manufacturing & Other Operations in Warehouse Regulations MOOWR unit offers deferred duty payment of customs duties without imposing export obligations. It also allows trading.MOOWR scheme grants upfront benefit…

Union Budget 2023 - Changes in Customs Law Customs law changes vide Finance Bill 2023 Power to grant duty rate exemption: Validity of two years shall not apply to exemption…

BUDGET UPDATE: 2023-2024 - GOODS AND SERVICES TAX Finance Minister presented the Union Budget 2023 today. Key highlights of the Budget presentations are captured below Section Remarks Second proviso to…

Recommendations made in the 48th GST Council meeting Following are recommendations made in the 48th GST Council meeting New Rule 37A to be inserted, to prescribe the mechanism for reversal…