CBIC
Advance and EPCG Authorisation Scheme
The finance ministry has introduced an amnesty scheme aimed at offering relief to traders who have defaulted on their export obligations. This scheme provides an opportunity for traders to rectify past defaults and fulfill their export obligations by paying customs ..
Month: Current Affairs - May, 2023
Category: Government Schemes Current Affairs
Central Excise Day 2023
Central Excise Day is an annual event celebrated in India on February 24th to honor the works of Central Board of Indirect Taxes and Customs (CBIC) and mark the enactment of Central Excise and Salt Act. This day is dedicated ..
Month: Current Affairs - February, 2023
Category: Important Days & Events Current Affairs
Digital Forensic Laboratories
Digital Forensic science identifies, processes, acquires and reports electronic evidence. This includes data capturing, emails, smartphone analytics, hard disk retrieval, and other computer analysis tools. With the GST evasions increasing in the country, DGCI has joined hands with NFSU to ..
Month: Current Affairs - February, 2023
Category: Economy & Banking Current Affairs
CBIC -Customs Automated System
The Central Board of Indirect Taxes and Customs (CBIC) has announced that it will come out with a list of “identified goods” that will be subject to stricter scrutiny for their true value. The CBIC has notified the Customs (Assistance ..
Month: Current Affairs - January, 2023
Category: Economy & Banking Current Affairs
CBIC launches Compliance Information Portal (CIP)
Central Board for Indirect Taxes & Customs (CBIC) have launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP. Key Points Portal will provide free access to information on all Customs procedures and regulatory compliance. Information would be provided for ..
Month: Current Affairs - August, 2021
HSN Code: New rules
The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than ..
Month: Current Affairs - April, 2021
What is 1% Cash Payment Norm in GST?
The Department of Revenue recently announced that the GST tax payers should compulsorily pay at least 1% of their tax in cash. This is to come into effect from January 1, 2021. 1% Cash Payment Norms The 1% Cash Payment ..
Month: Current Affairs - December, 2020
What is HSN Code?
The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN ..