imports Current Affairs, GK & News

All-time high GST collections in April 2022

May 3, 2022

India’s gross Goods and Services Tax (GST) revenues hit a new high of ₹1.68 lakh crore in April 2022. For the first time, gross GST collection has crossed the ₹1.5 lakh crore mark. Is the growth in collection uniform across all states? There were wide variations in growth trends across States. While Tamil Nadu’s collections ..

Month: 

Category: 

Topics:  • • •

Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021: IGCR, 2017 Customs Rules changed

May 19, 2021

The Government of India recently brought changes to the Customs (Imports of Goods at Concessional Rate of Duty) rules, IGCR 2017 to boost trade facilitation. This was done through the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021. What are the major rules changed? The absence of the newly rules had ..

Month: 

Category: 

Topics:  • • • • •

UK-India $1.4 billion investment deal

May 4, 2021

The Government of India and British Government recently finalised a one billion pound of trade and investment with India. This is expected to create 6,500 jobs in the UK. The deal has been finalised ahead of the virtual summit between Indian Prime Minister Narendra Modi and the UK Prime Minister Boris Johnson. The leaders will ..

Month: 

Category: 

Topics:  • • • • • • • •

IGST on Import of Oxygen Concentrators reduced

May 4, 2021

The Ministry of Finance recently cut the IGST on import of oxygen concentrators for personal use to 12%. Earlier it was 28%. IGST is Integrated Goods and Services Tax. The decision was announced by the Central Board of Indirect taxes and Customs. The changes are being made in accordance to the IGST Act, 2017. Constitutional ..

Month: 

Category: 

Topics:  • • • • • • • • •

Import of 17 medical devices allowed

April 30, 2021

The Government of India recently allowed import of seventeen medical devices to provide relief to the COVID-19 patients. However, the importer should make mandatory declarations under Legal Metrology Rules, 2011. Which devices were allowed? The Department of Consumer Affairs has allowed the import of the following devices: Nebulizers oxygen concentrators CPAP and BIPAP devices Vacuum ..

Month: 

Category: 

Topics:  • • • • • •

HSN Code: New rules

April 3, 2021

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 five crores of rupees have to furnish four-digit HSN code. Previously, the requirement was four ..

Month: 

Category: 

Topics:  • • • • •