Professional Documents
Culture Documents
For the sake of brevity, Central Goods and Services Tax, Integrated Goods and Services
Tax, Central Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act,
2017 and Central Goods and Services Tax Rules, 2017 have been referred to as CGST,
IGST, CGST Act, IGST Act and CGST Rules respectively.
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For Paper 8: Indirect Tax Laws, the following are applicable for May, 2019
examination:
(i) The provisions of CGST Act, 2017 and IGST Act, 2017, including significant
circulars and notifications issued and other legislative amendments made
upto 31st October, 2018.
(ii) The provisions of the Customs Act, 1962, as amended by the Finance Act,
2018, including significant notifications and circulars issued and other
legislative amendments made up to 31st October, 2018.
The subject matter of Part I: Goods and Services Tax of October 2018 Edition of
the Final (New Course) Study Material is based on the provisions of the CGST Act
and IGST Act as amended upto 31.10.2018. The content discussed in Part II:
Customs & FTP is based on the customs law as amended by the Finance Act,
2018 and significant notifications and circulars issued till 30.04.2018. It may be
noted that October 2018 Edition of the Study Material for Final (New Course)
Paper 8 is applicable for Final (Old) Course Paper 8 also.
The significant notifications/circulars issued from 01.05.2018 to 31.10.2018 in
Customs are given in this Statutory Update. For the ease of reference, the
amendments have been grouped into Chapters which correspond with the
Chapters of the Study Material.
1. Entitlement under MEIS for exports made through courier or foreign post office
enhanced
Presently, export of handicraft items, handloom products, books/periodicals, leather
footwear, toys and tailor made fashion garments through courier or foreign post office
using e-commerce of FOB value upto Rs. 25000 per consignment are entitled for
reward under MEIS.
However, DGFT vide Notification No. 22/2015-20 dated 26th July 2018 has amended
the said provision and provided that for export of aforesaid items through courier or
foreign post office of FOB value upto Rs. 5,00,000 per consignment will be entitled for
reward under MEIS. If the value of exports is more than Rs. 5,00,000 per
consignment then MEIS reward would be calculated on the basis of FOB value of Rs.
5,00,000 only.
With this amendment, the limitation on the port of exports for courier exports for the
purpose of incentivisation under MEIS has been done away with.
[Notification No. 22/2015-20 dated 26.07.2018]
2. Removal of limit of Rs. 1 crore per year for exports on Free of Cost Exports
basis for export promotion for Status Holders
Presently, Status holders are entitled to export freely exportable items (excluding
Gems and Jewellery, Articles of Gold and precious metals) on free of cost basis for
export promotion subject to an annual limit of Rupees 1 Crore or 2% of average
annual export realization during preceding three licensing years, whichever is lower.
However, DGFT vide Notification No. 28/2015-20 dated 27th August 2018 has
amended the aforesaid provision to provide the following:
Status holders shall be entitled to export freely exportable items (excluding Gems and
Jewellery, Articles of Gold and precious metals) on free of cost basis for export
promotion subject to an annual limit as below:
a) Annual limit of 2% of average annual export realization during preceding three
licensing years for all exporters (excluding the exporters of following sectors-(1)
Gems and Jewellery Sector, (2) Articles of Gold and precious metals sector).