[Customs] Exchange Rate Notification w.e.f. 17th May 2019

Central Board of Indirect Taxes and Customs (CBIC) has notified the rate of exchange of one unit of foreign currency equivalent to Indian rupees relating to imported and export goods, in its notification no. 37/2019 - Customs (N.T.) dated 16th May, 2019 (w.e.f. 17th May, 2019).

The contents of the said notification are reproduced as under:—

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.35/2019-CUSTOMS (N.T.), dated 2nd May, 2019 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 17th May, 2019, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

[RBI] Data on India’s International Trade in Services for March 2019

May 15, 2019: The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.

The value of exports and imports of services during the month of March 2019 are given in the following Table.

Table: International Trade in Services

Reporting (clause 30C & 44) Tax Audit Report in abeyance till 31Mar2020

Central Board of Direct Taxes (CBDT) Circular No. 9/2019 dated 14th May, 2019 : ​Order under section 119 of the Income-tax Act, 1961 —

Section 44AB of the Income-tax Act, 1961 ('the Act') read with rule 6G of the Income-tax Rules, 1962 ('the Rules') requires specified persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD.

The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018. However, the reporting under clause 30C and clause 44 of the Tax Audit Report was kept in abeyance till 31st March, 2019 vide Circular No. 6/2018 dated 17.08.2018.

Clarification for form ADT-1 filed through GNL-2 under Companies Act 2013

Ministry of Corporate Affairs (MCA) General Circular No. 06/2019 dated 13th May, 2019 —

In continuation of General Circular No. 09/2014 dated 25.04.2014, the Ministry of Corporate Affairs has received representation from stakeholders seeking relaxation of fee for filing e-form no. ADT-1, particularly form ADT-1 filed through GNL-2 during the period from 01.04.2014 to 20.10.2014 for appointment of Auditor for the period from 01.04.2014 to 31.03.2019 due to non-availability of e-form ADT-1 during the said period.

CPI Consumer Price Index (Rural, Urban & Combined) for April 2019

May 13, 2019: The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015.

2. In this press note, the CPI (Rural, Urban, Combined) on Base 2012=100 is being released for the month of April 2019. In addition to this, Consumer Food Price Index (CFPI) for all India Rural, Urban and Combined are also being released for April 2019.

All India Inflation rates (on point to point basis i.e. current month over same month of last year, i.e., April 2019 over April 2018), based on General Indices and CFPIs are given as follows:

GST Applicability on Seed Certification Tags

Ministry of Finance, Dept. of Revenue, Tax Research Unit, Circular No. 100/19/2019-GST dated the 30th April, 2019 —

Representations have been received by the Board seeking clarification regarding applicability of GST on supply of Seed Certification Tags. Reference in this regard has also been received from the State of Tamil Nadu.

2. The matter has been examined. It is seen that the process of seed testing and certification followed in the state of Tamil Nadu, as prescribed in the Seeds Act, 1966 and elaborated in the Manual on Seed Production and Certification, published by Centre for Indian Knowledge Systems, Chennai, involves the following steps:

Due dates extended for Forms GSTR-1 & 3B for certain Odisha districts

Extension of the due date for furnishing FORM GSTR-3B for the month of for the month of April, 2019 for registered persons in specified districts of Odisha till 20.06.2019

Central Board of Indirect Taxes and Customs Notification No. 24/2019 – Central Tax dated the 11th May, 2019:—

G.S.R.....(E).–In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby makes the following amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2019 – Central Tax, dated the 07th March, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.195(E), dated the 07th March, 2019, namely:–