Direct Tax
No deduction in cases payment received by credit guarantee fund trust for Micro and Small Enterprises
Notification S.O. 5476(E) NO. 128/2024/F.NO. 275/77/2024- IT(B) Dated 18 December 2024
- The Central Government hereby notifies that no deduction of incometax shall be made on any payment received by the Credit Guarantee Fund Trust for Micro and Small Enterprises as referred to in clause (46B) of Section 10 of the said Act.
Extension Of Due Date For Determining Amount Payable As Per Column (3) Of Table Specified In Section 90 Of The Direct Tax Vivad Se Vishwas Scheme, 2024
Circular No. 20/2024 [F. NO. 370149/213/2024-TPL], Dated 30 December 2024
- The Income Tax Department had provided with different rates for calculating amount payable under Vivad Se Vishwas Scheme based on whether Form 1 is filed before 31 December 2024 or after the said date.
- The department has extended the said deadline of Vivad Se Vishwas Scheme 2024 from 31 December 2024 to 31 January 2025.
- This extension provides relief to the taxpayers who are still in the process of evaluating whether to opt for the scheme or not.
- Now, taxpayers can file Form 1 declaration for settlement of dispute till 31 January 2025. However, this extension is not for those cases where Form 2 (Certificate of Settlement) has been issued where Form 1 has been already filed by the taxpayer.
Extension of due date for furnishing belated / revised return of income for assessment year 2024-25 in case of resident individuals
Circular No. 21/2024 [F. NO. 225/205/2024/ ITA-II], Dated 31 December 2024
CBDT extends the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from 31 December 2024 to 15 January 2025.
Indirect Tax
SEZ
Government extends ‘work from home’ benefit for SEZ units until December 2027
Notification No. K-43013(12)/1/2021- SEZ dated 26 December 2024
The Government has amended Rule 43A of the Special Economic Zone (SEZ) Rules, 2006 to allow employees of SEZ unit to work from home (WFH) or from any place outside the SEZ unit until 31 December 2027.
Customs
CBIC withdraws Additional Customs Duty exemption on Petroleum Crude and ATF imports
Notification No. 48/2024-Customs dated 3 December 2024
The Central Board of Indirect Taxes and Customs (CBIC) has rescinded Notification No. 32/2022-Cus which provided exemption from additional customs duty equivalent to special additional excise duty on import of Petroleum Crude and Aviation Turbine Fuel (ATF).
Solar power generation projects ineligible for MOOWR scheme, notifies CBIC
Notification No. 86/2024-Customs dated 16 December 2024
To nullify the impact of Delhi High Court’s judgement in Acme Heergarh Powertech Private Limited, the Finance Act (No. 2), 2024 has granted power to the Central Government to specify certain manufacturing processes and other operations in relation to a class of goods that shall not be permitted in a warehouse under the Manufacture and Other Operations (MOOWR) scheme.
Consequently, w.e.f. 17 December 2024, it has been notified that the goods imported for solar power generation projects that supply electricity will not be permitted under the MOOWR scheme. The restriction would apply only when electricity results from the manufacturing processes and other operations in relation to the warehoused goods under Section 65 of the Customs Act.
CBIC enables self-initiated payment facility at ICEGATE, replacing TR-6 Challan mode
Circular No. 27/2024-Customs dated 23 December 2024
The CBIC has introduced an electronic Voluntary/Self-Initiated Payment (SIP) facility on the Indian Customs EDI Gateway (ICEGATE) platform, designed to streamline and digitize payment processes. This system replaces the manual TR-6 payments currently used at Customs stations.
With the new system, users can generate self-initiated challans for payments related to past imports and exports, without requiring approval from Customs officers. ICEGATEregistered users can choose from various predefined payment categories, such as audit, investigation, EPCG & Advance Authorization, IGCR, interest and penalties, etc. The payment options include internet banking, NEFT/RTGS, and payment aggregator modes, with additional banks to be added after testing.
Accordingly, w.e.f. 1 January 2025, this system has become mandatory for all payments, unless specifically authorized (with reasons) for manual TR-6 payments by senior Customs officials.
However, it has been clarified that the facility is not a replacement for challans generated by ICES / ECCS / SEZ online / ACES applications, and that it should not be used for payment of customs duties for clearance of any live consignments.
Foreign Trade Policy
Import Management System for restricted IT Hardware: 2025 guidelines
Policy Circular No. 09/2024-25 dated 11 December 2024
The Directorate General of Foreign Trade (DGFT) has outlined the procedure for implementation of the Import Management System (IMS) for restricted IT hardware imports in the calendar year 2025. The restricted items include laptops, tablets, all-inone personal computers, ultra-small form factor computers, and servers under HSN Code 8471 (except IT hardware items essential for capital goods, spares, parts, assemblies etc.) as specified in earlier Notification Nos. 23/2023 r/w 26/2023 and 38/2023.
The DGFT portal for obtaining Import Authorizations has been opened from 13 December 2024 until 15 December 2025. Key details include:
- Authorization validity extends through 31 December 2025
- Importers can submit multiple applications throughout the year iii. Online requests for amendments to the authorization can be made during its validity period.
Launch of Revamped Preferential Certificate of Origin (eCoO) 2.0 System
Trade Notice No. 23/2024-25 dated 6 December 2024 r/w Trade Notice No. 24/2024-25 Dated 20 December 2024
The enhanced Preferential Certificate of Origin (eCoO) system 2.0 is set to launch on 17 January 2025. The revamped system aims at simplifying and enhancing the certification process for exporters by introducing several features such as multi-user access under single Importer Exporter Code (IEC), Aadhaar-based e-signing option, an integrated dashboard, and improved digitization for easier preparation of cost sheets.
Exporters will be able to file Preferential Certificates of Origin through the upgraded system, which will also facilitate the migration of data from the legacy platform. Issuing agencies are required to register on the new system and ensure the accuracy of data management. The eCoO 2.0 platform will support an e-wallet facility and enable seamless certificate verification / validation by – (i) scanning the QR code provided on issued CoO, or (ii) through platform.
On the other hand, the electronic filing of Non-Preferential Certificates of Origin has been made mandatory through the eCoO 2.0 platform, starting 1 January 2025.