Dated 30th October, 2019

 Subsequent judgment of the Apex Court cannot be used to re-open assessment or disturb past assessment which have been concluded-Department cannot be authorised to re-open the assessment, which stood closed on the basis of the law as it stood at the relevant time.

Specific Amendments in the Foreign Trade Policy 2015-20

NCLT Cases:

For cases that have been referred to the National Company Law Tribunal (herein after referred to as NCLT) a new paragraph has been added in Foreign Trade Policy 2015-20 wherein the firm/ company shall inform the concerned Regional Authority (hereinafter referred to as RA) and the NCLT of any outstanding Export Obligations/ liabilities under any schemes of FTP.1

In reference to the above, under the NCLT proceedings the firm/company shall make the following statutory filings to concerned RA and NCLT2:

  • Statement of outstanding export obligations/liabilities under the FTP schemes, indicating duty saved amounts and applicable interest till the date of start of proceedings before the NCLT.
  • Penalty imposed under FTD&R Act
  • Any other dues such as fees etc.
  • Statement of consumption of inputs/procurement of capital goods, attested by chartered engineer/chartered accountant, shall also be submitted along with other documentary details of any partial fulfillment of Export Obligation claimed towards offsetting the duty saved amount.

Propoer Recognition of HSN Codes:

Due diligence is required for mentioning of proper HSN code in the Bill of Entry and Shipping Bill. If specific HSN code exists for a product the same should be mentioned instead of mentioning the other category which is not a specific entry and is a residuary entry. On willful mis-declaration of HSN code the same will be dealt as per the Foreign Trade (Development & Regulation) Act, 1992.3

  • Notification No. 25/2015-20 dated 18.10.2019
  • Public Notice No. 39/2015-20 dated 18.10.2019
  • Trade Notice No. 37/2019-20 dated 22.10.2019

Specific amendments in the foreign trade policy 2015-20

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Twenty years of experience in tax practice. Specialist in structuring & planning and tax optimization under indirect tax. Lead eastern India indirect tax practice of Ernst & Young in past.