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What's New...
Place of Removal is with reference to Point of Sale of
Manufacturer and not in Relation to Buyer,
Excise Circular of 20.10.2014 Amended
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Cenvat Credit not Available on Transport from Seller to Buyers Premises, New
Show Cause Notices Outside Limitation Period not to be Issued as Supreme
Court Judgement is only Interpretation
Saccharin from Indonesia under DGTR Investigation on
Complaint of Swati Petro Products
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Indian Costs to be Used for Calculated Normal
Value in Indonesia
RFID OTL (One Time Lock) to Replace Conventional OTL in
Warehouse Movements too on Lines of Exports
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RFID No Must in Shipping Documents
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Procedure not to be Applied on Duty Free Shops
Security Transfer by FPI
Exports Bounce Back Showing 20% Growth in May Over
Previous Year
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Petroleum Products, Chemicals, Pharma, Cotton and
Engineering Goods Lead, Garments Fall by 12.6%
Soyabean Oil Duty Raised to 35% from 30%
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CPO to Continue at 54%, No Change
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Other Oils also Up by 5 to 10 percent
Services to SEZ will be Treated as Inter-State Supply
to be Covered under IGST
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Services Supply to SEZ Unit will be Treated as Zero
Rated Supply only for Authorised Operations of Unit
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Fabric Processors as Job Workers can Get Refund of
Inverted Duty since they are in Services Sector
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Inverted Duty Provision under Section 54(3) of CGST
is Only for Goods
Change of Email and
Mobile Number of the Authorized Signatory by Taxpayers with Assistance from
the Jurisdictional Tax Officer
Corrigendum to Public
Notice No. 09 dated 14.05.2018
Tariff Value of Palm Oil, Palmolein,
Gold and Silver, Brass Scrap, Areca Nuts and Poppy Seeds Notified
CGST Rules, 2017 Amended – New Forms Prescribed for Fortnightly
Return in Composition Revenue and Refund Applications RFD-01
Disposal within One Month Notified for Seized Goods
under Section 67(2) of GST Act
DGTR Initiates Sunset Review Investigation on Nonyl Phenol from Taiwan on Complaint of SI Group
Low Value Postal Exports Allowed under Single Shipping
Bill PBE-II for Single Payment Shipments thru e-Commerce Portals
Board Withdraws Circular 16/2018-Customs on Revised
Adjudication Powers of Commissioners for Confiscated Goods to Avoid Further
Delay
Karanja Terminal (Mah) Notified for Unloading
Imported Goods and Loading Export Goods
Port Restrictions Lifted
for Natural Rubber Imports under Advance Authorization
 Indian Mackerel Fish (Aiyla)
MEIS Raised to 7% with Retrospective Effect from 1 Nov 2017
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Only Mackerel with HS Codes 030249 and 030359 Eligible
Assistant and Deputy Commissioners can Adjudicate in
Confiscation Cases below Rs. 10 lakhs
Prabhu Lands in US, Chats with USTR on Trump Agenda
Special Refund Fortnight Extended till 16 Jun 2018
China Gets Everything It Wanted From Trump's Meeting
with Kim
North Korea Says Trump Agreed to Lift Sanctions after
Meeting
RBI Tightens FDI Reporting
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ECB-2 Return Amended for Monthly Returning on ECB Hedge
Costs in Exposures
Draft Single Master Form for FII Reporting Released
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Violations of Reporting will be Treated as FEMA
Offences
Surat Airport Notified for Baggage Clearance
Modi Woos Singapore Grants Trade Concessions in ASEAN
FTA for ASEAN Membership
China Opens Market for Non-Basmati Rice from India in
Modi Visit
EU Commission Outlines Potential Farm Subsidy Cuts in
2021-2027 Proposals
Draft Regulations for Provisional Assessment (PA) under
Sec 18(2) of Customs Act, 1962 Issued
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Documents to be provided within One Month for PA,
Assessment within Two Months
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Demand for Documents Only in One Go, No Piecemeal
Demand
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Exporters or Importers to be Liable for Penalty of
50K for Contravention, No Penalty Prescribed for Customs
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Budget Amendments to Section 28 of CA, 1962 for Pre-Notice
Consultation before issue of Demand, Supplementary SCM can be Issued,
Compulsory Adjudication within Six Months in a Normal Case
Sugar Price Control Order Released
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No Sale of Sugar below Rs.
29/kg at Factory Gate Allowed
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Stock Level to be Determined by Government
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Search and Seizure powers under Criminal Procedure
Code to Government Officers
Moulds and Dies for Job Work without Consideration not Liable
to GST
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Goods Supply and Services Supply Shown Separately in
Invoice will not be Treated as Composite Supply
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In Tea Auction, Separate Accounts to be Maintained
by Principal and Auctioneer with Input Tax Credit Facility
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E-way Bill Required at Delivery Point in Rail
Transport Case
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EWB Required in All Transit Cases
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No EWB for Same State Movements from DTA to SEZ or
SEZ to DTA
Sale into DTA for Job Work as well as Waste Recovery in
Movements to DTA from EOU not covered under 50% quota, Full movement allowed,
Only GST to be Paid under para 6.08(a) of FTP
DGFT Loses Case on MEIS under Heading 8481, MEIS to be
Paid in all Goods in Heading, Whole Heading and not only Parts of Bicycles
DGFT to Hold Export Obligation Discharge Fortnight in
EPCG and AA cases, Special Camp in Nine Locations to Give on the Spot
Clearance
All Transferable Scrips to Attract 12% GST, Full
Exemption on Exim Scrips. Residual Rate of 18% Not to Apply
Rupee Gains 80 paise against
Dollar to Rs. 67.85 w.e.f.
8 June 2018
DGTR Takes Powers to Impose Anti-circumvention
Anti-dumping Duty on O-Acid from China
Comments on Changes in Inclusion of Inland Freight in NIP
(Non Injurious Price) Calculation Invited
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Anti-subsidy Rules under Amendment to Delete Cases
of Wastage and Backward Area Subsidies
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BIG’s
Easy Reference
Customs Tariff 
2018-19
41st
Budget Edition
Author: Arun Goyal
ISBN: 978-81-86234-60-8
Rs. 1990
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Rupee Gains 80 paise against Dollar to
Rs. 67.85 w.e.f. 8 June
2018
[Customs Notification No. 49 (Non Tariff) dated 7 June 2018]
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Schedule-I
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SNo.
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Foreign Currency
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Rate of exchange of one unit of foreign currency equivalent to
Indian rupees
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(1)
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(2)
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(3)
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(a)
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(b)
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(For Imported Goods)
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(For Export Goods)
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1.
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Australian Dollar
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52.60
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50.25
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2.
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Bahrain Dinar
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183.40
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171.65
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3.
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Canadian Dollar
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52.80
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50.90
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4.
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Chinese Yuan
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10.65
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10.30
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5.
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Danish Kroner
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10.80
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10.40
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6.
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EURO
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80.55
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77.55
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7.
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Hong Kong Dollar
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8.70
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8.40
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8.
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Kuwait Dinar
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229.25
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214.40
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9.
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New Zealand Dollar
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48.50
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46.30
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10.
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Norwegian Kroner
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8.45
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8.15
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11.
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Pound Sterling
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91.60
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88.30
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12.
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Qatari Riyal
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19.00
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17.95
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13.
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Saudi Arabian Riyal
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18.45
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17.30
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14.
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Singapore Dollar
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51.10
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49.55
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15.
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South African Rand
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5.45
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5.10
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16.
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Swedish Kroner
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7.80
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7.55
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17.
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Swiss Franc
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69.40
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66.65
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18.
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UAE Dirham
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18.85
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17.65
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19.
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US Dollar
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67.85
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66.15
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Schedule-II
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SNo.
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Foreign Currency
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Rate of exchange of 100 units of foreign currency equivalent to
Indian rupees
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(1)
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(2)
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(3)
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(a)
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(b)
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(For Imported Goods)
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(For Export Goods)
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1.
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Japanese Yen
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62.10
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59.75
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[F.No.468/01/2018-Cus.V]
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