SEBI: SEBI issued a circular outlining a centralized mechanism for reporting and verifying about the demise of an investor. [Circular No. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/163 dated 3rd Oct, 2023]
SEZ: Clarification issued on Instruction No.95 allowing SEZ unit to set up cafeteria, creche, gymnasium and similar facilities, that the zero-rating benefit continues to be available for lease rental / other charges collected by Developers from Unit for the space utilized for creation of employee welfare facilities exclusively for the employees of the SEZ units. …
GST: Advisory issued for e-Invoice JSON download functionality. This functionality is now live on GST e-invoice portal, which aims to simplify the process of accessing and managing e-Invoices for GST taxpayers. [Press Release No. 605 dated 3rd Oct 2023]
Section 10 CGST Act, 2013 Composition levy extended to suppliers of goods under ecommerce model: Benefit of composition scheme which was earlier not available to registered persons engaged in supplying goods through Ecommerce operator shall be extended to them. However, restriction will continue to apply for such registered persons who are engaged in supply of …
SEBI: SEBI extended the timeline for the verification of market rumours by top listed entities. [Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/162 dated 30th Sept 2023]
RBI/FEMA RBI Extends ₹2000 Banknote Withdrawal Deadline to October 7, 2023. [RBI/2023-24/64 DCM(Plg) No. S-1288/10.27.00/2023-24 & Press Release: 2023-2024/1025 dated 30th Sept 2023]
Customs: The amendments to the First Schedule of the Customs Tariff Act, 1975 as under: A new tariff item, 2207 10 12, has been added for “Spirits for industrial use” with a duty rate of 150%. The chapter heading for Chapter 98 has been updated to include “Project imports; laboratory chemicals; passengers’ baggage, personal importations …
Customs: Implementation of Section 16 (4) of IGST Act related to restriction on export of certain goods on payment of IGST as specified vide Notification No.1/2023 dated 31st Aug 2023 and coverage under refund mechanism will be effective from 1st Oct 2023. [Circular No.24/2023-Cus Dated 30th Sept 2023]
Customs: Mandatory additional qualifiers in import/export declarations in respect of certain chemical products will be effective from 15th Oct 2023 for imports and from 1st Oct 2023 for exports. [Circular No.23/2023-Cus Dated 30th Sept 2023]
Procedure for Reassessment of Income under Income Tax Act, 1961 has been provided under Sec 147 to 153, wherein Assessing Officer (AO) can reassess the Income which has escaped assessment done earlier. These provisions of reassessment has been revamped by Finance Act, 2021. Prior to 1.4.2021, u/s 147 of the Act, the power to assess …
Adapted From the Book “What Would the Great Economists Do”? By Linda Yueh One of the most challenging questions that keeps haunting me all the time is one for which the answer is known but not a satisfactory one. With problems in the field of Economics plaguing countries around the world increasing as never …
The recently released RBI data shows the household savings plummeting to the lowest level in fifty years triggering alarm bells. Indian households saw their financial assets which include bank savings, cash and investments shrink to 5.1% of the country’s GDP in fiscal 2023 down from 7.20% in the previous fiscal. The amount of money households …
SEBI: BSE has issued notice pertaining to the Revised SOP for applications filed under Regulation 37 and 59A of SEBI Regulations, 2015 concerning Schemes of Arrangements. [Notice No. 20230929-30 on September 29, 2023,]
Customs: CBIC changes to the tariff values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver w.e.f 30.09.2023. Notification No. 71/2023-Custom (N.T.) dated September 29, 2023]
Income Tax: CBDT introduces a revised procedure, format, and standards for filing applications for the grant of certificates under sub-rule (4) of Rule 28AA of the Income Tax Rules, 1962. [Notification (No. 02/2023-Income Tax) on September 27, 2023.]
SEBI: SEBI has extended the deadlines for following: SEBI has extended the last date for submission of the “choice of nomination” for demat accounts to December 31, 2023. SEBI has extended the last date for physical security holder to submit documents to December 31, 2023 [Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2023/158 on September 26, 2023]
RBI: Circular addressing the display of information related to secured assets possessed under the Securitizations and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. [Circular RBI/2023-24/63 on September 25, 2023]
DGFT: Government granting approval for the export of non-Basmati white rice to the United Arab Emirates (UAE) through the National Cooperative Exports Limited (NCEL). [Notification No. 32/2023 dated 25th September 2023]
There are important changes for RCM liability for GTA considering forward charge optionality to GTA. Kindly go through below changes carefully & do necessary changes in for GTA RCM working. Option to pay GST under forward charge for GTA services supplier was inserted by notification 03/2022 – Central tax (rate) dated 13.07.2022. Services of Goods …
DGFT: Existing RoDTEP rates for all items covered will be applicable for exports made from 1.10.2023 to 30.06.2024. [Notification 33/2023 dated 26th Sept 23]
