Team Bizsol

FEMA/RBI: A software application called ‘APConnect’ has been developed for processing of application for licensing of FFMC (Full Fledged Money Changers), non-bank AD Cat-II, authorisation as MTSS Agent, renewal of existing license / authorisation, for seeking approval as per the extant instructions and for submission of various statements/returns by FFMCs and non-bank AD Cat-II banks. …

FEMA / RBI: A software application called ‘APConnect’ has been developed for processing of application for licensing of FFMC (Full Fledged Money Changers), non-bank AD Cat-II, authorisation as MTSS Agent, renewal of existing license / authorisation, for seeking approval as per the extant instructions and for submission of various statements/returns by FFMCs and non-bank AD Cat-II banks.(10.04.2023) Read More »

Income Tax: CBDT notifies revised jurisdictions under Rule 114F of Income Tax Rules 1962 stating an investment entity to define ‘passive non-financial entity’. [Notification No.17/2023 dated 6th April 2023]

DGFT: Issuance of EODC for AA and EPCG process identified by DGFT portal, accordingly AA closure application may be submitted with or without data validations and EPCG closure applications may also be submitted online without validation as per provided steps. [Trade Notice No.01/2023-24 dated 6th April 2023]

DGFT: Policy conditions for exports and Halal Certification Process for Meat & Meat Products amended so as to streamline the process. [Notification No. 03/2023 dated 6th April 2023]

Customs: Standing Order for Clearance of import consignments where duty payment is not reflected in ICES also issued with procedure to follow. [JNCH Standing Order No. 06/ 2023 & Public Notice No.28/2023 dated 6th April 2023]  

Customs: Standing order issued for clearance of perishable cargo where payments done but not reflected in ICES, with grant of manual Out Of Charge if the importer produces a bank certificate indicating the payment of duty amount along with an undertaking that in case duty is found to be not credited, the importer shall deposit …

Customs: Standing order issued for clearance of perishable cargo where payments done but not reflected in ICES (10.04.2023) Read More »

Customs: Customs(Waiver of Interest)Order, 2023 issued, due to technical difficulties on common portal the Central Board of Indirect Taxes and Customs, hereby waives the whole of interest payable under sub-section (2)of section 47 of the said Act, for the period from 1st April 2023 up to and including the 10th April, 2023, in respect of …

Customs: Customs(Waiver of Interest)Order, 2023 issued, due to technical difficulties on common portal the Central Board of Indirect Taxes and Customs, hereby waives the whole of interest payable under sub-section (2)of section 47 of the said Act, for the period from 1st April 2023 up to and including the 10th April, 2023 (10.04.2023) Read More »

Customs: Extension of imposition of Anti-Dumping Duty on imports of “Fishing Net” falling under Tariff Heading “56081110” originating in or exported from China PR till 9th Sept 2023. [Notification No.3/2023-Cus (ADD) dated 6th April 2023]

Judicial Corner : Central Excise: CESTAT Delhi held that extended period of limitation is not invocable when department is being fully aware of issue when audit was conducted and show cause notice for previous period on the same issued was already issued.

Judicial Corner: Customs CESTAT Delhi recently held that order of higher appellate authority should be followed unreservedly by subordinate authorities.

Judicial Corner: GST: Punjab and Haryana High Court held that the amount deposited by petitioner under protest were liable to be refunded as petitioner has been deprived of his right as he had paid sum of rupees under protest and If tax is collected without any authority of law, same would amount to depriving a …

Judicial Corner : Punjab & Haryana High Court held that the amount deposited by petitioner under protest were liable to be refunded as petitioner has been deprived of his right as he had paid sum of rupees under protest and If tax is collected without any authority of law, same would amount to depriving a person of his property without any authority of law and would infringe his right under Article 300 A of Constitution of India as well. (07.04.2023) Read More »

IRDAI: IRDAI clarified on Expenses of Management of Life Insurance Business vide IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023 [Circular No. IRDAUF&I/CIR/E0M/84/4/2023 dated 5th April 2023]

SEBI : It is clarified that SEBI cannot issue guidelines on securities of Private Company since securities of private companies are not regulated by SEBI. [Guidance No. SEBI/HO/MIRSD/POD2/0W/P/2023/13863/1 dated 5th April 2023]

SEBI: ‘Advertisement Code’ issued for IA (Investment Advisers) & RA (Research Analysts) for further strengthen the conduct of IAs and RAs, while issuing any advertisement, it is directed that IAs/RAs shall ensure compliance with the advertisement code. [Circular No. SEBI/HO/MIRSD/ MIRSD-PoD-2/P/CIR/2023/51 dated 5th April 2023]

FEMA : Master Directions issued on Framework of Incentives for Currency Distribution & Exchange Scheme for bank branches including currency chests based on performance in rendering customer service to the members of public. [Notification No. RBI/2023-24/99 DCM (CC) No.G-5/03.41.01/2023-24 dated 3rd April 2023]   Master Directions issued on Scheme of Penalties for bank branches and …

FEMA : Master Directions : Framework of Incentives for Currency Distribution & Exchange Scheme | Scheme of Penalties for bank branches | Penal Provisions in reporting of transactions/ balances at Currency Chests | Counterfeit Notes, 2023 for Detection, Reporting & Monitoring(06.04.2023) Read More »

MCA: MCA imposes penalty on company for Non-filing of Form PAS-3 (Return of Allotment of Shares). [Order No. ROC/PAT/Inspn/23450/3033 dated 3rd April 2023

Excise: Reduction in the Special Additional Excise Duty on Diesel to ‘Rs. 0.50 per litre’ w.e.f. 4th April 2023 [Notification No.17/2023-CE dated 3rd April 2023]  

EXCISE: No Special Additional Excise Duty applicable on production of Petroleum Crude w.e.f. 4th April 2023 [Notification No.16/2023-CE dated 3rd April 2023]  

Income Tax: CBDT clarified that each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee, then default tax regime will be considered as new Income Tax regime u/s 115BAC by the …

Income Tax: CBDT clarified that each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee, then default tax regime will be considered as new Income Tax regime u/s 115BAC by the employer. (06.04.2023) Read More »

GST :  High Court of Delhi held that Refund of unutilised ITC can’t be rejected on allegation of fake invoices without establishing that petitioner didn’t receive goods. The Hon’ble Bench of High Court held ITC could not be denied when petitioner established that goods had been exported and invoices in respect of which ITC was …

Judicial Corner : High Court of Delhi held that Refund of unutilised ITC can’t be rejected on allegation of fake invoices without establishing that petitioner didn’t receive goods. (06.04.2023) Read More »