Analysis of Foreign Trade Policy 2023 The new Foreign Trade Policy effective from 01st April 2023 is announced on 31st March 2023 with the focus of achieving the dream of meeting export target 2 trillion-dollar exports by 2030 out of which 1 trillion dollars through merchandise trade. Despite covid pandemic and volatile geopolitical situation in …
Income Tax: Procedure, format and standards issued for filling an application in Form No. 15C or Form No. 150 for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES. [Notification No.1/2023 dated 1st April 2023]
Customs: Seeks to give effect to the 2nd tranche of India UAE CEPA with amendments to exemption Notification No.22/2022-Customs, dated the 30th Apr 2022 with amended rates of BCD to respective goods. [Notification No.20/2023-Cus dated 31st Mar 2023]
Customs: Seeks to give effect to the 3rd tranche of India Mauritius CECPA with amendments to exemption Notification No.25/2021-Customs, dated the 31st March, 2021 with amended rates of BCD to respective goods. [Notification No.19/2023-Cus dated 31st Mar 2023]
GST: Extension of limitation period under section 168A for issuance of orders under section 73(9) as: FY 2017-18 : up to 31st Dec 2023 FY 2018-19: up to 31st Mar 2024 FY 2019-20: up to 30th June 2024 [Notification No.09/2003- Central Tax dated 31st Mar 2023]
GST: Late fees restricted to Rs.1000/- for non-filing of GSTR-10 if it is filed between 1st April 23 to 30th June 23. [Notification No.08/2003- Central Tax dated 31st Mar 2023]
GST: Late fees restricted to Rs.20,000/- for non-filing of GSTR-9 (Annual Returns) for FY 2017-18 to 2021-22 if it is filed between 1st April 23 to 30th June 23. Late fees revised for FY 2022-23 onwards. [Notification No.07/2003- Central Tax dated 31st Mar 2023]
GST: Special procedure announced for non-filers of returns with provision of withdrawal of assessments. [Notification No.06/2003- Central Tax dated 31st Mar 2023]
GST: Amendment to sub-rule 4B of Rule 8 of CGST Rules effective from 27th Dec 2022, while filing an application for registration in GST REG-01 Biometric based Aadhar Authentication and taking photograph of the applicant with the verification of original documents to be uploaded through one of the notified Facilitation Centres is applicable only to …
GST: Amendments to CGST Rules, 2017 w.e.f. 26th Dec 2022, for Sub-Rule 4A of Rule 8 states about Authentication of Aadhar during registration whereas Biometric based Aadhar Authentication and taking photograph of the applicant amended as a proviso to the said rule, earlier this is not inserted as a proviso to the rule. [Notification No.04/2003- …
GST: Special procedures declared for revocation of cancellation of registration, cancelled on or before 31st Dec 2022: -Those missed to apply, to be applied 30th June 2023 -Revocation to be filed only after filing all returns along with payment of tax up to the effective date of cancellation of registration -No further extension of time …
GST: Amnesty declared for delayed filing of Form GSTR-4 for the quarters from July 2017 to March 2019 for the Financial years from 2019-20 to 2021-22 with restricted late fees of Rs.500/- if said return furnished between the period from the1st day of April 2023 to the 30th day of June, 2023. [Notification No.02/2003- Central …
THE END GAME OF A MARQUEE BANK FOR STARTUPS THE COLLAPSE OF THE SILICONE VALLEY BANK – CAUSES & CONSEQUENCES In the startup ecosystem one of the most critical components is the support needed in the form of finance, however viable your projects and proposals appear to be on paper. This is a truism that …
Around the world, we find with alarming regularity, the rise of autocrats who have no concern for, nor do they feel the necessity of, following democracy. When countries are ruled by such despots it gives rise to a number of intractable problems. The primary one is how to brand one an autocrat without being subjective …
Happy New Financial Year 2023-24 !! Know the 8 things to do…
The new Foreign Trade Policy effective from 01st April 2023 is announced on 31-03-2023 with the focus of achieving the dream of meeting export target 2 trillion-dollar exports by 2030 out of which 1 trillion dollars through merchandise trade. In spite of COVID pandemic and volatile situation in the world, exports from India have gone …
Judicial Corner: Registrar of Companies, Gujarat imposed penalty on company and its Directors/officer in default of Rs. 8 Lakh for violation of section 12(1) of Companies Act, 2013 as the company did not maintain its registered office of the company at the address mentioned in the Master data of MCA.
DGFT: Transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 31st December 2023. [Trade Notice No. 27/2022-2023-DGFT Dated: 28th March 2023.]
Income Tax: CBDT notifies Consequences of PAN becoming inoperative under Rule 114AAA. [Circular No. 03 of 2023-Income Tax Dated 28th March, 2023]
Income Tax : Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30. [Notification No. 15/2023 Date: 28th March, 2023]
