Bizsol Update for the month August 2022: Article on ‘New Life lifeline for Filing of TRAN-1/2 or Revision of earlier Filed Forms’ by CA Manoj Malpani, Sr. Principal Advisor, Bizsolindia Services Pvt. Ltd.. Article on ‘GST Pre-Packed And Labeled Retail Pack Of Food Items’ by CA Abhishek Malpani, Advisor, Bizsolindia Services Pvt. Ltd. Changes …
47th GST Council meeting held on 28th & 29th June 2022 comes with a new proposal which says GST will be applicable on pre-packed and Labeled Pack of Food Items at the rate of 5% from 18th July 2022. The same has been notified through Notification No. 06/2022-CT (Rate) dated 13th July 2022. This proposal …
National Pension Scheme: e-Investment option provided for Government sector NPS subscribers. [Circular PFRDA/2022/17/SUP-CRA/05 dated 1st August, 22]
RBI: Liberalization for External Commercial Borrowings through Automatic Route for ECB to be raised till 31.12.22 by increasing the limit and all in cost ceiling [ RBI/2022-23/98 A.P. (DIR Series) [Circular No. 11 dated 1st August, 22]
DGFT: DGFT authorises Gem & Jewellery Export Promotion Council (GJEPC), Mumbai under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential). [Public Notice No. 20 /2015-2020 dated 1st August, 22]
DGFT: DGFT extends the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform till 31st March 2023. [Trade Notice No. 15/2022-23 dated 1st August, 2022]
GST: GST E-Invoice will be applicable to every GST registered person whose Aggregate Turnover exceeds Rs. 10 Cr in any of financial year since 2017-18 w.e.f 1st October, 2022. The Limit for aggregate turnover has been reduced from Rs. 20 Cr to Rs. 10 Cr. [Central Tax Notification 17/2022 dated 1st August, 2022]
Customs: CBIC extends Customs clearances beyond normal working hours in Inland Container Depot (ICD) – Circular no. 11/2022 – Customs
Income Tax: CBDT reduces time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically. Notification no: . 5/2022 dated 29.7.2022
MCA: MCA has clarified that spending of CSR funds for the activities related to this campaign, such as mass scale production and supply of the National Flag, outreach and amplification efforts and other related activities, are eligible spending towards CSR activities under the Companies Act, 2013. [General Circular No. 08/2022 | Date: 26th July, 2022]
DGFT: SION for various types of steel seamless tubes (SION No C-594, C-791 and C-796) has been suspended with immediate effect. However, the exporters of these goods can apply for advance authorisation under self-declaration norms as per para 4.07 of HBOP. [Public Notice 19/2015-20 dated 27/07/2022]
DGFT: DGFT has issued clarifications in relation to obtaining registration with Non-Ferrous Metal Import Monitoring System (NFMIMS)’. [Policy Circular No. 42/2015-20 | Dated: Dated: 27th July, 2022]
DGFT: Requirement of filing Bill of Exports for supplies made to SEZ prior to 1st April 2015 has been done away. The suppliers can submit copy of ARE-1 or proof of payment from the SEZ Unit or any other evidence of receipt of goods at SEZ as evidence towards supplies to SEZ. [Policy Circular No. …
The Hon’ble Supreme recently (on 22nd July 2022) has disposed off SLP filed by the Union of India to review various judgements given by the Hon’ble High Courts, wherein judiciary had allowed relief to the taxpayers for filing of TRAN-1 / TRAN-2 form even after the due dates. The relief was granted owning to dysfunctional …
GST: GST has issued advisory to taxpayers for filing of GSTR-3B. GSTN has advised taxpayer to continue to file the return as per the old format till the time new format is implemented on the portal. [GSTN Press release]
Customs: The exemption on Agriculture Infrastructure and Development Cess [AIDC] on Lentils (Mosur) has been extended up to and inclusive of the 31st March, 2023. [Notification No. 44/2022-Customs | Dated: the 23rd July, 2022]
GST : GST has issued advisory to taxpayers for filing of GSTR-3B. GSTN has advised taxpayer to continue to file the return as per the old format till the time new format is implemented on the portal. [GSTN Press release]
Customs: The exemption on Agriculture Infrastructure and Development Cess [AIDC] on Lentils (Mosur) has been extended up to and inclusive of the 31st March, 2023. [Notification No. 44/2022-Customs | Dated: the 23rd July, 2022]
GST: CBIC has issued FAQ clarifying some of the aspect of taxability of pre-packaged & pre-labelled goods. [F. No. 190354/172/2022-TRU dated 17-07-2022]
Watch now Webinar on ‘Impact of GST council meeting and subsequent changes thereto’ by Bizsolindia Services Pvt. Ltd.
