Team Bizsol

SEBI : SEBI revises Framework for Regulatory Sandbox [Circular No. SEEBI/HO/MIRSD/MIRSD_IT/P/CIR/2021 /0000000658 dtd 16th Nov, 2021]

GST: No Dynamic QR Code on B2C invoices will be applicable, where such invoice is raised in foreign currency and recipient is outside India but Place of Supply is India. [Circular No. 165/21/2021-GST dtd 17th Nov, 2021]

GST: CBIC issues Clarification on GST refund related issues No time limit for refund of balance in electronic cash ledger and no requirement for unjust enrichment certificate for obtaining such refund even though balance in electronic cash ledger is accumulated on account of TDS, TCS Certificate. Relevant date for limitation period for obtaining the refund …

GST : CBIC issues Clarification on GST refund related issues (18.11.2021) Read More »

Others: Delhi govt notifies revised Minimum Wages w.e.f. 01/10/2021 [Order No. F.No.12 (142)/02/MW/VIII/Part file/4456 dtd 11th Nov 2021]

DGFT : Amendment in Appendix 1A of Foreign Trade Policy, 2015-20 – Navsari & Tapi districts of Gujarat have been moved from territorial jurisdiction of RA, Ahmedabad to RA, Surat with immediate effect. [Public Notice No. 36/2015-2020 dtd 11th Nov 2021]

FEMA / RBI: Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications [Notification No. RBI/2021-2022 / 125 DOR . STR . REC . 68  / 21.04.048 / 2021-22 dtd 12th Nov 2021]

FEMA / RBI : Reserve Bank – Integrated Ombudsman Scheme, 2021 [Notification Ref. CEPD. PRD. No.S873/13.01.001/2021-22 dtd 12th Nov 2021]

Customs : CBIC removes levy of ADD on Medium Density Fiber board [Notification No. 65/2021-Customs (ADD) dtd 11th Nov 2021]

Customs: Seeks to impose ADD on Imports of Untreated Fumed Silica from China PR [Notification No. 66/2021-Customs (ADD) dtd 11th Nov 2021]

Others: Legal Metrology (Packaged Commodities) Amendment Rules, 2021 [Notification dtd 2nd Nov 2021 – G.S.R. 779(E).]

DGFT: Two new agencies namely Council for Leather Exports (CLE) and Udaipur Chamber of Commerce & Industry (UCCI) are enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential). Name of Marathwada Industries Association, already enlisted under Appendix 2E, has been amended as Chamber of Marathwada Industries and Agriculture (CMIA). [Public Notice …

DGFT: Two new agencies namely Council for Leather Exports (CLE) and Udaipur Chamber of Commerce & Industry (UCCI) are enlisted under Appendix 2E of FTP, 2015-2020 (12.11.2021) Read More »

Central Exicse : CBIC Notification allowing Centralised registration for Petroleum Crude [Notification No. 02/2021-Central Excise (N.T.) dtd 10th Nov 2021]

Central Excise : Procedures for refund of excise duty on purchase of petrol/diesel/fuel oil by Diplomatic Missions Reg. [Instruction No. F. No. 116/40/2021-CX-3 dtd 10th Nov 2021]

Central Excise: CBIC clarifies on pre-show cause notice consultation [Circular No. 1079/03/2021-CX dtd 11th Nov 2021]

Customs : Govt rescinds the ‘Mineral (Mining by Government Company) Rules, 2015 which was notified for granting mining lease to Government companies [Notification No. G.S.R. 777(E) dtd 2nd Nov, 202]

Customs: CBIC Notifies Rate of Exchange of Foreign Currencies wef 04.11.2021 [Notification No. 90/2021- Customs (N.T.) dtd 3rd Nov 2021]

Customs: Procedure for utilising MEIS Scrip for payment of customs duty [Public Notice No. – 92/2021 dtd 1st Nov 2021]

FEMA: RBI Master Circular – Consolidation of instructions/ guidelines issued to Banks w.r.t. Guarantees and Co-acceptances [RBI/2021-22/121 dtd 9th Nov 2021]

GST : TNGST: SOP for scrutiny for returns Refund – certain guidelines issued [Circular No: 26/2021 – TNGST dtd 29th October 2021]

GST: TNGST- SOP for Faceless Refund under GST guidelines [Circular No: 27/2021 – TNGST dtd 29th October 2021]