Team Bizsol

Actuaries (Procedure for Inquiry of Professional and Other Misconduct) Amendment Rules, 2021. [MCA Notification 18th June, 2021]

MCA Notifies Companies (Creation and Maintenance of data bank of Independent Directors) Amendment Rules, 2021. [MCA Notification No. G.S.R. 418(E), Dated: 18.06.2021]  

Comments are invited within 30 days on Employees’ State Insurance Corporation, notified the ESIC COVID-19 RELIEF SCHEME under Section 19 of the Act as a welfare measure for the Insured Persons who are employees under Section 2(9) of the ESI Act under which in case of death of IP due to COVID-19, the eligible dependent …

Comments are invited within 30 days on Employees’ State Insurance Corporation.(21.06.2021) Read More »

SEBI amends requirements for listing of securities on a recognized stock exchange. The Securities Contracts (Regulation) (Amendment) Rules, 2021. [ SEBI Notification dtd 19th June]

Following list of goods cannot be analysed/tested due to non-availability of facility at DYCC JNCH Laboratory.  [JNCH Public Notice No.: 56/2021- dtd 16th June 2021]

Companies (Indian Accounting Standards) Amendment Rules 2021. The following Indian Accounting Standards ( Ind AS ) have been amended : [MCA Notification dtd 18th June 2021]

IBBI invites comments from public from 17th June, 2021 to 31st December, 2021 on Regulations notified under IBC, 2016. [IBBI Press Release No. IBBI/PR/2021/12 ddt 17th June 2021]

System Driven Disclosures has been implemented for members of promoter group and designated persons in addition to the promoters and directors of company under Regulation 7(2) of PIT Regulations pertaining to trading in equity shares and equity derivative instruments i.e. Futures and Options of the listed company (wherever applicable) by the entities. [SEBI Circular No. …

System Driven Disclosures has been implemented for members of promoter group and designated persons.(19.06.2021) Read More »

MSME Relaxation: Extension of Validity of Udyog Aadhaar Memorandum till 31.12.2021. [MSME Notification dtd 16th June 2021]

All the manufacturers and marketing companies are required to revise the MRP of drugs/formulations on which Tax/GST rates have been reduced taking into effect the revised rates of Tax/GST. Recalling or re-labelling or re-stickering on the label of container or pack of released stocks in the market prior to date of notifications, is not mandatory, …

All the manufacturers and marketing companies are required to revise the MRP of drugs/formulations on which Tax/GST rates have been reduced taking into effect the revised rates of Tax/GST.(18.06.2021) Read More »

Exchange Rates for import and export transactions have been notified by CBIC. [Notification No. 54/2021 – Customs (NT) d.t 17.06.2021 dtd 17th June 2021]

Laterals/parts to be used solely or principally with sprinklers or drip irrigation system, which are classifiable under heading 8424, would attract a GST of 12%, even if supplied separately. However, any part of general use, which gets classified in a heading other than 8424, in terms of Section Note and Chapter Notes to HSN, shall …

Laterals/parts to be used solely or principally with sprinklers or drip irrigation system, which are classifiable under heading 8424.(18.06.2021) Read More »

Guaranteeing of loans by Central or State Government for their undertaking or PSU is specifically exempt under said entry No. 34A.  [Circular No. 154/09/2021-GST dtd 17th June 2021]

Services by way of milling of wheat into flour or paddy into rice will attract 5% tax even though the rice / wheat / paddy is for distribution by State Governments under PDS. [Circular No. 153/09/2021-GST dtd 17th June 2021]

Works contract service provided by way of construction such as of rope way shall fall under entry at sl. No. 3(xii) of notification 11/2017-(CTR) and attract GST at the rate of 18%. [Circular No. 152/08/2021-GST]

Clarification in respect of taxability of various services supplied by Centre and State Boards such as National Board of Examination (NBE): (i) GST is exempt on services provided by Central or State Boards ( including the boards such as NBE) by way of conduct of examination for the students, including conduct of entrance examination for …

Clarification in respect of taxability of various services supplied by Centre and State Boards such as National Board of Examination.(18.06.2021) Read More »

Services by way of construction of road fall under heading 9954. This heading inter alia covers general construction services of highways, streets, roads railways, airfield runways, bridges and tunnels. Consideration for construction of road service may be paid partially upfront and partially in deferred annual payments (and may be called annuities). Said entry 23A does …

Services by way of construction of road fall under heading 9954.(18.06.2021) Read More »

Services provided to an educational institution by way of serving of food ( catering including mid- day meals) is exempt from levy of GST irrespective of its funding from government grants or corporate donations [under said entry 66 (b)(ii)]. Educational institutions as defined in the notification include aganwadi. Hence, serving of food to anganwadi shall …

Services provided to an educational institution by way of serving of food ( catering including mid- day meals) is exempt from levy of GST irrespective of its funding from government grants or corporate donations [under said entry 66 (b)(ii)].(18.06.2021) Read More »

EPFO extends deadline for filing of PF return with Aadhaar seeded UANs till September, 2021 Employees’ Provident Fund Organization (EPFO)vide circular No. WSU/15(1)2019/ATR/529 dated 15th June, 2021 extended the last date to seed the Aadhaar number with the universal account number (UAN) for filing electronic challan-cum-returns till September 1, 2021.   

FDI policy on Insurance sector has been revised so as to enhance foreign equity in Insurance Sector to the extent of 74% and Intermediaries or Insurance Intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, Surveyors and Loss Assessors and such other entities, as may be notified by the Insurance Regulatory and …

FDI policy on Insurance sector has been revised.(17.06.2021) Read More »