Customs: Customs includes Maia in Murshidabad District, West Bengal, as a designated location for trade with Bangladesh. [Notification No. 66/2023 – Customs (N.T.) | Dated: 14th September, 2023]
Income Tax: CBDT notifies Multi Commodity Exchange Investor (Client) Protection Fund Trust U/s. 10(23EC). [Notification No. 77/2023- Income Tax Dated: 12th September, 2023]
After a six-year period of anticipation, the establishment of the GST Appellate Tribunal is constituted. It promises the world of taxation, a more streamlined and robust resolution process for tax-related issues. The GST Appellate Tribunal in various states has been announced by Ministry of Finance, Department of Revenue vide Notification dated 14th September 2023 This …
Customs: CBIC has imposed an Anti-Dumping Duty (ADD) on imports of “Flat Base Steel Wheels” originating in and exported from China PR for a duration of five years. [Notification No. 09/2023-Customs (ADD) dated 11th September, 2023]
DGFT: DGFT introduces significant amendments to the export policy for food supplements containing botanicals. These amendments focus on ensuring compliance with EU and UK regulations by requiring the issuance of official certificates from designated Competent Authorities, including EIC/EIA and SHEFEXIL. [Notification No. 31/2023-DGFT on September 11, 2023.]
RBI: RBI has issued a circular regarding the announcement pertains to Section 42(1A) of the Reserve Bank of India Act, 1934, specifically about the requirement for maintaining an additional Cash Reserve Ratio (CRR). [RBI/2023-24/59 DOR.RET.REC.34/12.01.001/2023-24 dated: 08 Sep,2023]
Bizsol Update for the month September 2023 From the Desk of Chairman Article on ‘The Construct Of Basic Structure In The Indian Constitution’ by CS. Venkat R. Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. Article on ‘GST on transactions between head office and branches under GST (Cross Charge)’ by CA Manoj Malpani, Director, Bizsolindia Services Pvt …
Over the period of time, the GST council is focusing on correct Input Tax credit by the taxpayers. Further, they want to control the credit availment of fake transaction in the overall chain. To enhance the compliance with regards to Input Tax Credit (ITC) utilization and the accurate reporting of ITC availment, ITC reversal, ITC …
The background The GST Act has merged taxability of goods and services under one act. Under GST, the taxable event is “supply of goods or services” from one taxable person to another taxable person. Section 7 of the CGST Act, 2017 defines the term “supply”. As per the definition of “Supply” amongst other things, “consideration” …
THE ORIGIN AND THE EVOLUTION In our growing up years whenever we had occasions to learn the elementary lessons in Civics, I used to wonder how a great nation like the UK could function and thrive without a written Constitution, especially the one that is known as the mother of all democracies. Today when we …
One of the disappointments that has been weighing down the Indian collective psyche was the failure of Chandrayaan 2 that crash landed on the moon on 6th September 2019. The country’s PM returning dejected from the space station with the scientific community in despair were not a remarkable sight. When Chandrayaan 3 landed on the …
GST: Government has inserted Rule 31B & 31C regarding valuation of service in case of supply of Online money gaming & actionable claims in case of Casino respectively. [Notification No. 45/2023-Central Taxes dated September 6, 2023,]
SEBI: SEBI has provided clarification on mutual fund investments in the Corporate Debt Market Development Fund (CDMDF) and responds to a previous request from the Association of Mutual Funds in India (AMFI) regarding asset allocation limits. [Circulars No. SEBI/HO/IMD/PoD2/P/CIR/2023/152 Dated: 6th September 2023.]
RBI: The RBI issued a directive authorizes Scheduled Commercial Banks to link pre-sanctioned credit lines with UPI, a move set to increase the payment options available to UPI users. [RBI/2023-24/58 CO.DPSS.POLC.No.S-567/02-23-001/2023-2024 Dated: 4th September 2023.]
Customs: CBIC made amendments in the processes and procedures surrounding the Customs Post Clearance Audit (PCA). [Audit Work Instruction No. 27/2023- Customs Dated: 6th September 2023.]
Customs: Department gives Customs duty exemptions for textile machineries. [Notifications No. 52/2023-Customs [G.S.R 653(E)] dated 05 sep,2023]
DGFT: DGFT provides clarification on the availability of pre-shipment and post-shipment export credit, as well as Packing Credit in Foreign Currency (PCFC), for E-commerce exports. [Trade Notice No. 26/2023-24-DGFT dated: 04 sep,2023]
Income Tax : ‘Real Estate Regulatory Authorities’ constituted by Government as a ‘class of Authority’ exempted in respect of the specified income arising to that Authority u/s 10(46) of Income Tax Act. [Notification No. 76/2023-Income Tax Dated: 1st September, 2023]
Income Tax: ‘E-Governance Society, Department of Food, Civil Supplies and Consumer Affairs, Himachal Pradesh, exempted in respect of the specified income arising to that body u/s 10(46) of Income Tax Act. [Notification No. 75/2023-Income Tax Dated: 1st September, 2023]
Income Tax: ‘Rajasthan State Dental Council’ (PAN AABAR7223E), a body constituted by the Government of Rajasthan exempted in respect of the specified income arising to that body u/s 10(46) of Income Tax Act. [Notification No. 74/2023-Income Tax Dated: 1st September, 2023]
