SEBI: Regulatory Framework for Sponsors of a Mutual Fund has been issued to enhance the penetration of the Mutual Fund industry, and to facilitate new types of players to act as sponsors of Mutual Funds, an alternative set of eligibility criteria is introduced. [Circular No. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2023/118 dated 7th July 2023]
DGFT: Revision of general notes regarding Import Policy under Schedule I (Import Policy ) ITC (HS), 2022, so as to update relevant detail regarding Food Import Entry Points, in sync with relevant FSSAI notification. [Notification No.18/2023 dated 10th July 2023]
DGFT: ITC (HS) Codes for Cotton under India- Aus ECTA TRQ QTY as 51000 MTs has been revised in sync with Ministry of Finance (Department of Revenue) Notification No.38/2023-Cus dated 23rd May 2023. [Public Notice No.21/2023 dated 10th July 2023]
Customs: Standard Operating Procedure defined for stepping up of Preventive Vigilance Mechanism by the jurisdictional CBIC field formations and to prevent flow of suspicious cash, illicit liquor, drugs/narcotics, freebies and smuggled goods during elections. [Instruction No.22/2023-Cus dated 6th July 2023]
Customs: Amendment in import policy condition of Cigarette lighters Covered under CTH 9613 of Chapter 96 of Schedule-I (Import Policy) of ITC (HS) 2022. [Instruction No.21 /2023-Cus dated 5th July 2023]
Customs: FSSAI has notified Authorised officers at 161 Points of Entries (PoEs) for food, wherein 99 PoEs are to be manned by Customs officials as Authorized officers (AOs) while 62 PoEs are manned by FSSAI officials. [Instruction No.20 /2023-Cus dated 5th July 2023]
Customs: It is clarified that for the purpose of customs clearances, the HS Code (2007 version) mentioned in CoO issued under India-Japan CEPA needs to be co-related with HS codes (2022 version) mentioned in the BOE at the time of Customs Clearance.[Instruction No.19/2023-Cus dated 4th July 2023]
Bizsol Update for the month July 2023 From the Desk of Chairman Article on ‘Universal Basic Income’ by CS. Venkat R. Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. Article on ‘GST Impact on Sale of Leasehold Land’ by CA Abhishek Malpani, Advisor, Bizsolindia Services Pvt Ltd. Article on ‘6 Years of GST… GST is getting its …
Company Law: Penalty imposed by ROC Tamilnadu, Coimbatore for not maintaining Registered Office as per provisions of Section 12 of Companies Act, 2013. [Order Ref. No. ROCCBE/ADJ-O/12/029652/2023 dated 30th June 2023]
DGFT: Import of 17,000 Metric Tonnes of Fresh (green) Areca nut without a Minimum Import Price (MIP) condition from Bhutan shall also be allowed though LCS Chamurchi (INCHMB). [Notification No. 17/2023 dated 3rd July 2023]
DGFT: DGFT Amends Quota Allocation Procedure for Export of Broken Rice, based on humanitarian and food security grounds and caters to requests received from the governments of other countries. [Trade Notice No.13/2023 dated 3rd July 2023]
Income Tax: Circular issued to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalized Remittance Scheme (LRS) and on purchase of overseas tour program package with FAQs. [Circular No.10/2023 dated 30th June 2023]
Customs: Amendments to notification No. 11/2021-Customs dated 01.02.2021 in order to prescribe the AIDC (Agriculture Infrastructure and Development Cess) rate for liquified Propane and liquified Butane as “15%”. [Notification No. 45/2023-Customs dated 1st July 2023]
Customs: Amendments to notification No. 50/2017 -Customs dated 30.06.2017 in order to prescribe a concessional BCD rate for imports of liquified Propane and liquified Butane as “2.5%”. [Notification No. 44/2023-Customs dated 1st July 2023]
Customs: Amendment to First Schedule of the Customs Tariff Act as Standard BCD rate for tariff items 2711 12 00 and 2711 13 00 substituted as “15%”. [Notification No. 43/2023-Customs dated 1st July 2023]
Our Founder, CMA Ashok Nawal, talks about the 6 years of GST. He also shares some more important insights and certain aspects which still need attention from the GST Department.
In the Editorial piece of the previous month, I had made some observations on the decision of the Reserve Bank of India to withdraw the Rs 2000 notes. This was focused more on the ethical standpoint of both the government and the currency in question. Now we have data to discuss the real impact of …
One of the hot issue which is faced by Industry across the country is GST impact on sale of leasehold land. New companies have their units set up on the leasehold land provided by the State Industrial Development Corporation (SIDC) for 99 years or above. In case, such companies do not want to continue their …
Article on ‘GST Impact on Sale of Leasehold Land’ by CA Abhishek Malpani (July 2023) Read More »
It was a historic landmark day 1st July 2017 when GST was introduced with much fanfare at midnight by Prime Minister Modi & then President Mr. Pranav Mukharjee meant to realize the “One Nation-One Market-One Tax, Simplifying Tax & Driving Growth” plan. GST has subsumed 17 Taxes and 13 cesses levied by the central and …
Mr. Venkatramanan Anantha Nageswaran is the Chief Economic Advisor (CEA) to the Government of India. Though his name is a mouthful, Nageswaran is generally known as a man of few words. However, he has the ears of all those who matter in the government, being an expert in the voodoo science in the country, if …
