Team Bizsol

DGFT: EPCG Amnesty scheme date has been extended from 30.06.23 to 31.12.2023. (Public Notice 20/2023 dated 30th June 2023)

Corporate Law: IRDAI has issued a circular outlining monitoring requirements for insurers’ investments in Alternative Investment Funds (AIF). (Circular No. REF: IRDAI/F&I/CIR/INV/139/06/2023)

Corporate Law: IRDAI Directs Life Insurers to Comply with Surrogacy and ART Acts for Insurance Coverage. (Circular No. IRDAI/LIFE/CIR/PRO/138/6/2023)

SEBI: SEBI has released the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2023. (Notification No. SEBI/LAD-NRO/GN/2023/134)

GST: To reduce pending litigations and unlock outstanding dues under previous tax laws, the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023 has been enacted. (Trade Circular No. 11T of 2023)

GST:   GSTN has introduced a new functionality to enable taxpayers to explain the difference in liability between their GSTR-1 and GSTR-3B returns online.(Press Releases No. 592)

GST: Extension of due date for filing of return in FORM GSTR3B for the month of May 2023 for the persons registered in the districts of Kutch, Jamnagar, Morbi, Patan and Banaskantha in the state of Gujarat upto 30th June 2023. (Notification No. 17/2023–Central Tax)

Income Tax: CBDT extends Q1 TDS/TCS statements submission deadline to Sep 30 [Circular No. 9/2023-Income Tax Dated: 28th June, 2023]

Income Tax: Tolerance range for Deemed Arm’s Length Price for Assessment Year 2023-2024 has been notified. [Notification No. 46/2023-Income-Tax | Dated: 26th June, 2023]

GST: Circular issued by the Commissioner of State Tax, Kerala, outlines the instructions for the maintenance of a Call Book in the Kerala State Goods & Services Tax Department. (Circular No. 13/2023)

GST: The Circular by the Commissioner of State Tax, Kerala, provides guidelines for the Audit Monitoring Committee (AMC) in completing audits under the KSGST Act, 2017. It outlines the procedures to be followed, including the review of Draft Audit Reports (DAR) and the decision-making process during monthly meetings. (Circular No. 12/2023 [SGST/2726/2023/-PLC11)

GST: Special Procedure for Revoking Cancelled GST Registration in Delhi notified. (Notification No. 03/2023-State Tax [No. F. 3 (01)/Fin.(Exp-I)/2023-24/D54/543)

Customs: Amendment has been made in Customs Exchange Rate for Turkish Lira from 24th June, 2023.(Notification No. 46/2023 – Customs (N.T.))

Income Tax: CBDT amends rules pertaining to registration, approval & activities of Institutions, trusts & funds. (Notification No. 45/2023-Income-Tax [G.S.R. 457(E))

Income Tax: CBDT approves University of Patanjali’ for Social Science Research under Section 35 of Income Tax Act. (Notification No. 44/2023-Income Tax [S.O. 2762(E).)

RBI: RBI Allows Remittances to IFSCs for ‘Studies Abroad’ under LRS. (Notification No. (RBI/2023-24/45 A.P. (DIR Series) Circular No. 06)

Corporate Law: IRDAI Expands ‘Use and File’ Procedure for Life Insurance Products. (Circular No. IRDAI/ACTL/CIR/PRO/135/06/2023)

Income Tax: CBDT Notifies New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24. (Notification No. 43/2023-Income Tax)

Corporate Law: Relaxation provided for paying additional fees in case of delay in filing DPT-3 for Financial Year ended on 31st March 23 upto 31st July 2023. (General Circular 06/2023 dated 21st June 23)

GST: CBIC extended due date for furnishing GSTR-7 for April, 2023 and May 2023 for registered persons whose principal place of business is in the State of Manipur to 30th June, 2023. (Notification No. 16/2023–Central Tax [G.S.R. 450(E))