Daily Updates

Others: Clarification on encashment of National Savings Certificates (IX Issue): It is clarified that, though NSC IX Issue is a discontinued scheme, NSC IX Issue certificates may be discharged / encashed / closed in any Departmental Post Office, following the procedures prescribed in Chapter 13 of POSB CBS Manual Volume (Corrected up to 31.12.2021). Also …

Others:Clarification on encashment of National Savings Certificates (06.12.2022) Read More »

Others: New activities such as Drone manufacturing, Portable Petrol Pump/Portable Service Stations, Biomass pellet manufacturing, etc. has been included to NIC Code. [Notification No. F. No.5/2(10)/2022/E-P&G/Policy dated 3rd Dec 2022]

Others: Draft Food Safety and Standards (Labelling & Display) Amendment Regulations, 2022 has been presented by Food Safety and Standards Authority of India for certain further amendments to Food Safety and Standards (Labelling & Display) Regulations, 2020, with previous approval of the Central Government. [Notification F. No. STD/SP-08/A1.2022/N-01 dated 30th Nov 2022]

Legal Metrology: Legal Metrology (Packaged Commodities) Rules, 2011 will now come into force w.e.f. 1st Jan 2023. [Notification No. G.S.R. 859(E) dated 30th Nov 2022]

RBI/FEMA: Revised Regulatory Framework for Urban Co-operative Banks (UCBs) w.r.t. Net Worth and Capital Adequacy has been issued. [Notification No. RBI/2022-23/146 DOR.CAP.REC.No.86/09.18.201/2022-23 dated 1st Dec 2022]

Central Excise: Appointment of the Commissioner of Central Excise and Service Tax (Appeals) as Central Excise officer for the entire territorial jurisdiction of the Principal Chief Commissioner/ Chief Commissioner of Central Excise and Service Tax for the purpose of passing Orders-in-Appeal for the CX & ST appeals filed after 30.06.2017. [Notification No.04/2022 – Central Excise …

Central Excise: Appointment of the Commissioner of Central Excise and Service Tax (Appeals) as Central Excise officer for the entire territorial jurisdiction of the Principal Chief Commissioner/ Chief Commissioner of Central Excise and Service Tax for the purpose of passing Orders-in-Appeal for the CX & ST appeals filed after 30.06.2017.(03.12.2022) Read More »

Customs: CBIC notifies Customs Exchange rate for Import & Export w.e.f. 02.12.2012. [Notification No.101/2022-Customs (NT) dated 1st Dec 2022]

SEBI: Updated Operational  Circular issued for listing  obligations  and  disclosure requirements  for Non-convertible Securities, Securitized Debt Instruments and /or Commercial Paper.[Circular No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000103 dated 1st Dec 2022]

SEBI: Extension  of  timeline  for  implementation  of  Standardized  industry  classification by CRAs. [Circular No. SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/168 dated 1st Dec 2022]

Income Tax: CBDT notifies Federation International de Football Association Under-17 Women’s World Cup, 2022 as the international sporting event for Income Tax Exemption under Section 10(39). [Notification No. 126/2022-Income Tax dated 30th Nov, 2022]

Income Tax: Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO. [DGIT(Systems)/Instruction/245/2022-23 dated 28th Nov 2022]

DGFT Validity of Pre-Shipment Inspection Agency has been extended from 3rd Dec 22 to 31st Dec 22. [Public Notice No.39/2015-2020 dated 30th Nov 2022]

DGFT: Annual SCOMET Update – 2022 has been notified to amend Appendix 3 (SCOMET Items) to Schedule-2 of ITC (HS) Classification of Export and Import Items, 2018. [Notification No. 46/2015-2020 dated 30th Nov, 2022]

Central Excise: Reduction in the Special Additional Excise Duty on Diesel. [Notification No.41/2022-Central Excise dated 1st Dec 2022]

Central Excise: Reduction in the Special Additional Excise Duty on production of Petroleum Crude [Notification No.40/2022-Central Excise dated 1st Dec 2022]

Customs: Requirement   of   Health Certificate accompanied with the import of food consignments is extended till 31st Dec 2022 [Instruction No.32 /2022-Customs dated 28th Nov 2022]

Customs: Improvements in SWIFT, Integration of ICEGATE with AQCS-ICS (Animal Quarantine and Certification Services-Import Clearance System) is effective from 01.12.2022. [Circular No. 24/2022-Customs dated 28th Nov 2022]

Customs: Certain amendments notified for imposition of definitive anti-dumping duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles originating in or exported from China PR, Korea RP and Thailand. [Notification No.30/2022-Customs (AAD) dated 28th Nov 2022]

Customs: Amendments notified for Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Notification No.100/2022-Customs (NT) dated 30th Nov 2022]

Customs: CBIC extends exemption from maintaining deposits in ECL Under Customs Act, Till 31st March, 2023. [Notification No.98/2022 & 99/2022-Customs (NT) dated 29th Nov 2022]