Income Tax: CBDT notifies conditions & forms for exemption of amount received for Covid-19 Treatment from any person. [Notification No. 91/2022-Income Tax | Dated: 5th August, 2022]
Income Tax: CBDT notifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased [Notification No. 91/2022-Income Tax | Dated: 5th August, 2022]
Income Tax: CBDT notifies Qatar Holding LLC as sovereign wealth fund U/s. 10(23FE). [Notification No. 93/2022-Income Tax Dated: 5th August, 2022]
SEBI: SEBI issued framework for restricting trading by Designated Persons (“DPs”) by freezing PAN at security level. [Circular No.SEBI/HO/ISD/ISD-SEC-4/P/CIR/2022/107 dated 5th August 2022]
RBI: RBI hikes policy repo rate to 5.40 per cent. [REF.No.MPD.BC.394/07.01.279/2022-23 dated 5th August 2022]
DGFT: The requirement for BIS certification for import of ‘Hexane, Food Grade’ is removed [Notification No. 24/2015-2020-DGFT | Dated: 4th August 2022.]
GST: Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 47th meeting on Electric Vehicle , treated sewage water, Motor Chasis, Fly ash etc. . [Circular No. 179/11/2022-TRU dated 3rd August, 22]
GST: Circular issued for GST applicability on liquidated damages, compensation & penalty out of breach of contract and activities falling under “Agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act” has been specifically declared to be a supply of service in para …
GST: CBIC issues clarifications regarding applicable GST rates & exemptions on 16 services. [Circular No. 177/09/2022-TRU dated 3rd August, 22]
Customs: CBIC imposes anti-dumping duty on Opal Glassware from UAE & China PR for a period of 5 years (Notification No. 24/2022-Customs (ADD) | Dated: 3rd August, 2022)
Customs: CBIC notifies notifying exchange rate with effect from 5th August, 2022 against Indian Rupees for Import and Export. [Exchange rate Notification No. 66/2022-Cus (NT) dated 04.08.2022]
National Pension Scheme: e-Investment option provided for Government sector NPS subscribers. [Circular PFRDA/2022/17/SUP-CRA/05 dated 1st August, 22]
RBI: Liberalization for External Commercial Borrowings through Automatic Route for ECB to be raised till 31.12.22 by increasing the limit and all in cost ceiling [ RBI/2022-23/98 A.P. (DIR Series) [Circular No. 11 dated 1st August, 22]
DGFT: DGFT authorises Gem & Jewellery Export Promotion Council (GJEPC), Mumbai under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential). [Public Notice No. 20 /2015-2020 dated 1st August, 22]
DGFT: DGFT extends the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform till 31st March 2023. [Trade Notice No. 15/2022-23 dated 1st August, 2022]
GST: GST E-Invoice will be applicable to every GST registered person whose Aggregate Turnover exceeds Rs. 10 Cr in any of financial year since 2017-18 w.e.f 1st October, 2022. The Limit for aggregate turnover has been reduced from Rs. 20 Cr to Rs. 10 Cr. [Central Tax Notification 17/2022 dated 1st August, 2022]
Customs: CBIC extends Customs clearances beyond normal working hours in Inland Container Depot (ICD) – Circular no. 11/2022 – Customs
Income Tax: CBDT reduces time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically. Notification no: . 5/2022 dated 29.7.2022
MCA: MCA has clarified that spending of CSR funds for the activities related to this campaign, such as mass scale production and supply of the National Flag, outreach and amplification efforts and other related activities, are eligible spending towards CSR activities under the Companies Act, 2013. [General Circular No. 08/2022 | Date: 26th July, 2022]
DGFT: SION for various types of steel seamless tubes (SION No C-594, C-791 and C-796) has been suspended with immediate effect. However, the exporters of these goods can apply for advance authorisation under self-declaration norms as per para 4.07 of HBOP. [Public Notice 19/2015-20 dated 27/07/2022]
