Daily Updates

GST: No detention of Goods in the course of transport on the ground of undervaluation [Circular No. 6/2022 dtd 6th April 2022]

Customs: CBIC Notifies Rate of Exchange of Foreign Currencies wef 08.04.2022 [Notification No. 32/2022 – Customs (N.T.) dtd 7th April, 2022]

IBBI: Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 is notified making important changes in regulations 2(1)(c), 5(2), 10(2), 30(2) . 35(1), 37(1), 38(3), 39(7), etc. [Notification No.  F. No. IBBI/2022-23/GN/REG.081 dtd 5th April 2022]

GST: Now each taxpayer will have to be furnished details of ineligible ITC  and reversal of ineligible ITC in GSTR-3B and for earlier months they should report the same in the Annual Return of 2021-22, if not reported in 2021-22. [GST Circular No. 1/2022dtd 5th April 2022]  

SEBI: KRAs shall continue to act as repository of KYC data in the securities market and shall be responsible for storing, safeguarding and retrieving the KYC documents and submit to the Board or any other statutory authority as and when required in accordance with the [Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/46  dtd April 06, 2022]

Others: Implementation of amendment of Legal Metrology Rules 2011 is extended from 1st April 2022 to 1st October 2022. [Notification GSR 226(E) dtd 28th March 2022]

DGFT: DGFT extends Foreign Trade Policy and HandBook of Procedures 2015-2020 from 31.3.22 to 30th September, 22 (Notification 64/2015-2020 dated 31st March 22)

Income Tax: CBDT extends date for application for registration or approval of trust in Form 10AB to 30th September, 22 (Income tax Circular 8/2022  dated 31.3.22)

ROC: MCA extends audit trail dated to 1st April 2023 and CSR-2 to 31st May 2022 (Not. Dated 31.3.22)

Income Tax: President gives assent to Finance Act, 2022 on 30th March 2022

DGFT: Office address of the Export Promotion Council for EOU and SEZ  (EPCES), New Delhi has been updated Under Appendix 2T of FTP, 2015-2020 with immediate effect. Public Notice No. 52/2015-2020-DGFT dated 24th March 2022

DGFT: DGFT decides to foreclose Revised Transport and Marketing Assistance (TMA) for Specified Agriculture Products Scheme to revamp, redesign and refocus it better for better outcomes and notification dated 9th September 2021 has been withdrawn.

GST: Rajasthan SGST extends E-Way Bill limit to Rs. 2 Lakh w.e.f 1st April 2022, where the Goods movement commence and terminates within the area of same city without crossing the area of the city.

Others : INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (PERFORMANCE REVIEW COMMITTEE) REGULATIONS, 2022 makes regulations for constitution, governing the information to be provided, provision of adequate resources and discharge of functions by the Performance Review Committee

THE CONSTITUTION (SCHEDULED CASTES AND SCHEDULED TRIBES) ORDERS (SECOND AMENDMENT) BILL, 2022 to amend the Constitution (Scheduled Castes) Order, 1950 and the Constitution (Scheduled Tribes) (Uttar Pradesh) Order, 1967 has been introduced

Others: THE CRIMINAL PROCEDURE (IDENTIFICATION) BILL, 2022 to authorise for taking measurements of convicts and other persons for the purposes of identification and investigation in criminal matters and to preserve records and for matters connected therewith and incidental thereto has been introduced in Loksabha (Bill no. 93 of 2022)

RERA: MahaRERA implements a new modified version for filing online complaints w.e.f 30-3-22 (Circular No. 41/2022 dated 28/03/2022)

VAT: Rajasthan VAT exempts the retail outlets of petrol and diesel from requirement of filing returns under the said Act, subject to the condition that they purchase hundred percent of the said goods sold by them from the registered dealers of Rajasthan.

GST: Karnataka (GST) has directed to allow reimbursement for State GST (SGST) benefit to the cinematographic shows of the movie “The Kashmir Files” for six months. (CIRCULAR N0. 21/2021-22)

DGFT: Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely United Kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except United Kingdom, Iceland, Liechtenstein, Norway and Switzerland) will require Certificate of Inspection by Export Inspection Council / Export …

DGFT: Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely United Kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. (24.03.2022) Read More »