Daily Updates

GST: In order to further streamline the process of disposal of refund applications and to provide a platform for the dealers/taxpayers to register their grievances related to the pending refund applications, such dealers/taxpayers can now file their grievances with the department through the DVAT Portal by filling a simple Refund Grievances Redressal Form. (Circular No.F.3(433)/GST/Policy/2022/1268-77 …

GST: In order to further streamline the process of disposal of refund applications and to provide a platform for the dealers/taxpayers to register their grievances related to the pending refund applications, such dealers/taxpayers can now file their grievances with the department through the DVAT Portal by filling a simple Refund Grievances Redressal Form. (16.05.2022) Read More »

GST: Press release is issued to resolve the affected taxpayers whose certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients and hence clarification is issued for the interim period wherein taxpayers interested in filing GSTR-3B are requested to file …

GST: taxpayers whose certain records are not reflected in the GSTR-2B statement for the period of April 2022, such records are visible in GSTR-2A of such recipients (16.05.2022) Read More »

Others: Food Safety and Standards (Ayurveda Aahara) Regulations, 2022 has been introduced (Notification No. F.No. Stds/SP-05/A-1)

Sales Tax / VAT: Telangana Government have decided to introduce a One Time Settlement Scheme to settle disputed tax under the legacy Acts of Sales Tax and Value Added Tax (G. O. Ms. No. 45 , Dated: 09-05-2022)

SEBI: SEBI makes the amendment in (Infrastructure Investment Trusts) Regulations wherein privately placed InvIT shall pay non-refundable filing fees of 0.1% in case of initial offer; and & 0.05% in case of rights issue, of the total issue size, at the time of filing of draft placement memorandum or letter of offer with the Board. …

SEBI: SEBI makes the amendment in (Infrastructure Investment Trusts) Regulations wherein privately placed InvIT shall pay non-refundable filing fees of 0.1% in case of initial offer; and & 0.05% in case of rights issue, of the total issue size, at the time of filing of draft placement memorandum or letter of offer with the Board. (11.05.2022) Read More »

RBI: RBI notification on treatment of unamortised expenditure on account of enhancement in family pension. (Notification no. S.O. 2142(E), Dated 9th May 2022)

DGFT: The Export of Guar Gum to European Union and UK will now be allowed subject to issuance of Official Certificate in place of Health Certificate with immediate effect. (Notification No. 03/2015-2020, Dated 9th May 2022)

Income Tax: CBDT has issued guidelines under clause (23FE) of section 10 of Income-tax Act to provide for exemption to wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA), sovereign wealth funds (SWF) and pension funds (PF) [these are referred as “specified person” hereinafter] on their income in the nature of dividend, interest and long-term …

Income Tax: CBDT has issued guidelines under clause (23FE) of section 10 of Income-tax Act to provide for exemption to wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA) (11.05.2022) Read More »

Income Tax: CBDT has amended FORM No. 3CF (registration of scientific and industrial research organisations), Form 10A ( registration of charitable or religious trust) , FORM No.10AB (regularising provisional registration), FORM No.10BD (statement of Donations), FORM No.10BE (certificate of donation). (Notification No. 51/2022, Dated 9th May, 2022)  

Income Tax: CBDT amends Income Tax rule 114 related to Application for allotment of a permanent account number and inserts new Rule 114BA & 114BB (Notification No. 53/2022, Dated 10th May, 2022)

SEBI: SEBI has constituted a committee for advising on Environmental, Social and Governance (ESG) related matters in the securities market. (Press Releases No. 15/2022 dated 7th May 2022)

Income Tax: CBDT inserts new Rule 2DCA Computation of minimum investment & exempt income for Section 10(23FE) (Notification No. 50/2022 Dated 6th May 2022)

MSME: Ministry of MSME has extended the date of validity of Udyog Aadhaar registered MSMEs for a period up to 30th June 2022 (Notification NO. S.O. 2134(E) Dated 6th May 2022)

IBBI: IBBI withdraws circular related to IBC Liquidation Process Regulations (Circular No. IBBI/LIQ/2/2022 Dated 6th May 2022)

IBBI: IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Press Release No. IBBI/PR/2022/20, Dated: 06th May, 2022)

DGFT: Allocation of additional quantity of 2051 MT for export of raw sugar to USA under Tariff Rate Quota (TRQ) for the US Fiscal Year 2022. (Public Notice No.07/2015-2020, Dated: 6th May, 2022)

Income Tax: CBDT amended rule  Rule 44E of the Income Tax Rules, 1962 related to Application for obtaining an advance ruling and introduces amended FORM No. 34C , 34D, 34DA, 34E and 34EA (Notification No. 49/2022-Income Tax, Dated: 5th May, 2022)

MCA: The MCA has notified Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022 (MCA Notification dated 5th May 2022)

MCA: MCA continued Annual General Meeting (AGM ) through VC or OAVM up to 31st December, 2022 (General Circular No. 3/2022 dated 5th May 2022)

MCA: MCA continued Extraordinary General Meeting (EGM) through video conferencing (VC) or Other Audio Visual Means (OAVM) up to 31st December, 2022 (General Circular No. 3/2022 dated 5th May 2022)