DGFT: DGFT extends the deadline from 31.03.2022 to 30.09.2022 to install and operationalise Radiation Portal Monitors and Container Scanners in designated sea ports. (Public Notice No. 51/(2015-2020) dated 23rd March 2022)
DGFT: Export Policy of Hydrofluorocarbons (HFCs) has been revised from ‘Free’ to `Restricted’ category with immediate effect and export Authorisations would be issued based on NOC from MoEF&CC. (Notification No. 62/2015-2020 dated 23.3.22)
MCA: Tribunal has been established consisting 3 members to decide disputes in the matter of election to the Council of the ICAI held in December, 2021. (MCA F. No. 1/1/2022-PI)
MCA: 2 Govt Nominees are being appointed by MCA in Appellate Authority under Chartered Accountants Act, 1949, Cost and Works Accountants Act, 1959 and Company Secretaries Act, 1980. (MCA F. No. 12/15/2007-PI Vol III dated 17-3-22)
DGFT: DGFT issues guidelines to amend Form ANF-4F of Handbook of Procedures, 2015-2020 to allow submission of FIRC in case of exports made to OFAC listed countries under Advance Authorization. (Public Notice No. 50/2015-2020-DGFT dated 17th March, 2022)
Customs: DG (Hydrocarbon) has created a web page https://online.dghindia.org/upstreamindia/oil_gasblockdetails/info to provide the details of the Contractors/ License /Operator for the Blocks currently under Petroleum Operations (Circular No. 06/2022-Customs dated 17.3.22)
Customs: CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 18th March, 2022 (Customs (N.T.) – 17/03/2022)
Income Tax: No request for Form 15E for certificates under section 195(2) & 195(7) w.r.t. TDS on other sums payable to non resident / non-resident, not being a company, or to a foreign company, for a particular Financial Year shall be accepted after 15th of March of the Financial Year. For the F.Y. 2022-23 application …
Income Tax : CBDT condones the default in filing Form 10-IC to avail lower tax rate of 22% under section 115BAA for AY 2020-21 till 30 June 2022, if ITR was originally filed within due date and the option to avail lower rate was opted in ITR 6. Circular 06/2022 Dated: 17th March, 2022
Income Tax : Considering the difficulties in electronic filing, CBDT relaxes requirement of electronic filing of application in Form No. 3CF (Form for Approval for Scientific Research) till 30th Sept.22 or availability of electronic filing facility. Circular No. 5/2022 Dated 16th March 2022
Customs: Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. (Notification No. 17/2022 NT dated 15th March 22)
Department for Promotion of Industry and Internal Trade : The Government of India has reviewed the FDI policy for permitting foreign investment in Life Insurance Corporation of India (LIC) and amendments have been made under the Consolidated FDI Policy Circular of 2020 (Press Note No. 1 dated 16th March, 2022)
Income Tax: CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23. (Circular No. 04/2022 on 15th March 2022)
Pharma: Department of Pharmaceutical Industries (DOP is combining the existing 3 schemes – Assistance to Pharmaceutical Industry for Common Facilities (APICF), Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS) and Pharmaceutical Promotion and Development Scheme (PPDS) into single scheme for strengthening of the Pharma Industries. G-30015/25/2021-Scheme Ministry of Chemicals and fertilisers Department of Pharmaceuticals dated 11th March …
DGFT: Operationalization of new online for module filing of electronic registration for Interest Equalization Scheme w.e.f. 01.04.2022. (Trade Circular 38/21-22 dated 15-3-2022)
MAHAVAT: Maharashtra Vat Amnesty Scheme 2022 : Amnesty Scheme 2022 has been announced waiver of arrears upto Rs. 10,000/- per year and for arrears upto Rs. 10 lakhs, 20% of lumpsum amount has to be paid and the scheme would be applicable from April 22 to Sept.22.
RBI: RBI has directed Paytm Payments Bank Ltd to stop, with immediate effect onboarding of new customers. (Press Release: 2021-2022/1850 dated 11th March 2022.)
DGFT: Mewar Chamber of Commerce & Industry, Rajasthan is enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non Preferential). (Public Notice No. 49/2015-2020 Dated: 14 March, 2022)
GST: SOP for implementation of the provision Of extension of time limit to apply for revocation of cancellation of GST registration have been laid down by Delhi GST. (CIRCULAR No. 15/2021-GST of State Tax dated 10/03/2022)
Global: UAE economy, has announced a New Transaction Law – ‘Decriminalisation of Bounced Cheques’ to implement best global practice it would help in reducing the workload of the UAE courts by reducing bounced cheque related cases.
