VAT: Amnesty Scheme-2022 for goods not subsumed in GST has been notified by Rajasthan VAN for disposal of outstanding demand(s) or disputed amount.
DGFT: Import policy of Hydro fluorocarbons (HFCs) has been revised from ‘Free’ to `Restricted’ subject to NOC from MoEF&CC. (Notification No. 59/2015-2020-DGFT dated: 9th March,)
DGFT: Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except Iceland, Liechtenstein, Norway and Switzerland) will require Certificate of Inspection by Export Inspection Council / Export Inspection Agency for export …
Ministry of Finance: Amendments are made in maintain GPF Accounts since not Income Tax would be payable on the contribution in a PF account exceeding Rs. 5 lakh per annum w.e.f financial year 2021-22. (TA-3-07001/7/2021-TA-III-Part (1)/cs-8084/81 Dated : 04.03.2022)
SEBI: SEBI increases limit for investment through UPI mechanism to Rs. 5 lakhs
RBI: Government of India has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit (‘Scheme’) up to March 31, 2024 or till further review, whichever is earlier.
GST : For GST Annual Turnover between Rs. 20 cr to Rs. 50 Cr., taxpayer can check for e-invoicing now on https://einv-apisandbox.nic.in, which is mandatory w.e.f 1.4.2022.
Company Law : MCA notifies LLP Rules, 2022 to ease out the procedure of appointing more than two DPs (not having DPIN/ DIN) subject to maximum of five DPs at the time of incorporation itself and PAN and TAN shall be allotted to LLPs with the Certificate of Incorporation itself aligning with the company formation …
GST: GSTN issued advisory on auto-population of e-invoice details into GSTR-1 (Press Release No. 528 dated 03.03.2022)
GST: Guidelines are issued for issuance of FORM GST DRC-07 in case of vehicles detained under E-way bill provisions. (Internal Circular No. JC(BCP)/DRC-07/E-waybill/B 212 , Mumbai dated 02.03.2022)
Customs: CBIC has notified the foreign currency exchange rates for Imports and Exports (Notification No.13/2022 – Customs (N.T.) dated 3.03.2022)
Customs: Advisory for Importers to avail benefit of IGCR Rules (Import of Goods at Concessional Rate of duty) – IGCR module is developed by ICEGATE, CBIC to provide a digital service to importers to avail benefits under the IGCR Rules (Import of Goods at Concessional Rate of Duty). (Advisory No: 06/2022 dated 01.03.2022)
DGFT: Prohibition on export of Remdesivir & its API, Amphotericin-B Injections, Enoxaparin (Formulation and API), Intra-Venous Immunoglobulin (IVIG) (Formulation and API) which were used in COVID treatment has been lifted. Now the exporter can freely export these goods. [NOTIFICATION NO 56/2015-2020, Dated: February 24, 2022]
Customs: Anti-dumping duty to remain in force for jute products originating in or exported from Bangladesh and Nepal till June 2022. [NOTIFICATION NO – 10/2022-Customs (ADD), Dated: February 24, 2022]
Customs: Anti-dumping duty on porcelain or vitrified tiles originating in, or exported from, the People’s Republic of China imposed for five years. [NOTIFICATION NO – 09/2022-Customs (ADD), Dated: February 24, 2022]
GST: E-invoicing made mandatory for taxpayers whose aggregate turnover exceeds Rs 20 Cr from April 1. [Notification No – 01/2022-Central Tax, Dated: January 24, 2022]
Customs: New customs regulations for conversion of Shipping bill has been notified. The highlight of the scheme is as under, New regulation will be applicable for the shipping bills / bills of export filed on or after the date of notification i.e. 22nd Feb 2022. Conversion can be applied within period of 1 year from …
RBI: The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020 shall remain valid till March 31, 2022 (RBI/2021-2022/161 dated February 18, 2022)
Customs: Chennai customs introduced online portal for submission of intimations and returns for EOUs, / EHTP / STPIs. A welcome to be implemented across the country. (Public Notice No. 04/2022 dated 15.02.2022)
GST: The office of Pr. CCA, CBIC has setup a ‘GST Refund Help Desk’ for addressing payment related problems faced by the taxpayers. Please reach out to us for details
