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.
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]
