SEBI: Disclosure obligations of high value debt listed entities for Related Party Transactions (Circular No. SEBI/HO/DDHS_Div1/P/CIR/2022/0000000006 dated 07.01.2022)
DGFT: In view of surge of Covid-19, DGFT has operationalised a ‘COVID-19 Helpdesk for International Trade related issues. (Trade Notice No. 29/2021-2022 dated 06.01.2022)
DGFT: Amendment in Export Policy of Enoxaparin (formulation and API) and Intra-Venous Immunoglobulin (IVIG) (formulation and API) falling under ITC (HS) Code Ex2942, Ex3001, Ex3002 or any other HS Code has been put under restricted category, with immediate effect. ( Notification No. 50/2015-2020 dated 10..01.2022)
Customs: Notification No. 30/2016 Customs (ADD) dated 11..07.2016 imposing Anti-dumping Duty on Imports of 1,1,1,2-Tetrafluoroethane or R-134a has been rescinded. (Notification No. 1/2022-Customs (ADD) New Delhi, the 06.01.2022)
Customs : Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 7th January, 2022 are notified by CBIC (Notification No. 02/2022 – Customs (N.T.), Dated: 06.01.2022).
GST: As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. (Press Release No. 519 dated 08.01.2022)
GST: Guidelines are issued for recovery proceedings under the provisions of section 79 of the CGST Act, 2017 (Instruction No. 01/2022-GST dated 07.01.2022)
GST: A revamped & enhanced version of search HSN functionality has been launched on the GST portal. (Press Release dtd 06.01.2022)
FEMA / RBI : Govt notifies that Rule 9(1A) of Prevention of Money-laundering (PML) (Maintenance of Records) Rules, 2005 shall not be applicable to Foreign Portfolio Investor (FPI) (Notification dated 04-01-2022)
SEBI: Investors are encouraged to lodge their complaints through online mechanisms specifically through SCORES portal and SCORES mobile application for effective redressal of grievances. (Circular No. SEBI/HO/MRD1/MRD1_ICC1/P/CIR/2022/05 dated 05-01-2022)
DGFT: Para 9.08 of HBoP 2015-20 has been amended to revise the composition of Standing Grievance Committee by including other relevant Central/State Government agencies such as Customs/ GST Authorities, Banks, GM DICs etc. to address the grievances /complaints of the industry members at one platform. (Public Notice No. 44/2015-2020 dated 05-01-2022)
DGFT: DGFT permits Gold Import by qualified jewellers notified by International Financial Services Centres Authority( IFSCA) (Notification No. 49/2015-2020 dated 05-01-2022)
Income Tax: National Faceless Assessment Centre has analysed the writ petition filed between 01-04-2021 to 21-12-2021 & listed 9 commonly occurring procedural lapses in assessment proceedings ( Circular No. F No. NaFAC/Delhi/CIT-3/2021-22/340/148 dated 31-12-2021)
Customs : CBIC has notified the Rate of Exchange of Turkish Lira against Indian Rupees with effect from 4th January, 2022 (Notification No. 01/2022 – Customs (N.T.) dated 03-01-2022).
RBI: The Reserve Bank of India has announced the release of a framework for facilitating small value digital payments in offline mode using cards, wallets, mobile devices, etc. (Circular No. RBI/2021-22/146 dated 03-01-2022)
GST: Reporting of supplies notified under section 9(5) / 5(5) by E-commerce Operator in GSTR-3B (Press Release No. 516 dated 04-01-2022)
GST: Implementation of Rule-59(6), as amended on GST Portal. From 1st January 2022 onwards, if a monthly filer has not filed the GSTR-3B for the preceding month, then such taxpayer will not be allowed to file the GSTR-1 for the subsequent month, till the GSTR-3B for the preceding month is filed. (Press Release No. 515 …
GST : Implementation of Rule-59(6), as amended on GST Portal. (04.01.2022) Read More »
GST: CGST Rate on Footwear Increased to 12% w.e.f. 01.01.2022 for Footwear of sale value not exceeding Rs. 1,000/- per pair to 12% (6%SGST +6% CGST) (Notification No. 21/2021-Central Tax (Rate) dated 31st December, 2021)
GST: IGST Rate on Footwear Increased to 12% w.e.f. 01.01.2022 for Footwear of sale value not exceeding Rs. 1,000/- per pair to IGST 12 (Notification No. 21/2021- Integrated Tax (Rate) dated 31st December, 2021)
GST: UTGST Rate on Footwear Increased to 12% w.e.f. 01.01.2022 for Footwear of sale value not exceeding Rs. 1,000/- per pair to 12% (6%UTGST +6% CGST) (Notification No. 21/2021-Union Territory Tax (Rate) dated 31st December,2021)
