Daily Updates

Going forward application of Import Authorisation for import of Denatured Ethyl Alcohol (DEA) to DGFT will require additional documents / information such as a) Imports and usage pattern of last five years indicating year wise production of finished product/products mentioning Chemical/IUPAC name and its chemical structure and corresponding consumption of Denatured Ethyl Alcohol also with balance …

Going forward application of Import Authorisation for import of Denatured Ethyl Alcohol (DEA) to DGFT will require additional documents / information.(20.03.2021) Read More »

Launch of e-way Bill blocking/un­blocking history facility in ACES-GST Application pan India level for Tax Officers by using interfaces such as GSTIN, PAN, Business legal Name, Trade name, Mobile no. & Email ID to search the e-way bills. This feature will be available for a selected period with the options of either E-way blocking history …

Launch of e-way Bill blocking/un­blocking history facility in ACES-GST Application pan India level for Tax Officers by using interfaces such as GSTIN, PAN, Business legal Name, Trade name, Mobile no. & Email ID to search the e-way bills.(20.03.2021) Read More »

Central Scrutiny Centre ( CSC) has been established by Ministry of Corporate Affairs (MCA) for carrying out scrutiny of e-forms filed by the companies under the Act and the rules made thereunder, findings of the scrutiny will be forwarded to the concerned Jurisdictional Registrar of Companies for further necessary action. It will come into force …

Central Scrutiny Centre ( CSC) has been established by Ministry of Corporate Affairs (MCA) for carrying out scrutiny of e-forms filed by the companies under the Act and the rules made thereunder, findings of the scrutiny will be forwarded to the concerned Jurisdictional Registrar of Companies for further necessary action.(20.03.2021) Read More »

Ministry of Corporate Affairs (MCA) has redefined ‘Managerial Person or persons’ under part II heading ‘Remuneration’ in schedule V of the companies Act , 2013 as “Managerial Person or Persons or Other Director or Directors”. The term ‘or other director or directors’ shall mean a non-executive ‘director or an independent director’. It further notifies maximum Remuneration payable by …

Ministry of Corporate Affairs (MCA) has redefined ‘Managerial Person or persons’ under part II heading ‘Remuneration’ in schedule V of the companies Act , 2013.(19.03.2021) Read More »

MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY(MahaRERA) has Standardized Formats for uploading Legal Title Report , Consent of allottees for extension of completion date of the project and Consent of allottees for major alteration or additions in the sanctioned plans. (MahaRERA Circular No.:- 28/2021 dated 08th March 2021)

To avoid rejection of IGST scrolls due to invalid IFSC code on account of bank mergers all the Importers, Exporters, Customs Brokers & other stakeholders to PSU banks merger & amalgamation are advised  to change IFSC Codes along with account nos. through online bank management / AD code registration facility provided on ICEGATE.  (Customs Public Notice No. 21 …

To avoid rejection of IGST scrolls due to invalid IFSC code on account of bank mergers all the Importers, Exporters, Customs Brokers & other stakeholders to PSU banks merger & amalgamation are advised to change IFSC Codes along with account nos. through online bank management / AD code registration facility provided on ICEGATE. (19.03.2021) Read More »

Garment and made-up exporters who have Rebate of State Levies (RoSL) Scheme arrears for shipping bills with Let Export Order (LEO) prior to 1.10.2017 , last date for submitting applications to obtain the scrip would be 31.12.2021. (DGFT Public Notice No. 43/2015-2020 Dated 17th March, 2021)

Due to the recent judgement by Hon’ble SC in the case of M/s Canon India Private Limited Vs Commissioner of Customs, Additional Director General (ADI) of Director of Revenue Intelligence (DRI) are not the proper officer to issue Show Cause Notice (SCN) resulting in to the entire proceedings as invalid , hence Central Board of …

Due to the recent judgement by Hon’ble SC in the case of M/s Canon India Private Limited Vs Commissioner of Customs, Additional Director General (ADI) of Director of Revenue Intelligence (DRI) are not the proper officer to issue Show Cause Notice (SCN) resulting in to the entire proceedings as invalid(18.03.2021) Read More »

The Plastic Export Promotion Council, Mumbai is authorised under Appendix 2E of Foreign Trade Policy (2015-2020) for issuing Certificate of Origin (Non-Preferential).

Bill towards amendment in Insurance Act has been introduced in Rajya Sabha , wherein the limit of foreign investment in Indian insurance companies to be enhanced from existing 49 %. to 74 %.

In the Income-tax Rules, new Rule 29BA, has been introduced whereby a person responsible for making payment to a Non-Resident or to a Foreign company any sum (other than salary) will have to make an application in Form No. 15E requesting to issue a certificate after determining the appropriate proportion of such sum which will be …

In the Income-tax Rules, new Rule 29BA, has been introduced.(17.03.2021) Read More »

To support pre-filling of return of income, from the date to be specified a statement of financial transaction containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income mentioned in the specified table shall be furnished by the persons such as recognized stock exchange …

To support pre-filling of return of income, from the date to be specified a statement of financial transaction.(15.03.2021) Read More »

‘Pension Adaalat’ has been introduced by Employee’s Provident Fund Organisation (Ministry of Labour & Employment, GOI) for the pensioners and the members of the EPS 1995 who are going to become pensioner in near future to address grievances related to pensioners including non-receipt of pension, Digital life certificates etc. It will organized by every Regional Office …

‘Pension Adaalat’ has been introduced by Employee’s Provident Fund Organisation (Ministry of Labour & Employment, GOI) for the pensioners and the members of the EPS 1995 who are going to become pensioner in near future to address grievances related to pensioners including non-receipt of pension, Digital life certificates etc.(12.03.2021) Read More »

Currently, 3 sectors were entitled for Production Linked Incentive Scheme (PLI) introduced by the Ministry of Commerce & Industry, another 10 sectors (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LEDs), (vii) Food Products, (viii) Textile Products: MMF segment and …

Currently, 3 sectors were entitled for Production Linked Incentive Scheme (PLI) introduced by the Ministry of Commerce & Industry, another 10 sectors (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LEDs), (vii) Food Products, (viii) Textile Products: MMF segment and technical textiles, (ix) High efficiency solar PV modules, and (x) Advanced Chemistry Cell (ACC) Battery have been incorporated in the list for entitlement.(11.03.2021) Read More »

In the “Search Taxpayer” functionality , Post Login on GST portal, users can now view certain additional details like Aadhar Authentication, e-KYC Verification, Compliance Rating, GSTIN/UIN status update, Annual Aggregate Turnover, Gross Taxable Income etc of the taxpayer.

Applicants can now save Advance Ruling/Advance Ruling Appeal applications upto 15 days, before editing and filing it on GST Portal. These applications in saved stage will be automatically purged / deleted after 15 days.

Taxpayers making voluntary payment in Form GST DRC-03 can further select from newly introduced reasons for payment i.e Liability Mismatch – GSTR-1 to GSTR-3B and ITC Mismatch – GSTR-2A/2B to GSTR-3B.

Refund of GST Now taxpayers can track their refund application status without login to GST portal Facility to Withdraw already filed refund application  due to mistakes / errors in filing a application in Form GST RFD-01W before issuance of acknowledgement in GST RFD 02 or Deficiency Memo in Form GST RFD 03 from Refund Processing …

Refund of GST.(11.03.2021) Read More »

ISDs (Input Service Distributors) would now, not be able to enter invoices/debit notes/credit notes of their suppliers having GSTN cancelled status , having date after their effective date of cancellation, or having date before the date of grant of registration to suppliers or that of ISD (itself).

 Existing taxpayers while opting for composition scheme are required to file details of stock in Form GST ITC-03 and pay tax on the stock (on which ITC has been claimed by them). Now a facility has been provided on the GST Portal to such taxpayers to file NIL Form GST ITC-03.