Daily Updates

Company and SEBI law Various queries have been raised in multiple news articles about obligation of digital platforms to get recognition as a Specified Digital Platform (SDP). In this regard, SEBI has clarified that it is not obligatory for any digital platform to be notified as SDP. A regulated entity can associate with or through …

Company and SEBI law: Various queries have been raised in multiple news articles about obligation of digital platforms to get recognition as a Specified Digital Platform (SDP).(05.12.2024) Read More »

Directorate General of Foreign Trade The time period for the export of Broken Rice (ITC(HS) 10064000) to Senegal and Gambia through NCEL, initially valid until 30th November 2024, has been extended by 2 months up to 31st January 2025. Notification No. 42/2024-25 dated 05.12.24  

Goods and Service Tax Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024 dated 04.12.24 The GSTN has issued an advisory to inform that GSTR-7 filing has been made sequential from the October tax period. Hence, GSTR-7 return is to be filed in chronological order, beginning with the return period of …

Goods and Service Tax: Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification(05.12.2024) Read More »

FEMA and Banking RBI has directed banks to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free. This includes enabling seamless updation of KYC through mobile/internet banking, non-home branches, Video Customer Identification Process, etc. Further, RBI has directed banks to …

FEMA and Banking: RBI has directed banks to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free.(04.12.2024) Read More »

Company and SEBI law SEBI has issued an updated master circular for Depositories. This master circular covers the relevant applicable circulars/communications pertaining to depositories issued by SEBI up to September 30, 2024. It enables the users to have access to all applicable circulars/directions at one place. The master circular consists of four sections, i.e. (a) …

Company and SEBI law: SEBI has issued an updated master circular for Depositories.(04.12.2024) Read More »

Company and SEBI law SEBI has amended guidelines for SMS and email alerts to investors by stock exchanges. It has been clarified that under exceptional circumstances, the brokers may, upload the same mobile number/Email address for more than 1 client provided such client belong to one family (in case of individual clients) or such client …

Company and SEBI law: SEBI has amended guidelines for SMS and email alerts to investors by stock exchanges.(04.12.2024) Read More »

Insolvency and Bankruptcy Code After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024. Further, it has been clarified that for ongoing liquidation and voluntary liquidation cases, the responsibility for filing …

Insolvency and Bankruptcy Code: After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024.(02.12.2024) Read More »

Company and SEBI law SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024. As per the amended norms, a merchant banker, when called upon pursuant to an agreement for underwriting to subscribe to the securities of a body corporate, must subscribe to the said securities before finalizing the basis of allotment. Further, the merchant …

Company and SEBI law: SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024.(02.12.2024) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified the Safe Harbour Rules for foreign companies engaged in the business of diamond mining. The Safe Harbour Rules apply to the business of selling raw diamonds in any notified special zone. Notification No. 124/2024 dated 29th November 2024  

Income Tax The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the Return of Income for the Assessment Year 2024-25 for assessees required to furnish a TP report. The due date has been extended from 30th November 2024 to 15th December 2024. Circular No. 18/2024 dated 30th November 2024

GST Updates Government to authorize Additional and Joint Commissioners to adjudicate cases under GST Sections 67, 73, 74,76, 122, 125, 127,129 and 130 of Central Goods and Services Tax Act 2017 across India for notices issued by Directorate General of Goods and Services Tax Intelligence. It specifies jurisdiction for Principal Commissioners or Commissioners locations include …

GST Updates: Government to authorize Additional and Joint Commissioners to adjudicate cases under GST Sections 67, 73, 74,76, 122, 125, 127,129 and 130 of Central Goods and Services Tax Act 2017 across India for notices issued by Directorate General of Goods and Services Tax Intelligence.(27.11.2024) Read More »

GST Updates Date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the 30th November, 2024, for the registered persons whose principal place of business is in the State of Manipur. [GST NOTIFICATION No. 29/2024 – CENTRAL TAX dated 27th November 2024]

GST Updates GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps. [GST Advisory dated 27th November 2024]

DGFT Updates  Directorate General of Foreign Trade (DGFT) implements amendments to the Indian Trade Classification (Harmonized System) 2022 (ITC HS) Schedule-I, aligning import policies with the Finance Act, 2024. The updates include changes to specific codes, descriptions, and policy conditions for various goods, including natural menthol, aviation turbine fuel, ballistic protection items, and certain machinery …

DGFT: Directorate General of Foreign Trade (DGFT) implements amendments to the Indian Trade Classification (Harmonized System) 2022 (ITC HS) Schedule-I, aligning import policies with the Finance Act, 2024.(26.11.2024) Read More »

GST Advisory It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024. In this regard it to be informed that as per the design of IMS, GSTR-2B will not be generated by the system in below scenarios: i. In case the taxpayer has opted …

GST Advisory: It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024.(18.11.2024) Read More »

GST Advisory It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024. In this regard it to be informed that as per the design of IMS, GSTR-2B will not be generated by the system in below scenarios: In case the taxpayer has opted for …

GST Advisory: It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024.(18.11.2024) Read More »

Central Excise The CBIC has issued a notification which amends supplementary notes under chapter 27 regarding mineral products, specifically defining “Blended Aviation Turbine Fuel” as containing 70% or more petroleum oils blended with synthesized hydrocarbons. It introduces a new tariff item (2710 19 33) for this fuel, with a duty rate of 14%. [Notification No. …

Central Excise: The CBIC has issued a notification which amends supplementary notes under chapter 27 regarding mineral products, specifically defining “Blended Aviation Turbine Fuel” as containing 70% or more petroleum oils blended with synthesized hydrocarbons.(25.10.2024) Read More »

GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07. This update follows the new GST provisions for metal scrap buyers as outlined in the advisory issued on October 13. [GST Portal Advisory dated 22.10.2024]

GST GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details. [GST Portal Advisory dated 22.10.2024]

The Directorate General of Foreign Trade (DGFT) has issued a public notice to notify procedure for filing of Annual RoDTEP Return (ARR) by exporters (IECs) whose total RoDTEP claims exceeds Rs. 1 crore in a financial year across all 8-digit HS codes. The ARR of particular financial year shall be filed on DGFT portal by …

DGFT: The Directorate General of Foreign Trade (DGFT) has issued a public notice to notify procedure for filing of Annual RoDTEP Return (ARR) by exporters (IECs) whose total RoDTEP claims exceeds Rs. 1 crore in a financial year across all 8-digit HS codes.(24.10.2024) Read More »