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 …
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 …
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 …
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 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 …
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. 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 …
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. …
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 …
The Directorate General of Foreign Trade (DGFT) has issued a notification to lift the requirement of Minimum Export Price (MEP) for the export of Non-Basmati White Rice under HS Code 1006 30 90 with immediate effect. [Notification No. 37/2024-25 dated 23.20.2024]
DGFT The Directorate General of Foreign Trade (DGFT) has issued a notification to provide for additional policy conditions for Exports of Sesame Seeds to United States of America (USA). The additional conditions are as follows: India Oilseeds & Produce Export Promotion Council (IOPEPC) is designated as competent authority to issue export certification. The IOPEPC shall …
The Central Board of Indirect Taxes (CBIC) has issued a notification to direct that no customs duty is required for the import of “Simply Sawn Diamonds” under tariff items 7102 21 and 7102 3100 during the period from July 1, 2017, to February 1, 2022. [Notification No. 70/2024-Customs (NT) dated 23.10.2024]
Customs The Central Board of Indirect Taxes (CBIC) has issued a notification to amend the tariff values of palm oil, soya bean oil, brass scrap, gold, silver, and areca nuts. [Notification No. 69/2024-Customs (NT) dated 23.10.2024]
The CBIC has issued instruction which provides for the issuance of Equipment Type Approval (ETA) for License-Exempt Wireless Equipment Devices. [Instruction No. 24/2024- Customs dated 22.10.2024]
