RBI: Revised regulations w.r.t RBI (Bharat Bill Payment System) Directions, 2024 have been introduced. [RBI/DPSS/2023-24/111 dtd 29th February 2024]
DGFT: DGFT allows merchanting trade in Foreign Country when the goods are picked and supplied in the same country, except for CITES and SCOMET Goods. Earlier it was covering transactions from one country to another. [Notification no 62/2023 dtd 29th February 2024]
RBI: RBI issued guidelines w.r.t Appointment/re-appointment of Director, Managing Director or Chief Executive Officer in Asset Reconstruction Companies. [RBI/2023-24/127 dtd 27th February 2024]
Income Tax: An on-screen functionality has been made available in the Compliance portal of the e-filing website for mismatches between the information received from third parties on interest and dividend income and the Income Tax Return (ITR) filed by taxpayers for Financial Years 2021-22 and 2022-23. [Press Release dtd 26th February 2024]
Income Tax: CBDT approves Panjab University for Scientific Research Deduction U/s. 35(1)(ii) [Notification no 23/2024 dtd 26th February 2024]
RBI: RBI Allows PPIs (Prepaid Payment Instruments) for Public Transport Payments [RBI/2023-24/126 dtd 23rd February 2024]
DGFT: Import of Yellow Peas under ITC(HS) Code 07131010 is “Free’ without the MIP condition and without Port Restriction, subject to registration under the Import Monitoring system, with immediate effect for all Import Consignments where Bill of Lading (Shipped on Board) is issued on or before 30th April 2024 [Notification No. 61/2023-DGFT Dtd – 23rd …
RBI: RBI Extends Interest Equalization Scheme for Export Credit [RBI/2023-24/124 dtd 22nd February 2024]
RBI: RBI has included Clearing Corporation of India Limited as a Financial Information Provider under the Account Aggregator Framework. [RBI/2023-24/125 dtd 22nd February 2024]
Income Tax: Corrigendum has been issued w.r.t ITR-2 and ITR-3 (80DD), ITR-3 (80U) and ITR-5 (CG schedule) [[Notification No. 22/2024 dtd 21st February 2024]
DGFT: DGFT Suspends Inoperative SIONs from April 1, 2024 [Public Notice 44/2023 dtd 22nd February 2024]
DGFT: DGFT has issued relief in Average Export Obligation in certain declining sectors in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023 [Policy Circular No. 10/2023-2024 dtd 22nd February 2024]
Customs: CBIC amends notifications No. 55/2022 – Customs, dated 31.10.2022 and notification No. 64/2023 – Customs, dated 07.12.2023, in order to remove end date on export duty on Parboiled Rice and to prescribe specified condition on imports of Yellow Peas. [Notification No. 12/2024-Customs dtd 21st February 2024]’
GST: CBIC notifies ‘Public Tech Platform for Frictionless Credit’ as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 [Notification No. 06/2024 – Central Tax Dtd 22nd February, 2024]
GST: The Goods and Services Tax Network (GSTN) has announced significant enhancements to its e-invoice portal such as PAN based search, Automatic E-invoice exemption list.
Cutoms: Agriculture Infrastructure and Development Cess (AIDC) for goods following under chapter 5201 have been revised as follows – Sr. No Chapter heading Description of Goods Rate 14. 5201 (other than 5201 00 25) All goods (Other than goods of staple length exceeding 32.0 mm) 5% [Notification No. 11/2024-Customs dtd 19th February 2024]
Customs: W.e.f 20th February 2024, Custom Duty for following have been reduced as mentioned in the table below by inserting the same in Custom Notification no 50/2017-cus dtd 30th June 2017 – S.No. Chapter or Heading or sub-heading or tariff item Description of goods Standard Rate 3AA 0207 25 00; 0207 27 00 Meat and …
Customs: Instructions have been issued for necessary actions to be taken by the custom officers w.r.t imported consignments of Boric Acid to ensure strict compliance with the specifications prescribed in IS 10116:2015 (Reaffirmed in 2020) for Boric Acid (Technical Grade). [Instruction No.03/2024-Customs dtd 19th February 2024]
MCA: MCA issues circular on Change Request Form (CRF) Deployment and Usage on MCA-21 Portal. [General Circular No. 02/2024 dtd 19th February 2024]
MCA: Companies (Registration Offices and Fees) Amendment Rules, 2024 have been amended where in functions, scope, limitations of Central Processing Centres have been laid.
