Daily Updates

SEBI: SEBI has provided clarification on mutual fund investments in the Corporate Debt Market Development Fund (CDMDF) and responds to a previous request from the Association of Mutual Funds in India (AMFI) regarding asset allocation limits.  [Circulars No. SEBI/HO/IMD/PoD2/P/CIR/2023/152 Dated: 6th September 2023.]

RBI: The RBI issued a directive authorizes Scheduled Commercial Banks to link pre-sanctioned credit lines with UPI, a move set to increase the payment options available to UPI users. [RBI/2023-24/58 CO.DPSS.POLC.No.S-567/02-23-001/2023-2024 Dated: 4th September 2023.] 

Customs: CBIC made amendments in the processes and procedures surrounding the Customs Post Clearance Audit (PCA). [Audit Work Instruction No. 27/2023- Customs Dated: 6th September 2023.] 

Customs: Department gives Customs duty exemptions for textile machineries.  [Notifications No. 52/2023-Customs [G.S.R 653(E)] dated 05 sep,2023] 

DGFT: DGFT provides clarification on the availability of pre-shipment and post-shipment export credit, as well as Packing Credit in Foreign Currency (PCFC), for E-commerce exports. [Trade Notice No. 26/2023-24-DGFT dated: 04 sep,2023]

Income Tax :  ‘Real Estate Regulatory Authorities’ constituted by Government as a ‘class of Authority’ exempted in respect of the specified income arising to that Authority u/s 10(46) of Income Tax Act. [Notification No. 76/2023-Income Tax Dated: 1st September, 2023]

Income Tax:  ‘E-Governance Society, Department of Food, Civil Supplies and Consumer Affairs, Himachal Pradesh, exempted in respect of the specified income arising to that body u/s 10(46) of Income Tax Act. [Notification No. 75/2023-Income Tax Dated: 1st September, 2023]

Income Tax:  ‘Rajasthan State Dental Council’ (PAN AABAR7223E), a body constituted by the Government of Rajasthan exempted in respect of the specified income arising to that body u/s 10(46) of Income Tax Act. [Notification No. 74/2023-Income Tax Dated: 1st September, 2023]

DGFT: DGFT has introduced monthly workshops to educate and assist exporters in navigating the intricacies of E-Commerce exports. [Trade Notice No. 25/2023-24-DGFT Dated: 1st September, 2023]

Central Excise: Government increased the Special Additional Excise Duty on export of Diesel to Rs. 6 per liter. [Notification No. 29/2023-Central Excise Dated: 1st September, 2023]

Central Excise: Government modified Special Additional Excise Duty rates on petroleum crude production and export of ATF (Aviation Turbine Fuel). [Notification No. 28/2023-Central Excise on September 1, 2023]

DGFT: Annual SCOMET Update 2023 has been notified effective from 27th September 2023 amending Appendix 3 with addition of few Chemicals, technical notes, Technology specially designed for aero gas turbine engines to enable “aircraft” to cruise. [Notification No. 27/2023 dated 28th August 2023].

DGFT : Relaxation is given for export of non-basmati white rice if duty is paid before 21.57.01 hours on 20.07.2023 when prohibition to export was imposed.  [Notification No. 29/2023 dated 29 August 2023]

DGFT :  Export of Non-Basmati White Rice (HS Code 1006 30 90) to Bhutan, Mauritius and Singapore is permitted through National Cooperative Exports Limited. [Notification No. 30/2023 dated 30 August 2023]

Customs : Anti-dumping duty is imposed on import of fishing net (HS code 6508 11 10) origin and / or export from China & Malaysia. [Notification No. 08/2023-Customs (ADD) dated 29 August 2023]

GST : GSTIN introduced Electronic Credit Reversal and Reclaimed statement functionality to monitor ITC to be reclaimed which was reversed due to not matching with GSTR-2B. [GSTN Advisory date 31 August 2023]

DGFT :  The quantity of 5841 MT Sugar to be exported to EU from India under TRQ for the year 2023-24 (October to September 2024) has been notified. [Public Notice 29/2023 dated 25th August 2023]

Customs : Due to sudden surge in shipments Customs duty at the rate 20% is imposed on Parboiled Rice from 25th August 2023 till 15th October 2023 [Notification No. 49 & 50 /2023-Customs dated 25 August 2023]

GST :  Due to agitation in Manipur, due date of GST returned for April to June was already extended to 31st July, now due date of GSTR-1, GSTR-3B & GSTR-7 for the period April to July 2023 and quarterly GSTR-3B of April to June is extended to 25th August 2023 for the taxpayers having principal …

GST : Due to agitation in Manipur, due date of GST returned for April to June was already extended to 31st July, now due date of GSTR-1, GSTR-3B & GSTR-7 for the period April to July 2023 and quarterly GSTR-3B of April to June is extended to 25th August 2023 for the taxpayers having principal place of business in the State of Manipur. (28.08.2023) Read More »

Company Law: Amnesty scheme introduced for LLPs for submission of Form 3(LLP Agreement), Form 4 (Partners Details) & Form 11 (Annual Return) [General Circular No. 08/2023 Dated:23.8.2023]