Daily Updates

RBI: RBI Allows Remittances to IFSCs for ‘Studies Abroad’ under LRS. (Notification No. (RBI/2023-24/45 A.P. (DIR Series) Circular No. 06)

Corporate Law: IRDAI Expands ‘Use and File’ Procedure for Life Insurance Products. (Circular No. IRDAI/ACTL/CIR/PRO/135/06/2023)

Income Tax: CBDT Notifies New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24. (Notification No. 43/2023-Income Tax)

Corporate Law: Relaxation provided for paying additional fees in case of delay in filing DPT-3 for Financial Year ended on 31st March 23 upto 31st July 2023. (General Circular 06/2023 dated 21st June 23)

GST: CBIC extended due date for furnishing GSTR-7 for April, 2023 and May 2023 for registered persons whose principal place of business is in the State of Manipur to 30th June, 2023. (Notification No. 16/2023–Central Tax [G.S.R. 450(E))

GST: CBIC extended the due date for filing the GSTR-3B return for registered persons whose principal place of business is in the State of Manipur for the month of April 2023 and May 2023 until 30th June 2023. (Notification No. 15/2023-Central Tax [G.S.R. 449(E))

GST: CBIC extended due date for furnishing FORM GSTR1 for registered persons whose principal place of business is in the State of Manipur for tax periods April 2023 and May 2023 till 30th June, 2023. (Notification No. 14/2023-Central Tax [G.S.R. 448(E))

Customs: CBIC announces digitization of the Authorized Economic Operator (AEO) programme. It emphasizes the elimination of physical submission of documents for AEO applications, aiming to enhance the ease of doing business. (Public Notice No. 49/2023)

Income Tax: CBDT designated Special Courts for Economic Offences in the state of Jharkhand. (Notification No. 42/2023-Income Tax [S.O. 2661(E).)

SEBI: SEBI introduced the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2023. (Notification No. SEBI/LAD-NRO/GN/2023/132)

RBI: RBI has released a notification regarding the Sovereign Gold Bond Scheme 2023-24. (Notification No. RBI/2023-24/44 IDMD.CDD.No.S650/14.04.050/2023-24)

Customs: Govt simplifies Regulatory Framework for e-commerce Export of Jewellery via Courier Mode. (Circular No. 17/2023-Customs).

Customs: CBIC provides the updated exchange rates for converting foreign currencies into Indian rupees and vice versa for imported and exported goods. (Notification No. 44/2023 – Customs (N.T.)

Customs: CBIC provides updated tariff values for rude palm oil, palmolein, crude soya bean oil, brass scrap, gold and silver in various forms, including bars, coins, and findings used in jewelry and areca nuts, which are used as a reference for assessing customs duty on imports. (Notification No. 45/2023-Custom (N.T.), [S.O. 2663(E))

Customs: CBDT and Customs has issued Notification which introduces amendments to the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010. (Notification No. 43/2023-Customs (N.T.) [G.S.R. 440(E)])

Corporate Law: Access can be made for National pension scheme (NPS) Statement Transactions via DigiLocker. (Circular No: PFRDA/2023/19/Sup-CRA/05)

RBI: RBI has recently modified the guidelines regarding agency commission for the collection of indirect taxes through the ICEGATE payment gateway. (RBI/2023-24/43 CO.DGBA.GBD.No.S295/31-12-010/2023-2024 dated 14-06-2023)

DGFT: Amendment has been made by DGFT in Copra Import Policy under ITC (HS) Code 12030000. (Notification No. 11/2023-DGFT dated 14-06-2023)

GST: Department released Instruction outlining stricter guidelines for the processing of applications for GST registrations. (Instruction No. 03/2023-GST [F. No. CBIC- 20006/15/2023-GST dated 14-06-2023)

Customs: Govt reduces BCD on Refined Soya Bean Oil & Refined Sunflower oil to 12.5%. (Notification No. 39/2023-Customs [G.S.R. 439(E) dated 14-06-2023.)