Daily Updates

Corporate Law: The National Bank for Financing Infrastructure and Development (NaBFID) is to support the development of long term non-recourse infrastructure financing in India including the development of bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure            (Circular REF: IRDAI/F&I/CIR/INV/121/6/2023 Dated: 5th …

Corporate Law : The National Bank for Financing Infrastructure and Development (NaBFID) is to support the development of long term non-recourse infrastructure financing in India including the development of bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure. (08.06.2023) Read More »

Customs: CBIC has introduced Electronic Repairs Services Outsourcing (ERSO) initiative. ERSO aims to extend the lifespan of defective or damaged electronic goods by allowing designated repair service entities in India to import and repair them before re-exporting. (Circular No. 14/2023-Customs dated 3rd of June, 2023)

Corporate Law: MCA has introduced amendment is the substitution of LLP Form No. 3. (Notification no. G.S.R. 411(E) Dated: 2nd June 2023)

Corporate Law: IRDAI allow to transfer the life insurance business of Sahara India Life Insurance Co. Ltd. (SILIC) to SBI Life Insurance Co. Ltd. (Order No. IRDAI/F8d/ORD/MISC/119/6/2023 Dated: 2nd June 2023)

SEBI: SEBI mandated increased trading of corporate bonds through the Request for Quote (RFQ) platform. (Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/83 Dated: June 02, 2023)

DGFT: DDGFT allows the import of pet coke for specific industries such as cement, lime kiln, calcium carbide, gasification, and graphite electrode industries, on an actual user basis for use as feedstock or in the manufacturing process. (Notification No. 10/2023-DGFT, Dated: 02 June, 2023)

Customs: CBIC notified exchange rate for import & exports w.e.f 2nd June 2023. [Notification No. 39/2023 – Customs (N.T.) dated 2nd June 23]

GST High Court of Andhra Pradesh held that Issuance of notice in GST ASMT-10 by Deputy Commissioner without authorization is unsustainable. SERVICE TAX CESTAT Delhi recently held that denial of CENVAT Credit due to procedural irregularities/lapses is unsustainable in law and substantive benefit cannot be denied.

Income Tax: This Scheme may be called the e-Appeals Scheme, 2023 [Notification No. 33/2023-Income Tax, dated 29 May 2023]

Income Tax: Provisional approval under section 80G will be effective from the previous year in which application is made. [Notification No. 34/2023-Income Tax  dated 30 May 2023]

FTP / DGFT: Export of Rice (Basmati & Non-Basmati) to EU member states and other specified European countries only will require Certificate of Inspection by Export Inspection Council / Export Inspection Agency. [Notification No. 9/2023 dated 29 May 2023]

FTP / DGFT: Amendment made under Interest Equalisation Scheme, that the annual net subvention amount would be capped at Rs. 10 cores per IEC in a given financial year. All disbursements made from 01.04.2023 shall be counted for an IEC for the current financial year. [Trade Notice 05/2023-24 dated 25 May 2023]

FTP / DGFT: Online facility of requesting appointment for virtual meeting/personal hearing to the exporters from offices of DGFT is introduced w.e.f. 01.06.202. [Trade Notice 06/2023-24 dated 31 May 2023]

GST: Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards is issued. [Instruction No. 02/2023-GST dated 26 May 2023].

GST High Court of Bombay held that Advocate may allowed to remain present at the time of recording petitioner’s statement at visible distance but not at audible distance and also dictated that videography is also permitted.   Central Excise CESTAT Kolkata held that when excess paid duty is adjusted against short payment, net result is …

Judicial Corner (31.05.2023) Read More »

Income Tax: CBDT clarifies provisions relating to charitable and religious trusts. [Circular No. 6/2023 Income Tax dated 24 May 2023]

Income Tax: The maximum amount receivable by employees as cash equivalent of leave salary at the time of their retirement, whether superannuation or otherwise, is set at Rs. 25,00,000. [Notification No. 31/2023-Income-Tax dated 24 May 2023]

FTP/DGFT: Export of Cough Syrup under ITC HS code 3004 shall be permitted subject to the export sample being tested and production of certificate of Analysis effect from 1st July 2023. [Notification No.  06/2023 dated 26 May 2023]

FTP/DGFT: Export of broken rice (ITC HS code 1006 4000) is prohibited.  [Notification No.  07/2023 dated 24 May 2023]

Customs: Circular is issued to highlight provision of Foreign Trade Policy & Handbook of Procedures. [Circular no. 12 /2023 Customs dated 24 May 2023]