Income Tax: District Mineral Foundation Trusts’ (DMF Trusts) classified as a specific class of Authority for tax purposes as per provisions of Section 10(46) of the Income Tax Act, 1961. [Notification No. 86/2023 dated 4th Oct 2023]
GST: Advisory issued in respect of introduction of Compliances Pertaining to Form DRC-01C (Intimation for difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B). [Press Release No. 606 dated 6th Oct 2023]
Company Law: Penalty of Rs.15 Lakh (Rs.5 Lakh on Company & Rs.5 Lakh each on 2 directors) imposed by ROC Delhi, for violation of Section 203 of Companies Act, 2013 i. e. for appointment of whole time Company Secretary. [Order No. ROC/D/Adj/Order/203/Dorin/3747-3750 dated 4th Oct 2023]
Company Law: Central Government notifies that the provisions of sub-section (1) of section 14 w. r. t. Moratorium provisions of the Insolvency and Bankruptcy Code, 2016 shall not apply to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters. [S. O. 4321(E) dated 3rd Oct 2023] …
DGFT: Time period for applying registration under Coal Import Monitoring System (CIMS) has been revised with immediate effect, accordingly the importer can apply for registration not earlier than 60th day and till the arrival date (Zero day) of consignment at gateway port. [Notification No.34/2023 dated 4th Oct 2023]
SEBI: SEBI issued a circular outlining a centralized mechanism for reporting and verifying about the demise of an investor. [Circular No. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/163 dated 3rd Oct, 2023]
SEZ: Clarification issued on Instruction No.95 allowing SEZ unit to set up cafeteria, creche, gymnasium and similar facilities, that the zero-rating benefit continues to be available for lease rental / other charges collected by Developers from Unit for the space utilized for creation of employee welfare facilities exclusively for the employees of the SEZ units. …
GST: Advisory issued for e-Invoice JSON download functionality. This functionality is now live on GST e-invoice portal, which aims to simplify the process of accessing and managing e-Invoices for GST taxpayers. [Press Release No. 605 dated 3rd Oct 2023]
SEBI: SEBI extended the timeline for the verification of market rumours by top listed entities. [Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/162 dated 30th Sept 2023]
RBI/FEMA RBI Extends ₹2000 Banknote Withdrawal Deadline to October 7, 2023. [RBI/2023-24/64 DCM(Plg) No. S-1288/10.27.00/2023-24 & Press Release: 2023-2024/1025 dated 30th Sept 2023]
Customs: The amendments to the First Schedule of the Customs Tariff Act, 1975 as under: A new tariff item, 2207 10 12, has been added for “Spirits for industrial use” with a duty rate of 150%. The chapter heading for Chapter 98 has been updated to include “Project imports; laboratory chemicals; passengers’ baggage, personal importations …
Customs: Implementation of Section 16 (4) of IGST Act related to restriction on export of certain goods on payment of IGST as specified vide Notification No.1/2023 dated 31st Aug 2023 and coverage under refund mechanism will be effective from 1st Oct 2023. [Circular No.24/2023-Cus Dated 30th Sept 2023]
Customs: Mandatory additional qualifiers in import/export declarations in respect of certain chemical products will be effective from 15th Oct 2023 for imports and from 1st Oct 2023 for exports. [Circular No.23/2023-Cus Dated 30th Sept 2023]
SEBI: BSE has issued notice pertaining to the Revised SOP for applications filed under Regulation 37 and 59A of SEBI Regulations, 2015 concerning Schemes of Arrangements. [Notice No. 20230929-30 on September 29, 2023,]
Customs: CBIC changes to the tariff values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver w.e.f 30.09.2023. Notification No. 71/2023-Custom (N.T.) dated September 29, 2023]
Income Tax: CBDT introduces a revised procedure, format, and standards for filing applications for the grant of certificates under sub-rule (4) of Rule 28AA of the Income Tax Rules, 1962. [Notification (No. 02/2023-Income Tax) on September 27, 2023.]
SEBI: SEBI has extended the deadlines for following: SEBI has extended the last date for submission of the “choice of nomination” for demat accounts to December 31, 2023. SEBI has extended the last date for physical security holder to submit documents to December 31, 2023 [Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2023/158 on September 26, 2023]
RBI: Circular addressing the display of information related to secured assets possessed under the Securitizations and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. [Circular RBI/2023-24/63 on September 25, 2023]
DGFT: Government granting approval for the export of non-Basmati white rice to the United Arab Emirates (UAE) through the National Cooperative Exports Limited (NCEL). [Notification No. 32/2023 dated 25th September 2023]
DGFT: Existing RoDTEP rates for all items covered will be applicable for exports made from 1.10.2023 to 30.06.2024. [Notification 33/2023 dated 26th Sept 23]
