Daily Updates

DGFT: Import of Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers, Servers under HSN 8471 is ‘Restricted’ with immediate effect. Exemption from import licencing is given to such item for 1 quantity except Servers per consignment. Exemption from import licencing is provided up to 20 items per consignment for R&D, Testing, Benchmarking …

DGFT: Import of Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers, Servers under HSN 8471 is ‘Restricted’ with immediate effect. (04.08.2023) Read More »

Customs: Automatic LEO facility is extended to Express Cargo Clearance System (ECCS) [Circular No.19/ 2023-Customs dated 2 August 2023].

DGFT: Policy condition for export of Food Supplements containing botanicals under ITC HS code 1302 & 2106 intended to human or animal consumption to European Union and UK is notified. [Notification 22/2023 dated 31.07.2023]

DGFT: AYUSH Export Promotion Council has been included in the Appendix 2T of FTP, 2023 for issuance of RCMC for specified items. [Public Notice 23/2023 dated 31.07.2023]

GST: Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 50th meeting held on 11th July, 2023 [Circular No. 200/12/2023-GST dated 1 August 2023]

GST: Supply of food or beverages in cinema hall is taxable as restaurant service. [Circular No. 201/13/2023-GST dated 1 August 2023]

GST: Service of renting of immovable property provided by Director in personal capacity to the Company is not taxable under RCM.

FEMA: Master Circular issued for Management of Advances for UCBs (Urban Co-operative Banks). [Circular No. RBI/2023-24/51 DOR.CRE.REC.No.27/07.10.002/2023-24 dated 25th July, 2023]  

SEBI: SEBI insight into amendment to Securities Contracts Regulations by SEBI vide Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023 [Notification No. SEBI/LAD-NRO/GN/2023/139 dated 24th July 2023]

SEBI:  Securities and Exchange Board of India (SEBI) notified SEBI (Stock Brokers) (Second Amendment) Regulations, 2023. [Notification No. SEBI/LAD-NRO/GN/2023/140 dated 24th July 2023]

Company Law: MCA has taken stringent action against a DIN holder for obtaining two Director Identification Numbers (DINs), imposing a penalty of Rs. 5,03,500. [Order F. No. ROC/CHN/THIYAGARAJAN /ADJ Order/S.155/2023 dated 10th July 2023]  

Bureau of Indian Standards Act, 2016 (BIS) The Bolts, Nuts and Fasteners (Quality Control) Order, 2023 issued for compulsory use of Standard Mark with penal provisions for contravention if any. [Order No. S.O. 3267(E). Dated 21st July 2023]

IBBI: IBBI (Insolvency Professionals) (Amendment) Regulations, 2023 issued. [Notification No. IBBI/2023-24/GN/REG103 dated 20th July 2023] IBBI Warns to Insolvency Professional: Be Careful & Diligent in Duties under IBC. [Order No. IBBI/DC/185/2023 dated 20th July 2023]

Income Tax: Notification issued, so as to provide an income tax exemption for dividends from aircraft leasing within International Financial Services Centres (IFSC). [Notification No. 52/2023-Income Tax [S.O. 3254(E)] dated 20th July 2023]

SEBI: SEBI Introduces New ESG Investing Schemes for Mutual Funds. [Circulars No. SEBI/HO/IMD/IMD-I –PoD1/P/CIR/2023/125 dated 20th July 2023]

DGFT: Amendments in Export Policy of Non-basmati rice under HS Code 10063090 [Notification No.19/2023 dated 20th July 2023]

EPF: EPF Interest Rate for 2022-23 Announced at 8.15%. [File No.INV-11/2/2021-INV-2766 dated 24th July 2023]

GST: New Functionality for e-Invoice Exemption Declaration Now Live on GSTN portal. [Press Release No. 596 dated 24th July 2023]

DGFT: Condonation of delay in submission of installation certificate under EPCG Scheme provided so as to promote Ease of doing Business. [Public Notice No.22/2023 dated 13th July 2023]

DGFT: Introduction of a Searchable Database for Ad-hoc Norms fixed under Para 4.07 of HBP. [Trade Notice No.15/2023-24 dated 17th July 2023]