Daily Updates

Others: The International Financial Services Centres Authority in reference to the Rule 21B of the SEZ rules, 2006, issues the guidelines for the purpose of seeking approval for utilization of office space or manpower or both by an IFSC Unit undertaking aircraft leasing activity in the IFSC. [Circular F. No. 535/IFSCA/FC/ALF/2023-24/02 dated 18th April 2023]

IBBI: IBBI warns RV to be cautious and transparent while conducting valuation under the Insolvency and Bankruptcy Code, 2016 and the Companies (Registered Valuers and Valuation) Rules, 2017. [Order No. IBBI/Valuation/Disc./11/2023 dated 18th April 2023]

Excise: Govt reduces Special Additional Excise Duty (SAED) on Diesel from Rs. 0.50 per litre to Rs. NIL per litre w.e.f. 19th April 2023. [Notification No. 19/2023-Central Excise dated 18th April 2023]

Excise: Govt increases Special Additional Excise Duty (SAED) on production of Petroleum Crude from Rs. Nil per tonne to Rs. Rs. 6400 per tonne w.e.f. 19th April 2023. [Notification No. 18/2023-Central Excise dated 18th April 2023]

DGFT: Procedure defined for applying for Amnesty Scheme for one-time settlement of default in export obligation by Advance Authorization & EPCG Authorization holders. [Policy Circular No.1/2023-24 dated 17th April 2023]

DGFT: Amendments to the Amnesty Scheme for one time settlement of default in export obligation by Advance Authorization & EPCG Authorization holders clarifying ‘Interest payable is capped at maximum of 100% of such duties exempted, however no interest will be payable in Additional Customs Duties and Special Additional Customs Duties. [Public Notice No.7/2023 dated 18th …

DGFT: Amendments to the Amnesty Scheme for one time settlement of default in export obligation by Advance Authorization & EPCG Authorization holders clarifying ‘Interest payable is capped at maximum of 100% of such duties exempted, however no interest will be payable in Additional Customs Duties and Special Additional Customs Duties.(19.04.2023) Read More »

Company Law: The responsibility of striking off companies transferred from ‘Registrar of Companies’ to ‘Registrar, Centre for Processing Accelerated Corporate Exit (a.k.a. Registrar, Centre for PACE)’ with effect from 1st May 2023 vide amendments to the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. [Notification No. G.S.R. 298(E ) dated …

Company Law: The responsibility of striking off companies transferred from ‘Registrar of Companies’ to ‘Registrar, Centre for Processing Accelerated Corporate Exit (19.04.2023) Read More »

Customs: Imposition of Anti-Dumping Duty on imports of “Vinyl Tiles other than in roll or sheet form” originating in or exported from China PR, Taiwan and Vietnam. [Notification No.5/2023-Cus (ADD) dated 19th April 2023]

MCA: Penalty imposed on a company for not conducting 4 board meetings in a year as Rs.25,000/- on Company and Rs.5000/- each on all 4 Directors of the company. [Order No. ROC/D/Adj/2022/Section 118/ETSYSTORE/ 146-1466 dated 05th April 2023]

MCA: Penalty imposed on a company for delay in conducting board meeting by 31 days as Rs.41,000/- each on company and all 4 Directors of the Company. [Order No. ROC/Delhi/Adj/2022/Section 173/ETSYSTORE/1467-1472 dated 5th April 2023]

SEBI: Dispute Resolution Mechanism declared for Limited Purpose Clearing Corporation (LPCC) for Disputes between Clearing Members inter-se, Disputes between Clearing Member or its Clients and the LPCC, Disputes Between the Clearing Member(s) and their Clients and Disputes between the LPCC and its vendors/suppliers/service providers. [Circulars No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/57 dated 17/04/2023]

RBI/FEMA: RBI simplifies the application process for registration of Core Investment Companies. The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free. [Press Release: 2023-2024/44 dated 10th April 2023]

Customs: CPCB has requested concerned authorities to consider clearance of import consignments of the importers whose EPR registration is under process at EPR portal based on the proof of submission of application for registration on the portal. [Instruction No.14/2023-Cus Dated 17th April 2023]

GST: Updated Advisory issued for Time limit for Reporting Invoices on the IRP Portal: Taxpayers having Annual Aggregate Turnover equal to or greater than 100 Crores will not be allowed to report invoices older than 7 days on the date of reporting. This is applicable for all types of documents for which e-invoicing is applicable …

GST:Updated Advisory issued for Time limit for Reporting Invoices on the IRP Portal (18.04.2023) Read More »

DGFT: Procedure for applying for Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG Authorization holders. [Policy Circular 1/2023-23 dated 17th April 2023]

DGFT: Now all importers & exporters should file their Bill of Entry / Shipping Bill with specific HSN codes available for Man Made Fibre (MMF) and technical textile under HSN code 2022. [Trade Notice No.02/2023-24 dated 17th April 2023]

DGFT: Condition regarding manufacturer requirement for import of Gold under HS Code 7108 under the TRQ of India UAE CEPA has been waived off. [Public Notice No.6/2023 dated 17th April 2023]

Customs: Customs (Waiver of Interest) Third Order, 2023 passed clarifying the waiver contained in this order will be effective subject to provided certain conditions. [Order No. 3/2023-Customs (N.T.) dated 17th April 2023]

SEBI: L&T Mutual Fund ceases to exist as a mutual fund w.e.f. April 06, 2023. [SEBI Press Release No.07/2023 dated 10th April 2023]

RBI/FEMA: Master Circular issued w.r.t. Housing Finance for Co-Operative Banks (UCBs). [Notification No. RBI/2023-24/15 DOR.CRE.REC.No.9/07.10.002/2023-24 dated 11th April 2023]