Daily Updates

CUSTOMS: Instructions issued w.r.t. Suspension of Licence of Customs Broker. [Instruction No.24/2023 dated 18th July 2023]

GST : Various clarifications issued vide GST Circulars as under: Particulars Circular No. Circular Date Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof. 192/04/2023-GST 17th July 2023 Clarification to deal with difference in Input Tax Credit (ITC) availed in …

GST : Various clarifications issued vide GST Circulars (18.07.2023) Read More »

GST : Extension of Amnesty Scheme for GSTR-10 Final Return non-filers but furnish the said return between the period from the 1st day of April 2023 to the 31st of Aug 2023 with waiver of late fees. [Notification No.25/2023-Central Tax dated 17th July 2023]

GST :  Extension of Amnesty Scheme for GSTR-9 Annual Return non-filers for the registered persons who fail to furnish Annual Return for any of the financial years 2017-18, 2018-19, 2019-20, 2020-21 or 2021-22, but furnish the said return between the period from the 1stday of April 2023 to the 31st of Aug 2023, the total …

GST : Extension of Amnesty Scheme for GSTR-9 Annual Return non-filers for the registered persons who fail to furnish Annual Return for any of the financial years 2017-18, 2018-19, 2019-20, 2020-21 or 2021-22. (18.07.2023) Read More »

GST: Extension of Amnesty Scheme for deemed withdrawal of assessment orders issued under Section 62 till 31st Aug 2023. [Notification No.24/2023-Central Tax dated 17th July 2023]

GST: Extension of time limit for application for revocation of cancellation of registration till 31st Aug 2023. [Notification No.23/2023-Central Tax dated 17th July 2023]

GST: Amnesty for GSTR-4 non-filers is extended till 31st Aug 2023. [Notification No.22/2023-Central Tax dated 17th July 2023]

GST: Extension of due date for furnishing FORM GSTR-1 for April, May and June 2023 for registered persons whose principal place of business is in the State of Manipur up to 31st July 2023. [Notification No.18/2023-Central Tax dated 17th July 2023]   Extension of due date for furnishing FORM GSTR-3B for April, May and June …

GST : Extension of due date for furnishing FORM GSTR-1, GSTR-3B for April, May and June 2023 for registered persons whose principal place of business is in the State of Manipur (18.07.2023) Read More »

The 50th GST Council meeting was held on 11th July 2023. Click here to read Updates:

Company Law: MCA Imposes Penalty for Delay in Filing Member’s Resolution & Explanatory Statement. [Order No. ROC-GJ/ADJ-Order/Sec. 454/ ALAG BRAINWORKS/2023-24/7875-7019 dated 5th July 2023]

Company Law: MCA Imposes Rs. 3 Lakh Penalty for Failure to Appoint Internal Auditor. [Order No. ROC-Guj/Adj. Order/Sec. 138/2023/1676 to 80 dated 4th July 2023]

Company Law: MCA Imposes Rs. 4 Lakh Penalty on Company for Failure to Maintain Registered Office. [Order No. ROC-GUAM-Order/Sec. 454/ Giriraj Ginning /Sec. 12/2023-24/1716 To 20 dated 4th July 2023]

FEMA/RBI: Master Circular on “Issuing & Listing Non-convertible & Municipal Securities, Commercial Papers”. [Master Circulars No. SEBI/HO/DDHS/PoD1/P/CIR/2023/119 dated 7th July 2023]

SEBI: Regulatory Framework for Sponsors of a Mutual Fund has been issued to enhance the penetration of the Mutual Fund industry, and to facilitate new types of players to act as sponsors of Mutual Funds, an alternative set of eligibility criteria is introduced. [Circular No. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2023/118 dated 7th July 2023]

DGFT: Revision of general notes regarding Import Policy under Schedule I (Import Policy ) ITC (HS), 2022, so as to update relevant detail regarding Food Import Entry Points, in sync with relevant FSSAI notification. [Notification No.18/2023 dated 10th July 2023]

DGFT: ITC (HS) Codes for Cotton under India- Aus ECTA TRQ QTY as 51000 MTs has been revised in sync with Ministry of Finance (Department of Revenue) Notification No.38/2023-Cus dated 23rd May 2023. [Public Notice No.21/2023 dated 10th July 2023]

Customs: Standard Operating Procedure defined for stepping up of Preventive Vigilance Mechanism by the jurisdictional CBIC field formations and to prevent flow of suspicious cash, illicit liquor, drugs/narcotics, freebies and smuggled goods during elections. [Instruction No.22/2023-Cus dated 6th July 2023]

Customs: Amendment in import policy condition of Cigarette lighters Covered under CTH 9613 of Chapter 96 of Schedule-I (Import Policy) of ITC (HS) 2022. [Instruction No.21 /2023-Cus dated 5th July 2023]

Customs: FSSAI has notified Authorised officers at 161 Points of Entries (PoEs) for food, wherein 99 PoEs are to be manned by Customs officials as Authorized officers (AOs) while 62 PoEs are manned by FSSAI officials. [Instruction No.20 /2023-Cus dated 5th July 2023]

Customs: It is clarified that for the purpose of customs clearances, the HS Code (2007 version) mentioned in CoO issued under India-Japan CEPA needs to be co-related with HS codes (2022 version) mentioned in the BOE at the time of Customs Clearance.[Instruction No.19/2023-Cus dated 4th July 2023]