IBC Hon’ble Apex Court Supreme Court held that after passing of Resolution Professional by NCLT, cheque bounce case will cease only against Corporate Debtor if taken over by new management and not against signatories/ ex-directors.
RBI: The Government of India has decided that the date of closure of residual transactions for the month of March 2023 be fixed as April 10, 2023. [Notification RBI/2022-23/184 DGBA.GBD.No.S1469/42-01-029/2022-2023 dated March 16, 2023 ]
Corporate Laws: MCA established of Centre for Processing Accelerated Corporate Exit (also called C-Pace) which facilitates and speed up the voluntary winding-up of companies from the currently required two years to less than six months. [Notification F. No. A-42/21/2022-Ad.II-MCA dated 17th March 2023]
DGFT: DGFT amends policy for import of marble from Bhutan. [Notification No. 60/2015-2020-DGFT | Dated 14 March, 2023]
Customs: CBIC releases technology related descriptions of Telecom equipment. [Circular No. 08/2023 Dated: 13.03.2023]
Corporate Law: Govt notifies Cryptocurrency – Virtual digital assets under PMLA, 2002 [Notification No. S.O. 1072(E). dated 7th March 2023]
Excise & Service Tax Karnataka High Court held that Deficiency in refund claim can’t be made as a ground by Dept. to pass refund order beyond statutory period of 3 months and Interest is to be paid to assessee if refund is not made within prescribed period of three months.
SEBI: All existing investors are required to ensure linking of their PAN with Aadhaar number prior to March 31, 2023, for continual and smooth transactions in securities market and to avoid consequences of non-compliance. [Press Releases No. 05/2023]
Customs: The labels on imported food consignments which are found to be non-compliant by laboratory during analysis, the importer may rectify the label and the concerned AO shall verify the compliance and issue the No Objection Certificate for the said consignment. [Instruction No. 09/2023-Customs Dated: 7th March, 2023]
Customs: Government started Implementation of origin procedures under India-Australia ECTA. [Instruction No. 10/2023- Customs | Dated the 10th March, 2023]
RBI: Govt notifies court in Assam under Prevention of Money-laundering Act, 2002. [Notification F. No. C-18015/44/2022-Ad.ED dated 3rd March, 2023]
GST High Court of Orissa held that in case of Cancellation of GST registration by Departmental officer the fraud committed by the selling dealer cannot be ground for cancellation of GST registration of purchasing dealer more so when involvement of purchasing dealer in availing wrongful ITC was not established.
Income Tax ITAT Kolkata dismissed the appeal filed after the limitation period and held that Condonation is not granted on unreasonable explanation of non-availability of tax consultant without any substantive proof.
GST Delhi High Court held that for limitation period calculation for GST Refund Application the period from 01.03.2020 to 28.02.2022 not includible and shall be excluded. Central Excise CESTAT Ahmedabad held that Classification of Service cannot be disputed at the recipient End.
GST: GSTN launches e-invoice registration services with private IRPs. [Press release dated 4th March 2023]
Customs: CBIC discontinue specified TRQ rate after 31st March 2023. Notification No. 15/2023-Customs Dated: 3rd March, 2023
Customs: CBIC reduces BCD on Tur Whole to Nil. Notification No. 16/2023-Customs | Dated: 3rd March, 2023
Customs: Requirement of Health Certificate to be accompanied with import of food consignments deffered. Instruction No. 08/2023-Customs | Dated March 3rd, 2023
Central Excise: CBIC increases SAED on production of Petroleum Crude & reduces SAED on export of Aviation turbine. Notification No. 10/2023-Central Excise Dated: 03rd March, 2023
Central Excise: CBIC reduces Special Additional Excise Duty on Diesel to Rs. 0.50 per litre. Notification No. 11/2023-Central Excise Dated: 03rd March, 2023
