GST Hon’ble High Court of Bombay held that, Chairman and Managing Director cannot plead for exemption from appearance before GST authority when any summons is issued under GST Act to them as they are aware of facts and circumstances as they have signed and verified the petition on oath which implies that they are in …
RBI has issued notification that all Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 shall be applicable to State Cooperative Banks and Central Cooperative Banks. [Notification no RBI/2022-23/181 DOR.ACC.REC.No.103/21.04.018/2022-23, Dated 20thFebruary, 2023]
RBI has issued guidelines for calculation of Capital Adequacy Ratio and the amount available for payment of dividend by Asset Reconstruction Companies (ARCs) who are qpreparing their financial statements as per Ind AS. [Notification no RBI/2022-23/182 DOR.ACC.REC.No.104/21.07.001/2022-23, Dated 20thFebruary, 2023]
Minor discrepancy in description of vehicle in e-way bill could not attract proceedings for detention of goods and penalty as there was no intention on part of dealer to evade tax, therefore, orders for detention and penalty were to be set aside by the High Court of Allahabad. High Court of Calcutta held that Appellate …
Central Excise: Interest on refund of pre-deposit @6% duly entitled from date of deposit till the date of refund when demand is set aside
Income Tax: CBDT notifies ITR-7 for Assessment Year 2023-24, ie, Financial Year 2022-23 [Notification No. 05/2023-Income Tax dtd 14th February 2023]
DGFT: The procedure for allocation of quota for import of (i) Calcined Pet Coke for use in Aluminium industry and (ii) Raw Pet Coke for CPC manufacturing industry for the year 2023-24 is notified. [Public notice no 57/2015-2020 dtd 14th February 2023]
DGFT: The Minimum Import Price (MIP) imposed on tariff lines under 080280 is revised from Rs. 251/- per Kilogram to Rs. 351/- per Kilogram. The Import Policy of Supari under ITC(HS) 21069030 is revised from ‘Free’ to ‘Prohibited’ and Import shall be Free if CIF value is Rs. 351/- or above per Kilogram. The given …
DGFT: The export of Agri Residue Based Biomass and Briquettes/Pellets under ITC-HS Heading 1213 is placed under ‘Free’ Category with immediate effect. [Notification no 58/2015-2020 dtd 14th February 2023]
Income Tax: CBDT has notified Formats & Particulars of Income Tax Return Forms (ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V) and Income Tax Return Acknowledgement (ITR-V) for Assessment Year 2023-24,ie, Financial Year 2022-23. [Notification No. 04/2023 dtd 10th Feb 2023]
Customs: Compliance of Bureau of Indian Standards (BIS) standards for toys or parts of toys during import have been prescribed. [Instruction No.06/2023 dtd 13th February 2023]
RBI: RBI extends Market Trading Hours from 13th Feb 2023. [Press Release on 8th Feb 2023]
DGFT: Gemological Science International (GSI) Pvt Ltd, Mumbai, is added as an agency permitted to import for diamonds for certification/grading and re-export [Notification no 56/2015-2020 dtd 7th Feb 2023]
Customs: Import of High risk Products such as Milk and Milk Products, Egg Powder etc shall be allowed only from designated 79 ports from 1st March 2023. [Instruction no 05/2023 – Customs dtd 8th Feb 2023]
Customs: Transhipment of goods by road from LCS Petrapole to Air Cargo Complex, Delhi is also allowed with effect from 15.02.2023 following the procedure prescribed. [Circular No. 03/2023-Customs dtd 7th Feb 2023]
MCA: Extension of Time line for filing of 45 company e-Forms and PAS-03 whose due dates for filing fall between 20.01.2023 and 06.02.2023 in MCA 21 Version 3.0 without additional fee for a period of 15 days. [General Circular No. 03/2023 dtd 7th February 2023]
SEBI: Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT)/Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules there under have been framed. [SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022 dtd 3rd February 2023]
SEBI: SEBI has issued Dos and don’ts relating to green debt securities to avoid occurrences of greenwashing. [SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/020 dtd 3rd Feb 2023]
SEBI: SEBI (Issuing Observations On Draft Offer Documents Pending Regulatory Actions) Order, 2020 has been brought into force with immediate effect.
Central Excise: Special Additional Excise Duty on – Chapter or heading or sub-heading or tariff item Description of goods Earlier Rate Revised Rate 2709 Petroleum crude Rs. 17,000 per tonne Rs. 5,050 per tonne 2710 Aviation Turbine Fuel Rs. 4 per litre Rs. 6 per litre [Notification No. 06/2023-CentralExcise dtd 3rd Feb 2023]
