DGFT: Export Policy of items [Wheat Flour (Atta), Maida, Samolina (Rava / Sirgi), Wholemeal atta and resultant atta] under HS Code 1101 remains ‘Free’, but export shall be subject to recommendation of Inter-Ministerial Committee (IMC) constituted for allowing export of wheat. [Notification No. 25/2015-2020 | Dated: 8th August, 2022]
DGFT: Advertisement The requirement of advance registration of minimum 5 days from the expected date of arrival of import consignment under NFMIMS has been abolished/made zero. [Notification No. 26/2015-2020 | Dated: 10th August, 2022]
Income Tax: CBDT notifies Income tax rules 17AA where books of account and other documents to be kept and maintained by institution or trust or any university or other educational institution or any hospital or other medical institution u/s 10(23C) or Sec 12A [Notification No. 94/2022-Income Tax Dated: 10th August, 2022]
High Court of Jammu & Kashmir has held that under the Negotiable Instrument Act, 1881, a Complain is not valid if Statutory Notice of Demand Sent on Wrong Address.
RBI: RBI issued guidelines with details of the criteria and procedure for submission of application by DCCBs for opening new place of business/installation of ATMs. [RBI/2022-23/106 DOR.REG.No.63/19.51.052/2022-23 dated 11th Aug 2022]
RBI: RBI clarifies on Bilateral Netting of Qualified Financial Contracts for Regional Rural Banks, Local Area Banks and Co-operative Banks, where the bank has not adopted the bilateral netting framework. [RBI/2022-23/107 DOR.MRG.REC.64/00-00-005/2022-23 dated 11th Aug 2022]
Customs: Exports of all items under HS Code 1101 would be subjected to recommendation of Inter-Ministerial Committee constituted for allowing export of wheat, with effect from 14th Aug 2022. [Instruction No. 17/2022- Customs dated 11th Aug 2022]
AAR Rajasthan has held that that activity of supply of manpower service for running & maintenance of the canteen for consideration in the course of business is covered under ‘supply’ as per section 7 of the CGST Act, 2017 and is liable to tax as per section 9 of the CGST Act, 2017. AAAR …
Hon’ble Tribunal of Kolkata has held that Period of limitation should be calculated as per General Clauses Act and therefore refund application has been filed within time and rejection of refund is incorrect.
Supreme Court has directed the GST council to issue Advsiroy for Implementing DIN for all communications sent by State Tax Officers to tax payers as this may bring in transparency and accountability in indirect tax administration- PRADEEP GOYAL Vs UNION OF INDIA AND ORS 2022-TIOL-66-SC-GST High Court in a recent judgement has granted an opportunity to …
RBI: Authorised Dealer Category-I License eligibility for Small Finance Banks [RBI/2022-23/104 DOR.LIC.REC.60/16.13.218/2022-23 dated 8th August 2022]
RBI: Stand-alone Primary Dealer (SPDs), authorized under section 10(1) of FEMA, 1999 shall also be eligible to offer Foreign Currency Settled Overnight Indexed Swaps (FCS-OIS)to persons not resident in India as well as to other AD Cat-I banks and eligible SPDs. [RBI/2022-23/105 FMRD.DIRD.05/14.03.046/2022-23 dated 8th Aug 2022]
Customs: Government has specified Passenger Name Record Information Regulations, 2022. [Notification No. 67/2022 Customs (N.T.) dated 8th August 2022]
Income Tax: CBDT notifies conditions & forms for exemption of amount received for Covid-19 Treatment from any person. [Notification No. 91/2022-Income Tax | Dated: 5th August, 2022]
Income Tax: CBDT notifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased [Notification No. 91/2022-Income Tax | Dated: 5th August, 2022]
Income Tax: CBDT notifies Qatar Holding LLC as sovereign wealth fund U/s. 10(23FE). [Notification No. 93/2022-Income Tax Dated: 5th August, 2022]
SEBI: SEBI issued framework for restricting trading by Designated Persons (“DPs”) by freezing PAN at security level. [Circular No.SEBI/HO/ISD/ISD-SEC-4/P/CIR/2022/107 dated 5th August 2022]
RBI: RBI hikes policy repo rate to 5.40 per cent. [REF.No.MPD.BC.394/07.01.279/2022-23 dated 5th August 2022]
DGFT: The requirement for BIS certification for import of ‘Hexane, Food Grade’ is removed [Notification No. 24/2015-2020-DGFT | Dated: 4th August 2022.]
GST: Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 47th meeting on Electric Vehicle , treated sewage water, Motor Chasis, Fly ash etc. . [Circular No. 179/11/2022-TRU dated 3rd August, 22]
