SEBI Enables T+2 trading of Bonus shares where T is the record date
With a view to streamline the process of Bonus issue of equity shares, SEBI in consultation with the market participants, has decided to reduce the time taken for credit of bonus shares and trading of such shares, from the record date of the Bonus Issue under SEBI (ICDR) Regulations, 2018.
Draft Manual on Invoice Management System released on GST portal
A Draft Manual on Invoice Management System (IMS) was released on the GST portal on September 17, 2024.
CBDT notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024
Central Board of Direct Taxes (CBDT) has introduced the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024) to address pending appeals in case of income tax disputes. This scheme will take effect from October 1, 2024.
Clarification on holding of AGM and EGM through VC or OAVM
Clarification on holding of AGM (Annual General Meeting) and EGM through Video Conference (VC) or other Audio Visual Means (OAVM)
Clarification: IGST refunds for exporters who had imported Inputs without payment of IGST & Cess
Clarification on IGST refunds for exporters who imported Inputs without payment of IGST &Compensation Cess under notification no. 78/2017 & 79/2017 customs Circular No.: 233/27/2024 Circular date: 10 September, 2024 Relevant Act/ Rule: Central Goods and Service Tax Rules, 2017 Relevant Section/Rule: Sub-rule (10) of Rule 96 Relevant authority: CBDT Rule 96(10) of CGST rules, 2017 provides a restriction on availment of refund of integrated tax paid on exports of goods and services. It was laid down that refund of integrated tax paid on export of goods and services cannot be claimed if exporter has utilized the benefits of certain concessions or exemptions on inputs or raw materials, whether imported or procured domestically. In this context, clarification has been given on whether a registered person can regularize their refund of IGST paid on exports if they initially imported inputs without paying IGST and compensation cess by using the benefits under Notification No. 78/2017-Customs or Notification No. 79/2017-Customs dated October 13, 2017. The Explanation was added retrospectively suggesting that if the benefits of the exemption notifications for IGST and compensation cess haven’t been availed, then it will be treated as if those benefits were never claimed according to sub-rule (10) of rule 96 of the CGST Rules. This means that if inputs were initially imported without paying IGST and compensation cess but were later paid with interest, it can be considered that the benefits of the mentioned notifications were not availed. Therefore, in such cases, refund claims for IGST on exports made with payment of IGST should not be seen as violating the rules. In light of the above, it is clarified that if inputs were initially imported without paying integrated tax and compensation cess by using benefits from Notification No. 78/2017-Customs or Notification No. 79/2017-Customs, but IGST and compensation cess are later paid with interest, and the Bill of Entry for these inputs is got reassessed, then any IGST refunded on exports made by the exporter will not be considered to be in violation of sub-rule (10) of rule 96 of the CGST Rules. Refer Circular: https://taxinformation.cbic.gov.in/view-pdf/1003232/ENG/Circulars Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article. To stay updated Subscribe to our newsletter today Explore other Legal updates on the Corplico and follow us on LinkedIn to stay updated
Public Notice for Weighment of Self-Sealed Export Containers in CPP
Public Notice for Weighment of Self-Sealed Export Containers in Centralized Parking Plaza Public Notice No. 73/2024 Date: 28th August 2024 Effective Date: 1st September 2024Office of Commissioner of Customs NS-II has issued a public notice inviting attention of Exporters, Custom Brokers, and other stakeholders and officers of JNCH on processing of shipping bills of self-sealed export containers in Centralized Parking Plaza (CPP).Weighment of self-sealed export containers of shipping bills pertaining to non-AEO exporters of following categories, shall mandatorily be done at CPP before registration of goods by customs: Whether either duty drawback claimed is more than Rs. 1 lac or IGST refund amount is more than Rs. 5 lacs Where the goods to be exported are under Advanced Authorization / EPCG / DFIA Schemes. Where the goods are subject to export duty. 10% of the containers not falling in the aforesaid 3 categories, selected by AC / DC in-charge of CPP. All self-sealed containers should mandatorily contain the container weighment slip of the custodian of CPP to be presented at the time of registration of shipping bills in EDI system.The custodian have been made responsible for arranging the weighment of such consignments so that there is no delay or inconvenience to the exporter due to implementation of this notice. Refer public notice issued by Office of Commissioner of Customs, NS-II: https://www.jawaharcustoms.gov.in/pdf/PN-2024/PN-73-2024.pdf Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article. To stay updated Subscribe to our newsletter today Explore other Legal updates on the Corplico and follow us on LinkedIn to stay updated
IEPFA announces New Grievances Redressal Mechanism
IEPFA announces New Grievances Redressal Mechanism Effective from September 6, 2024 On August 30, 2024, Investor Education and Protection Fund Authority (IEPFA) has announced a new grievance redressal mechanism effective from September 6, 2024 as follows: Investor Education and Protection Fund Authority (IEPFA) is mandated to refund unclaimed shares and dividends to the rightful claimants, based on the claim application made under Form IEPF-5. For the purpose of addressing grievances, different mail IDs like iepf@mca.gov.in, iepf.grievances@mca.gov.in, seniorcitizen.iepfa@mca.gov.in were used. In order to streamline the grievance redressal system, a “Grievances Ticketing System” with upgraded features has been established for updating the investors in respect of the status of their claims/queries. Henceforth, all grievances/queries regarding status of the claims/dividends would be responded through “Grievances Ticketing System” only. A flow chart in PPT format titled “How to Register Grievances” has been uploaded on the webpage (iepf.gov.in) under “What is New”-Notices and Circulars. Usage of above all email-IDs shall be disabled/discontinued w.e.f from 06th September-2024 for Grievances Redressal Link: Grievances Redressal Mechanism at Investor Education and Protection Fund AuthorityDisclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article. To stay updated Subscribe to our newsletter today Explore other Legal updates on the Corplico and follow us on LinkedIn to stay updated
Guidelines on Treatment of Dividend Equalisation Fund (DEF)- Primary UCBs
According to guidelines, dividends can only be paid from current year’s net profit after making all statutory & other provisions & fully adjusting for accumulated losses
Master Direction on Treatment of Wilful Defaulters and Large Defaulters
RBI (Treatment of Wilful Defaulters and Large Defaulters) Directions, 2024 serves as a comprehensive guideline delineating the regulatory framework and procedures for classification of borrowers as wilful defaulters
Exclusion of Aadhar Card from list of Acceptable Documents for Proof of DoB
ESIC had received directives from UIDAI that Aadhaar shall no longer be accepted as proof of DoB for Insured Persons and their dependents.
