Filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for the period prior to the merger with U.T. of Dadra & Nagar Haveli
The mechanism for filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for the period prior to the merger with U.T. of Dadra & Nagar Haveli New GSTINs with UT Code 26 were created for the taxpayers of erstwhile UT of Daman and Diu w.e.f 1st August 2020 […]
Key Changes in GST – effect from January 1, 2022.
GST Rates/Exemptions Textile Industry (Implementation of new rates deferred by 46th GST Council Meeting on 31-12-2021) At present, tax rate on raw material and final product are not uniform. Apparel and clothing up to Rs 1,000 per piece currently attracts 5 per cent GST. GST rate will be harmonized across the textile chain after amendment […]
Restaurant services provided through E-Commerce Operator will be now taxable in the hands of E-Commerce Operator from 1st Janauary, 2022
Presently, restaurant services provided through E-Commerce Operator were taxed at supplier level. However, vide Notification No.17/2021, dated November 18, 2021, the section 9(5) of the GST Act has been amended to include restaurant services provided through E-commerce operator like ZOMOTO, SWIGY, UBER Eats, and many such food delivery apps. With this amendment, now e-commerce operator will […]
GST on the supply of transportation of passenger service provided by an auto rickshaw through an ‘electronic commerce operator’
Previously, passengers were exempted from paying for metered cabs or auto rickshaws (including e-rickshaws) to transport them, with or without their stuff. GST will be applicable on such transportation services provided by auto rickshaws following the revision to the exemption entry. However an auto ride provided via offline modes such as street hailing will still […]
Production Linked Incentive (PLI) scheme for the Pharmaceutical Sector
The PLI Scheme for Pharmaceuticals is based on the strategy of “Atmanirbhar Bharat- Strategies for enhancing India’s manufacturing capabilities and enhancing exports in ten sectors”, which had been approved by the Union Cabinet on 24.02.2021. The Operational Guidelines for the scheme inviting applications from the pharmaceutical industry were issued on 01.06.2021 by the Department of […]
Process & Procedures for the Export Benefits : RoDTEP and MEIS-SEIS
The following process would be followed for RoDTEP (i) Exporters to register their IEC on ICEGATE with a DSC. (ii) To avail the scheme exporter shall make a claim for RoDTEP in the shipping bill by making a declaration. (iii) Once EGM is filed, claim will be processed by Customs. (iv) Once processed a scroll with all individual Shipping Bills for admissible amount […]
De-Activation of IECs not updated at DGFT
It was mandated by DGFT to all IEC holders to ensure that details in their IEC is updated electronically every year during April-June period (for which no user charges will be borne by the IEC holder). Based on representations received from the IEC holders who had not updated their IECs, the period of updation was […]
Withdrawal of Lower or Nil GST Rates for Government Authority or Government Entity
Effective from 1st January, 2022, the lower and Nil GST rate as available for supply of “Composite supply of works contract” [section-2(119) of CGST Act, 2017] to a Government Authority or a Government Entity is withdrawn and hence, from the effective date, following services, will be taxed at 18% if no other, specific rate or […]
Opening of Current Accounts by Banks
Recently, RBI has issued revised guidline with respect to the opening of the current accounts by Banks. On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of […]
SEBI – ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (FOURTH AMENDMENT) REGULATIONS, 2021 SEBI vide its notification dated October 26, 2021, amends the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulation”), which shall come into force on the date of their publication in the Official Gazette. As per the amendment, it […]