BIS Certification for Pashmina’s Authenticity
The Bureau of Indian Standards (BIS) on August 2, 2019, decided to assign an Indian Standard for certifying the purity of Pashmina products. The step has been taken to scrap the mislabeled and adulterated Pashmina products in the market and to safeguard the interest of local artisans and nomads. This will curb malpractices and will […]
SEBI automated SCORE authentication process
On 2nd August, 2019 Securities Exchange Board of India by its Circular SEBI/HO/OIAE/IGRD/CIR/P/2019/86 has made partial modification to the Circular No. CIR/OIAE/1/2014 dated December 18, 2014 for streamlining issuance of SCORES authentication for SEBI registered intermediaries. As per the previous circular dated December 18, 2014 all listed companies and SEBI registered intermediaries (excluding Stock Brokers […]
RBI Libralises norms for ECBs by Corporates and NBFCs
The Reserve Bank of India (RBI) on July 30, 2019, has decided to ease norms relating to External Commercial Borrowings (ECB) for Corporates and NBFCs. This liberalization will allow borrowers to raise ECBs from recognized lenders, except foreign branches or overseas subsidiaries of Indian banks. With this relaxation, ECBs can be raised with a minimum […]
CBIC Relaxes the percentage of Physical Examination for Export Consignment
The Central Board of Indirect Taxes and Customs vide its circular dated July 24, 2019, clarified issues regarding the refunds of IGST paid on import in case of risky exporters. Board has received representations from exporters regarding the new procedure of 100% examination related to risky exporters which leads to incur additional costs of re-packaging […]
CBIC: Re-import of goods sent for Exhibition Consignment does not constitute Supply
The Central Board of Indirect Taxes and Customs on July 24, 2019, clarified the applicability of Notification No. 45/2017-Customs on the re-import of goods which had been earlier exported either for participation in exhibition or on consignment basis.The issue is clarified as, since, in these goods no consideration is involve, they do not fall in […]
Maharashtra Tax Laws (Amendment and Validation) Act, 2019
The Maharashtra Government has released Maharashtra Tax Laws (Second Amendment and Validation) Act, 2019 and thereby amended Maharashtra State Tax On Professions, Trades, Callings And Employments Act, 1975 and Maharashtra Value Added Tax Act, 2002.
Storage of Payment System Data Clarifications
The Reserve Bank of India, has cleared all the ambiguity regarding an earlier directive pertaining to ‘Storage of Payment System Data ’which was issued on 6 April, 2018 . The directive instructed all system providers to ensure the storage of all data in relation to payment systems in a system in India only within a period of six months.
Levy of GST on Petroleum Products
The GST Council is contemplating to levy GST on crude, high speed diesel, motor spirit, natural gas and aviation turbine fuel. The council is yet to decide the date of implementation.
National Traders’ Welfare Board to be Structured by Government
The Ministry of Commerce and Industry on July 26, 2019, notifies that the National Traders’ Welfare Board shall be constituted to ensure funds and promote benefits for trades.The Board is entrusted with the task of implementing the mechanism for reduction of compliance burden, social security benefits and addressing the problems of traders to the Government.The […]
MoHFW Invites comments on draft of Classification and Categorization of Clinical Establishment
The Ministry of Health and Family Welfare has issued draft rules for Classification and Categorization of Clinical Establishment on July 17, 2019.The clinical establishment under the draft has been defined in a vast way to include every entity or institution administering any medical facility. In addition to the definitions, draft also seeks to provide categories […]
