Advisory on HSN and GSTR-1 Filing
Taxpayers are therefore advised not to create 6-digit HSN code by truncating/removing the last two digits (including “00”) of a valid 8-digit HSN code. Taxpayers should check their HSN code in Search HSN functionality provided by GSTN on GST portal and with the directory of HSN codes provided in a downloadable excel format.
The IFSC has allowed branches of Indian financial institutions to offer financial products linked to Indian Rupee
Branches of Indian banks and branches of other Indian financial institutions operating in IFSC may, subject to the directions issued by the Authority, offer financial products linked to Indian Rupee.
GST Portal updated to prevent registered persons in default of furnishing the return in FORM GSTR-3B from filing FORM GSTR-1
The GST portal system will check that whether before the filing of GSTR-1/IFF of a tax-period, GSTR-3B for the previous two monthly tax-periods has been filed.
HFCs shall qualify as Financial Institutions under SARFAESI Act
The HFCs registered under of National Housing Bank Act, 1987 and having assets worth ₹100 crore & above, shall qualify as ‘Financial Institution’ under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager
The Bullion Exchange shall only enable trading in Bullion which adhere to OECD Due Diligence Guidance for Responsible Supply chain of Minerals from Conflict Affected and High-Risk Areas for establishing supply chain integrity.
Extended timelines for electronic filing of various Forms under the Income-tax Act, 1961
CBDT has extended the time lines for electronic filing of various Forms under the Income-tax Act, 1961 considering the difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of Income-tax Act, 1961.
UGC Streamlines the forms and processes for reducing compliance burden in Higher Education Sector
Higher Education Institutions (HEIs) are directed to initiate new reforms for simplification of methods in administration and finance.
Andhra Pradesh Agricultural Land (Conversion For Non-Agricultural Purposes)(Amendment) Rules
The amendment provides that when an application for conversion of an Agricultural land into Non-Agricultural land in revenue records is received, the Tahasildar shall conduct a full enquiry through revenue officers before deciding on the application.
General Provident Fund (Tamil Nadu)(Amendment) Rules, 2021
The amendment provides that if a subscriber to the General Provident Fund scheme has attained the age of superannuation, the amount standing to his credit in the Fund shall be payable to him, along with interest.
Government of T.N revises the minimum wages payable for employees of leather goods manufactory
The employees shall also be provided dearness allowance based on average consumer price index on Chennai. The dearness allowance shall be revised every year on April.
