Clarification regarding GST rates & classification of goods
Inter-state stock transfer between distinct persons (establishment of same person located in two different states) is considered as ‘supply ‘of goods. The original/ import Essentiality certificate, issued by the Directorate General of Hydrocarbons (DGH) is sufficient and there is no need for taking a certificate every time on inter-state movement of goods within the same company / stock transfer so long as the goods are the same as those imported by the company at concessional rate. The importer is required to maintain records and should be able to establish nexus between the stock transfer of goods and the description in the essentiality certificate.
CBIC issues Clarifications on applicable GST Rates & Exemptions on certain Services.
It is clarified that service provided by way of cooking and supply of food, by cloud kitchens/central kitchens are covered under „restaurant service‟, as defined in notification No. 11/2017- Central Tax (Rate) and attract 5% GST and the term restaurant service‟ includes services provided by Restaurants, Cafes and similar eating facilities including takeaway services, room services and door delivery of food.
IFSCA clarification regarding issue of Offshore Derivative Instruments (ODIs)
Offshore Derivative Instruments (ODIs) shall be issued in compliance with the provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 dated September 23, 2019 (as amended) including reporting of data on ODIs to the Securities and Exchange Board of India.
SEBI notifies the minimum percentage of trades carried out by mutual funds through RFQ platform.
Mutual Funds are permitted to accept the Contract Note from the brokers for transactions carried out in One to One (OTO) and One to Many (OTM) modes of RFQ platform.
IRDAI notifies Maintenance of Current Accounts in multiple banks by Insurers.
It is clarified that the respective insurers may maintain current accounts in appropriate number of banks for the purpose of premium collection, management expenses, policy payments, investment operations, etc., for the convenience of the policyholders and for the ease of doing business.
GSTN Resumes E-way bill blocking facility for non-compliant taxpayers.
Earlier, the GSTN temporarily suspended the blocking of E-way bill generation facilities on account of Covid pandemic. In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their return in Form GSTR-3B / statement in CMP-08, for consecutive two tax periods or more, whether Monthly or Quarterly.
