Promotion of ease of doing business and transparency in the sale and purchase of registered vehicles through dealers
The pre-owned car market in India has been gradually gaining ground. In the current ecosystem, several shortfall were noticed such as disputes in third party damage liabilities, difficulty in determination of defaulter etc. during transfer of vehicle to subsequent transferee.
CDSCO and State Drugs Control Administration commence joint inspection of Drug Manufacturing Units
The Joint Inspections are being conducted all over the country as per the Standard Operating Procedures. A committee of two Joint Drugs Controllers has been constituted at CDSCO (HQ) to monitor the process of inspection, reporting & subsequent action so as to ensure compliance to the Drugs & Cosmetics Act, 1940 and Rules thereunder. The aim is to ensure high standards of quality compliance with respect to drugs manufactured in the country.
Central Goods and Services Tax (Fifth Amendment) Rules, 2022
The Central Board of Indirect Taxes and Customs, (CBIC) has published the Central Goods and Services Tax (Fifth Amendment) Rules, 2022. The Amendment Rules were notified on 26th December, 2022 and have come into force on that date. The Rules seek to further amend the Central Goods and Services Tax Rules, 2017.
CBIC notifies exemption of provision relating to application for registration
The Central Board Indirect Taxes and Customs, (CBIC) issued a notification regarding the exemption of provisions relating to the application of registration under the Central Goods and Services Tax Rules 2017. In rule 8 which relates “application of registration” the sub-rule 4A shall not apply in all the States and Union territories except the State of Gujarat. This provision pertains to furnishing of bio-metric information.
Govt. of Rajasthan extends its prior notification related to Input Tax Credit (ITC)
The notification relates to the manner of verification of deposit of tax for the purpose of allowing the Input Tax Credit (ITC). This relates to pending demands pertaining to assessment years up to 2017-18. It is applicable in those cases where the demands have been created for want of verification of Input Tax Credit claimed by a dealer.
Energy Conservation (Amendment) Act, 2022 shall commence on January 1, 2023
Parliament on December 12, 2022 has passed the Energy Conservation (Amendment) Bill, 2022 with Rajya Sabha approving it today. The Act seeks to amend the Energy Conservation Act, of 2001. It promotes energy efficiency and conservation. The Bill empowers the Centre to specify a carbon credit trading scheme.
Clarification regarding jurisdiction of Export Promotion Councils/Commodity Boards/Export Development Authorities as per Foreign Trade Policy 2015-2020
All products and services by EOU except spice and All products and services by SEZs shall fall within the jurisdiction of Export promotion councils.
RBI revises Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021
The revised master direction is issued for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Housing Finance Company (HFCs) from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such HFCs.
Consumer Protection (Consumer Disputes Redressal Commissions) Amendment Rules, 2022
The amendment has revised the fees payable for making complaints before the District Commission, State Commission, or National Commission, as per The Consumer Protection Act, 2019.
CBIC issues new procedure to deal with the difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19
The proper officer shall first seek the details from the registered person regarding all the invoices on which ITC has been availed by the registered person in his FORM GSTR 3B but which are not reflected in his FORM GSTR 2A.
