Ministry of Commerce & Industry details Implementation of the RoDTEP Committee Report in relation to Anomalies
The Ministry of Commerce & Industry issued a notification on the implementation of the RoDTEP (Remission of Duties and Taxes on Exported Products) Committee report. This notification attempts to incorporate changes in relation to anomalies and errors in the earlier notified rates/ caps of 432 HS Codes. The notification was issued 9th January, 2023.
Government of Tamil Nadu clarifies on applicability of certain provisions of the Tamil Nadu Goods and Services Tax Act, 2017
The Government of Tamil Nadu has clarified on the applicability of provisions of section 75(2) of the Tamil Nadu Goods and Services Tax (TNGST) Act, 2017, and its effect on limitation. The said clarification was issued on 4th January, 2023. In cases that do not involve fraud or willful misstatement or suppression of facts to evade payment of tax, a show cause notice has to be issued within 2 years and 9 months from the due date of furnishing of annual return for the financial year to which such tax not paid or short paid or input tax credit wrongly availed or utilized relates, or within 2 years and 9 months from the date of erroneous refund.
SEBI notifies SOP for handling of Stock Exchange Outage and extension of trading hours
The Circular clarifies that if continuous trading on stock exchanges is disrupted, it is of paramount importance that all market participants including other MIIs, are promptly informed about the outage. Additionally, the trading hours are should also be extended, if required, so as to provide opportunity for smooth closure of intraday positions. The disruptions contemplated by this circular may be due to technical reasons or otherwise.
RBI issues notice of selection of six applications for the Fourth Cohort on Prevention and Mitigation of Financial Frauds
The Reserve Bank of India (RBI) had announced the opening of the Fourth Cohort on Prevention and Mitigation of Financial Frauds under Regulatory Sandbox. It had invited applications to this Cohort by a press release dated 6th June 2022. RBI has now issued a press release announcing its receipt of applications for the said Cohort. The present press release was issued on 5th January, 2023.
The IRDAI issues a Circular on Application Process for appointment of an Appointed Actuary
The Circular states that the insurer must submit an application for appointment Appointed Actuary. The format of the application is Form IRDAI-AA-2 and is attached to the present Circular. The application should be accompanied by the extract of the Board Resolution and a copy of the Appointment Letter.
FSSAI re-operationalizes Food Safety Standards (Labelling and Display) Amendment regulations 2022
The provisions of these draft amendment regulations are re-operationalized with effect from January 01, 2023.
Department of Telecommunications issues process for Inspection of Internet Service Providers(ISP) Licensees
The LSA in which a network element of the Licensee is located will conduct the inspection of that element and submit its report to the nodal LSA. Other LSAs to which the network element is catering may join the inspection physically/via video conferencing. Nodal LSA may seek inputs/reports from any other LSA if required for the inspection of the Licensee. Nodal LSA will compile the inputs from the LSAs and prepare the final inspection report.
Clarification 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.
UIDAI directions for Offline Aadhar Verification Seeking Entities
UIDAI directions for Offline Aadhar Verification Seeking Entities urging them to adhere to the Aadhar usage hygiene.
Securities Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2023
The Sponsor or Manager of the Category I and Category II Alternative Investment Fund transacting in credit default swaps shall appoint a custodian registered with the Board and comply with such terms and conditions as may be specified by the Board.
