CBDT instructions for speedy processing of Income Tax Returns
There are several cases in which the ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited.
DGFT clarification regarding Pre-shipment and Post-shipment Export Credit and Packing Credit in Foreign Currency for E-Commerce Exports
It is clarified that “Master Circular Rupee/Foreign Currency Export Credit and Customer Service to Exporters” furnishes a comprehensive framework, allowing for access to Pre-shipment and Post-shipment export credit and Packing Credit in Foreign Currency (PCFC) to all eligible exporters which does not preclude E-Commerce Exporters.
CBDT releases fifth annual Advance Pricing Agreement report
The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Finland, the UK, the US, Denmark, Singapore, and Japan.
Clarifications regarding applicability of GST on certain services
It is clarified that services supplied by a director of a company or body corporate to the company or body corporate in his private or personal capacity such as services supplied by way of renting of immovable property to the company or body corporate are not taxable under Reverse Charge Mechanism.
CBIC Instructions for streamlining of Customs Post Clearance Audit (PCA)
It must be ensured that every entity selected should be subjected to the full audit cycle starting from Desk Review, Audit Plan, Audit Verification and preparation of Audit Report.
Fake/Forged Letter of Permission to GSL Medical College
The Medical Assessment and Rating Board (MARB) of the National Medical Commission (NMC) has recently uncovered a case of forgery involving a letter issued to GSL Medical College in Rajahmundry. The forged letter falsely claimed an increase in seats for MD-Radio Diagnosis from 10 to 24 for the academic year 2023-24.
Celebration of Pharmacists Day on 25th September, 2023
The celebration of pharmacists day is a valuable tool to promote the profession and honour the crucial role played by pharmacists in improving global outcomes. The theme of this years’ pharmacists day is, ‘Pharmacists Strengthening Health Systems- Angdaan Mahadan’.
Electricity (Third Amendment) Rules, 2023
The Ministry of Power (MoP) has introduced amendments to the Electricity Rules of 2005, in the form of the “Electricity (Third Amendment) Rules, 2023.” These amendments have come into effect from 1st September, 2023. They aim to provide clarity on the definition and status of captive users for generating plants.
GENCOs directed to Import Coal in Timely Manner
The Ministry of Power (MoP) has directed all GENCOs, including Independent Power Producers, to Import Coal in timely manner for blending purposes and maximizing production in captive coal mines. These directions were issued on 1st September, 2023.
Draft Electricity Distribution (Accounting aspects of Specified Items & Additional Disclosure) Rules, 2023
The Ministry of Power (MoP) has issued the draft Electricity Distribution (Accounting aspects of Specified Items & Additional Disclosure) Rules, 2023. These draft rules are designed to ensure uniformity and accountability among electricity companies in recognizing and managing critical financial elements.
