RBI Conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institutions
The Conference included technical sessions from Guest Speakers from the industry and the Chief General Managers of the Reserve Bank covering expectations from statutory auditors and CFOs, cyber-security, internal controls in financial reporting and usage of data analytics in auditing.
Understanding the Consumer Price Index for Industrial Workers in May 2024
The Ministry of Labour and Employment has released the latest Consumer Price Index for Industrial Workers (CPI-IW) for May 2024, which serves as a crucial indicator of inflation trends impacting industrial workers across India. Compiled by the Labour Bureau, the index rose marginally by 0.5 points to reach 139.9, reflecting slight cost increases in essential goods and services.
Streamlining Liquor License Regulations in Karnataka: What You Need to Know
The Government of Karnataka recently enacted amendments to the Karnataka Excise (Sale of Indian and Foreign Liquors) Rules, 1968, aimed at refining the licensing criteria for establishments in urban areas.
UPCL seeks public responses on new proposal under the provisions of UERC (Terms and Conditions of intra-state Open Access) Regulations, 2015
On July 6, 2024, Uttarakhand Power Corporation Limited (UPCL) invited comments on its proposal for an Additional Surcharge to cover fixed costs related to supplying electricity to Open Access Consumers from October 1, 2024, to March 31, 2025. This proposal is made under the UERC (Terms and Conditions of Intra-State Open Access) Regulations, 2015.
Maharashtra Government Clarifies GST Time of Supply for Spectrum Services
The CBIC issued a circular clarifying that the same guidelines from the June 26, 2024, circular on GST payment timing for spectrum allocation services will apply to the Maharashtra Goods and Service Tax (MGST) Act of 2017. This applies to cases where telecom operators choose to make payments in installments under the Deferred Payment Option as per the Frequency Assignment Letter (FAL) from the Department of Telecommunications.
Maharashtra provides clarity on Tax Rules on Overseas Loans
The CBIC circular confirms that the clarifications provided on June 26, 2024, regarding GST applicability on loan transactions between related parties or from an overseas affiliate to an Indian entity, where payment is made only through interest or discount, will also apply to the Maharashtra Goods and Service Tax (MGST) Act of 2017.
Draft HPERC Levy & collection of fees and charges by SLDC Amendment Regulations, 2024
On July 4, 2024, the Himachal Pradesh Electricity Regulatory Commission (HPERC) issued the Draft HPERC (Levy and Collection of Fees and Charges by State Load Despatch Centre) (Third Amendment) Regulations, 2024, amending the 2011 regulations related to the fees and charges levied by the State Load Despatch Centre.
Draft HPERC (Short Term Open Access )(Second Amendment) Regulations,2024
Draft Himachal Pradesh Electricity Commission (Short Term Open Access) (Second Amendment) Regulations ,2024 further to amend the Himachal Pradesh Electricity Regulatory Commission (Short Term Open Access) Regulation 2010. The application fee for open access customer has been increased from Rs.5,000 to Rs.15,000. Also, operational charges has been revised.
Any objections or suggestions shall be made to Secretary, HPERC on or before 3rd August, 2024.
Fresh Updates To List Of Notified And Referral Laboratories Testing Fortified Rice Products
The Food Safety and Standards Authority of India (FSSAI) has once again revised its lists of notified and referral laboratories authorized to test the nutrient content of fortified rice products. FSSAI permits these laboratories to analyze samples of Fortified Rice (FR), Fortified Rice Kernels (FRK) and Vitamin-Mineral Premix for FRK for iron, vitamin B12 and vitamin B9.
NMC Receives Certificate Of Appreciation For Its GST Compliance
The National Medical Commission (NMC) has been awarded a Certificate of Appreciation by the GST authorities for its outstanding performance and adherence to GST regulations during the financial year 2023-24. The NMC has taken this opportunity to remind the medical colleges, institutions, and the medical fraternity to include the applicable GST rate (currently 18%) when making fee payments to the NMC.
