IFSCA seeks suggestions for review of IFSCA (Capital Market Intermediaries) Regulations, 2021
Suggestions may be sent by email to Shri Praveen Kamat, General Manager at praveen.kamat@ifsca.gov.in and Shri Arjun Prasad, General Manager at arjun.pd@ifsca.gov.in with the subject line “Comments for review of IFSCA (Capital Market Intermediaries) Regulations, 2021” latest by August 01, 2024.
Report of the Expert Committee for drafting institutional arbitral rules for the proposed International Arbitration Centre at GIFT IFSC
The report of the Expert Committee can be accessed on the IFSCA website at https://shorturl.at/CExX9.
SEBI Consultation Paper on Proposed Legal Provisions for Summary Proceedings
The comments are invited on the proposals in the consultation paper. The comments/ suggestions should be submitted latest by August 06, 2024.
Consultation Paper on Proposed Legal Provisions for Summary Proceedings
The comments are invited on the proposals in the consultation paper. The comments/ suggestions should be submitted latest by August 06, 2024.
Government of Uttar Pradesh Issues New Minimum rates of Wages
The Government of Uttar Pradesh notified the minimum rates of wages payable to the employees employed in agricultural employment in the state of Uttar Pradesh on July 9th 2024. The Minimum Rates of Wages have been revised to Rs. 6162/- per month or Rs. 237/- per day for the following types of agricultural works, for the whole of Uttar Pradesh:
Rajasthan’s Latest Tax Clarification: Good News for Telecom Companies
On July 9, 2024, the Department of Commercial Tax in Rajasthan clarified that telecom companies can claim Input Tax Credit (ITC) on materials like ducts and manholes used in their optical fiber cable (OFC) networks.
New Notification on Input Tax Credit Reversal for Discounts
On July 9, 2024, the Department of Commercial Tax, Rajasthan, issued a notification detailing how to handle discounts given after a supply and associated ITC reversals. The update provides a mechanism for verifying compliance with the proportional reversal of ITC by recipients for discounts given through tax credit notes issued after the supply.
The New Draft Haryana IT & ITeS Policy, 2024
On July 16, 2024, the Department of Industries & Commerce, Haryana, released the Draft Haryana IT & ITeS Policy, 2024. Key objectives include:
Doubling IT Service Exports and Turnover: Aims to enhance economic growth and global competitiveness.
Job Creation: Targets the creation of 300,000 jobs in the IT/ITeS sector.
Promotion of R&D: Plans to establish Centers of Excellence to drive innovation.
Holistic Development: Seeks balanced growth across the IT/ITeS sector statewide.
Government of Rajasthan issues New clarification on Time Limit in respect of RCM Supplies received from Unregistered Persons
On July 9, 2024, the Department of Commercial Tax, Rajasthan, clarified the process for claiming Input Tax Credit (ITC) on Reverse Charge Mechanism (RCM) supplies from unregistered suppliers. The notification outlines procedural aspects and time limits for availing ITC, emphasizing compliance with invoice issuance and tax payment requirements.
Understanding the New Bihar Financial Rules: A Boost for Local Businesses
On July 16, 2024, the Government of Bihar amended the Bihar Financial Rules, 1950, through the Bihar Financial (Amendment) Rules, 2024. The key update is:
Rule 131B: The Bihar Government can now create special policies to prioritize local businesses for procurement of goods and services. These policies will take precedence over existing and future procurement rules.
