SEBI issues Consultation paper on “Blocking of Funds for Trading in Secondary Market”
SEBI has issued a consultation paper on “Blocking of Funds for Trading in Secondary Market”. The paper was issued on 17th January, 2023. The objective of the paper is to solicit comments and inputs from stakeholders and members of public on introduction of facility of blocking of funds for trading in secondary markets.
DGFT amends Handbook of Procedures for issue of export authorization for “Stock and Sale” of SCOMET items
The Director General of Foreign Trade (DGFT) sets forth certain amendments to the Handbook of Procedures (HBP) of the Foreign Trade Policy (FTP) 2015-20. The amendments revise the applicability of the policy for export from the Indian subsidiary of foreign company (applicant exporter) to its foreign parent/another subsidiary of foreign parent company and allow repeat order authorization under the Stock and Sale policy. These amendments were issued through a public notice dated 17th January, 2023 and shall come into immediate effect.
Delhi Goods and Services Tax (Second Amendment) Rules, 2022
The Government of NCT of Delhi has notified the Delhi Goods and Services Tax (Second Amendment) Rules, 2022. These Amendment Rules come into force with effect retrospectively, from the 1st day of October, 2022. The Rules, amongst others aspects, state that failure to furnish GSTR-3B in specified circumstances would be a ground for cancellation of GST registration.
SEBI extends the facility to conduct meetings of REITs and InvITs through Video Conferencing or Other Audio Visual means
SEBI is in receipt of representations from Investment Manager of REITs and InvITs to allow them to conduct meetings of unit holders through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Hence, it has published two Circulars dated 12th January, 2023 allowing meetings of REITs and InvITs to be conducted through VC and OAVM respectively.
GSTIN issues Advisory on facility for ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns
The Goods and Services Tax Network (GSTN) has issued an Advisory on the facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns. The automated drop proceedings functionality is available to taxpayers who have filed their pending returns i.e. 6 Monthly or 2 Quarterly Returns.
Karnataka Goods and Services Tax (Amendment) Rules, 2023
The Government of Karnataka has published the Karnataka Goods and Services Tax (Amendment) Rules, 2023 to further amend the Karnataka Goods and Services Tax Rules, 2017. These Rules will come into force retrospectively, from 1st December, 2022.
IRDAI notifies Categorisation and Classification of Sovereign Green Bonds
The objective of the issue of Sovereign Green Bonds (SGrBs) was to reduce the carbon intensity of the economy. It is also intended to be a measure for achieving Nationally Determined Contribution (NDC) under the Paris Climate Change Accord, 2015 connected to climate change, mitigation, adaptation, finance, and preservation of the environment. The IRDAI has listed out some benefits of SGrBs and encourages insurers to invest in them.
NSE notifies on API for daily submissions of Holding Statements and Bank Balances
The National Stock Exchange (NSE) has issued a notification regarding the Application Programming Interface (API) for daily submissions of Holding Statements and Bank Balances. The notification, inter alia, extends the date of implementation of the functionality for API for daily submission of Holding Statement and Bank Balances. The new date of implementation is 30th January, 2023.
FSSAI mandates upload of Lab Test Reports by Manufacturers, Re-packers and Re-labellers
The Food Safety and Standards Authority of India (FSSAI) issued a notification requiring manufacturers including re-packers and re-labellers to upload or link mandatory Lab Testing Report on FoSCoS. The aim of this requirement is to ensure the production and delivery of safe food. The chemical and/or microbiological testing may be carried out through the FBO’s own lab or through an NABL accredited /FSSAI notified lab.
MoF issues clarification on GST rates and classification of certain goods
The Ministry of Finance (MoF) has issued a clarification regarding the GST rates and the classification of certain goods. This clarification is issued based on the recommendations of the GST Council. The present clarification was issued on 13th January, 2023.
