Government of Goa notifies Preferential Purchase Incentives for Micro and Small Enterprises Scheme, 2022.
The main objective of this scheme is to encourage and give boost to Micro and Small Scale Enterprise Sector. Noncompliance of provisions of this scheme shall be viewed seriously and the officer concerned shall be personally held liable.
RBI notifies measures to boost forex inflow.
Beginning July 30, 2022 incremental Foreign Currency Non-Resident (Bank) [FCNR(B) and Non-Resident (External) Rupee (NRE) deposits with reference base date of July 1, 2022 will be exempt from the maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This relaxation will be available for deposits mobilised up to November 4, 2022. Transfers from Non-Resident (Ordinary) (NRO) accounts to NRE accounts shall not qualify for the relaxation.
The Central Motor Vehicles (Draft Amendment) Rules, 2022.
Through this amendment, the definition for the term “Armoured Vehicles” has been notified which means a special purpose vehicle of category M and N which is intended for the protection of conveyed persons or goods with anti-bullet armour plating.
CBIC extends the waiver of late fee for delay in filing Form GSTR-4 for FY 2021-22.
GSTR-4 is filed annually by the taxpayers registered under the composition scheme. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by 30th of April, following a financial year.
Taxpayers allowed to pay IGST, CGST, SGST, Union territory tax and Cess using electronic cash ledger
The CGST Act, 2017 is further amended to provide that the a registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under this Act, to the electronic cash ledger for paying integrated tax, central tax, State tax, Union territory tax or cess
Central Goods and Services Tax (Amendment) Rules, 2022
The amendment has further clarified that when an application for refund of integrated tax paid on the goods exported out of India is filed, If there is any mismatch between the data furnished by the exporter of goods in Shipping Bill and those furnished in statement of outward supplies in FORM GSTR-1, the application shall be deemed to have been filed on such date when such mismatch in respect of the said shipping bill is rectified by the exporter.
IRDAI allows new concepts to be added to Motor Own Damage Policy
Pay As You Drive, Pay How You Drive and Floater policy to be introduced under Motor Own Damage policies
The Central Motor Vehicles (Draft Amendment) Rules, 2022.
Every manufacturer or importer of M2, M3 and N2 vehicle category, except Tippers, with gross vehicle weight between three and a half tonnes (3.5 T) and twelve tonnes (12.0 T), manufactured or imported for sale in India, shall, on and from the 1st day of April, 2023, be tested for Constant Speed Fuel Consumption standard and comply with the Fuel consumption target, as notified under the Energy Conservation Act, 2001.
SEBI notifies modification in Cyber Security and Cyber resilience framework of KYC Registration Agencies.
The incident shall also be reported to Indian Computer Emergency Response team (CERT-In) in accordance with the guidelines/directions issued by CERT-In from time to time. Additionally, the KRAs, whose systems have been identified as “Protected system” by National Critical Information Infrastructure Protection Centre (NCIIPC) shall also report the incident to NCIIPC.
CBIC exempts taxpayers having aggregate turnover up to 2 crores from filing GST Annual Return.
As per section 44 of the Central Goods and Services Tax Act, 201, Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed
