Rajasthan Goods and Services Tax (Amendment) Rules, 2022

“In case, where the supplies made during a tax period are declared by the registered person in the return for the said period and the said return is furnished after the due date, the interest on tax payable in respect of such supplies shall be calculated on the portion of tax which is paid by debiting the electronic cash ledger, for the period of delay in filing the said return beyond the due date, at such rate as may be notified.”

RBI revises Regulatory Framework for Urban Co-operative Banks (UCBs).

The Committee, inter alia, recommended a four-tiered regulatory framework based on size of deposits of the banks and their area of operations. The differentiated regulatory approach was mainly recommended for key parameters such as net worth, Capital to Risk-weighted Assets Ratio (CRAR), branch expansion and exposure limits. Membership in an Umbrella Organization (UO) also formed a vital part of the recommendations.

MoRTH notifies Bharat New Car Assessment Programme.

BNCAP is applicable on Type Approved motor vehicles of category M1 [motor vehicles used for the carriage of passengers, comprising not more than eight seats, in addition to driver’s seat] with gross vehicle weight less than 3.5 Tonnes, manufactured or imported in the country, in accordance with the Automotive Industry Standard (AIS)-197. The standard is aligned with global benchmarks: it is beyond minimum regulatory requirements.

DGFT imposes ban on import of human embryo.

The Assisted Reproductive Technology (Regulation) Act, 2021, defines ART to include all techniques which tries to obtain pregnancy by handling sperm outside the human body and then transferring the embryo into reproductive system of a woman. Some of the ART services are- in-vitro-fertilization, gamete donation, and gestational surrogacy.

Clarification on holding of Pre-Show Cause Notice Consultation

It is clarified that Pre show cause notice consultation with assessee, prior to issuance of SCN in case of demands of duty is above Rupees 50 Lakhs (except for preventive/offence related SCN’s), is mandatory and shall be done by the Show Cause Notice issuing authority.