DGFT amends export policy of wheat flour.
Export Policy of wheat flour (atta) remains ‘Free’, but export shall be subject to recommendation of Inter Ministerial Committee (IMC) on export of wheat.
Centre directs leading Edible Oil Associations to reduce prices by Rs. 15 with immediate effect.
The reduction in oil prices came in the wake of Central Government reducing the import duty on edible oils making them cheaper. The industry was advised to ensure that the complete benefit of the reduced duty is passed on to the consumers invariably.
Special Economic Zones (Second Amendment) Rules, 2022
The amendment provides that any Unit authorized to store bullion as the underlying asset for the purpose of issuance of a bullion spot delivery contract or bullion depository receipt with underlying bullion that is traded in a bullion exchange shall be deemed to be in an International Financial Services Centre.
Joint Electricity Regulatory Commission for Union Territories Jammu &Kashmir and Ladakh (Renewable Purchase Obligation, its Compliance and REC framework Implementation) Regulations, 2022
The regulations directs that each distribution licensee shall indicate along with sufficient proof thereof, the estimated quantum of purchase from renewable sources for the ensuing year in Tariff /Annual Revenue Requirement (ARR) petition in accordance with the regulations notified by the Commission.
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.
