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.
FSSAI Introduces a new Kind of Business (KoB) for Direct Sellers under FoSCoS.
On July 16, 2024, the Food Safety and Standards Authority of India (FSSAI) introduced a new Kind of Business (KoB) for Direct Sellers under FoSCoS. This new KoB differentiates between Retailers and Direct Sellers.
FSSAI Issues New Labeling Rules
On July 6, 2024, the FSSAI approved an amendment to the Food Safety and Standards (Labelling and Display) Regulations, 2020. Key points include:
Enhanced Display: Total sugar, salt, and saturated fat must be displayed in bold and larger font on food labels.
RDA Information: Percentage contributions to Recommended Dietary Allowances (RDAs) for these nutrients must also be shown in bold.
Regulatory Specifications: Regulations 2(v) and 5(3) outline the requirements for serving size and nutritional information.
The Central Pollution Control Board Issues New Updates to Draft Report on Classification of Sectors in Red, Orange, Green, White and Blue Categories
On July 11, 2024, the Central Pollution Control Board (CPCB) invited comments on updates to the Draft Report on Sector Classification. Key changes include:
Revised Section 6: Updated from “Types of sectors based on their activities” to “Types of sectors considered for classification.”
New Section 9: Added after Section 8, detailing incentives for sectors adopting measures for improved environmental performance.
The Government issues Important clarification on the time of supply of services of spectrum usage and other similar services under GST
On July 9, 2024, the Government of Rajasthan clarified the time of supply for spectrum usage and similar services under GST:
GST Payment Timing
Reverse Charge Supply
Natural Resource Allocation: Similar time of supply rules apply to government allocations of natural resources with upfront or deferred payments, considered continuous supply under the CGST Act.
The Government of Rajasthan issues Important clarification on the taxability of salvage/wreck value
On July 9, 2024, the Government of Rajasthan clarified the taxability of salvage/wreck value in motor vehicle damage claims:
GST on Vehicle Insurance Services
Salvage Value Deduction
Salvage as Property
Government of Assam issues new Guidelines for Installation and Maintenance of RTDAS, 2023
On July 8, 2024, the Government of Assam notified the Guidelines for the Installation and Maintenance of Real-Time Data Acquisition Systems (RTDAS), 2023. RTDAS utilizes automated weather stations, hydrological gauges, and water level sensors to continuously collect and transmit weather and water data in real-time to a central management system.
Assam Skill University (Amendment) Ordinance 2024
On July 4, 2024, the Government of Assam issued the Assam Skill University (Amendment) Ordinance 2024, amending the Assam Skill University Act 2020. The amendment revises the time period for the appointment of the first Vice-Chancellor by the Chancellor on the advice of the State Government.
West Bengal Governments New GST Amendment
On July 16, 2024, the Government of West Bengal revised the minimum wages for employees in 30 scheduled employments. The updated rates will be effective from July 1, 2024, to December 31, 2024.
