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17/2022 - GST (State) - 06-01-2023 GST - States
Clarification on various issue pertaining to GST
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Uniform GST implementation requires State Tax officers to follow annexed central clarification guidelines on various GST issues.
Uniform implementation of the Tripura State Goods and Services Tax Act is directed through adoption of the annexed central GST clarification on various GST issues. State tax officers are instructed to follow the guidelines to ensure consistency in administration across field formations. The instruction applies to designated State Tax officers and treats the annexed clarification as operative guidance for GST implementation.
16/2022 - GST (State) - 06-01-2023 GST - States
Clarification with regard to applicability of provisions of section 75(2) of Central Goods and Services Tax Act, 2017 and its effect on limitation
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Limitation for redetermination under section 75(2) clarified: re determination limited to amounts within non fraud time bars.
When an appellate authority directs treating a fraud based show cause notice as a non fraud notice, the proper officer must re determine tax, interest and penalty deeming the notice issued under the non fraud provision and issue the re determination order within two years from communication of that direction. Re determination is limited to amounts for which the original notice was issued within the non fraud time bar; amounts where the original notice was issued beyond that time limit are time barred and the proceeding must be dropped.
15/2022 - GST (State) - 06-01-2023 GST - States
Clarification on the entitlement of input tax credit where the place of supply is determined in terms of the proviso to sub-section (8) of section 12 of the Integrated Goods and Services Tax Act, 2017
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Place of supply determined as foreign destination makes transportation services inter-state and IGST credit claimable subject to input credit conditions.
When both supplier and recipient are in India but goods are transported to a place outside India, the place of supply is the foreign destination; the supply is an inter-State supply attracting integrated tax, and the recipient in India may claim input tax credit of that integrated tax subject to the statutory eligibility and apportionment/blocked-credit conditions. The supplier must report the place of supply as foreign in the outward supplies return.
14/2022 - GST (State) - 06-01-2023 GST - States
Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19
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Input Tax Credit discrepancy procedure: verify documentary ITC conditions and require professional or supplier certification before adjustment.
Clarification prescribes that where ITC claimed in FORM GSTR-3B does not appear in FORM GSTR-2A for FY 2017-18 and 2018-19, proper officers must obtain invoice details and verify statutory ITC conditions-possession of tax invoice or documents, receipt of goods or services, payment to the supplier, applicability of reversals and timeliness of claim-and require certification from Chartered/Cost Accountants with UDIN or supplier certificates as specified; guidance is limited to bona fide reporting errors and applies only to ongoing proceedings and pending adjudications or appeals.
12039(31)/42/2022 - 06-01-2023 GST - States
Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016
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Operational debt treatment under insolvency: reduced GST demands must be notified and recovery limited to the reduced amount.
Where insolvency proceedings under the IBC finalise and reduce statutory GST dues previously the subject of a confirmed demand summarized in GST DRC-07/07A, the Commissioner shall notify the taxable person and the authority handling recovery by issuing GST Form DRC-25 reflecting the reduction; recovery proceedings may continue only in respect of the reduced amount, and pre-CIRP dues are to be treated as operational debt adjudicated within insolvency proceedings.
01/2023 - 06-01-2023 Income Tax
Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic.
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Compliance deadline extension for claiming exemptions under Sections 54-54GB granted to address pandemic-related compliance difficulties.
The CBDT extends time for taxpayers to complete investments, deposits, payments, acquisitions, purchases, construction or other actions required to claim exemptions under Sections 54 to 54GB of the Income-tax Act, 1961 where the last date of such compliance fell between 1 April 2021 and 28 February 2022, permitting completion on or before 31 March 2023 under its power under Section 119.
SEBI/HO/DDHS/RACPOD1/CIR/P/2023/003 - 05-01-2023 SEBI
Extension of timelines for entering and verification of the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories
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Extension of timelines for entering and verifying non-convertible security data in the security monitoring system; trustees must verify and report.
Issuers must enter details of existing outstanding non-convertible securities into the Security and Covenant Monitoring system by the revised deadline, and Debenture Trustees must verify those entries by the revised verification deadline. Debenture Trustees must submit fortnightly progress reports on issuer data entry and verification status, with each report furnished within five days after the end of the fortnight. The timeline adjustments respond to operational and technical difficulties with the Distributed Ledger Technology-based system and amend earlier operating guidelines.
SEBI/HO/DDHS/RACPOD1/CIR/P/2023/0002 - 05-01-2023 SEBI
Monitoring and Periodical reporting of the compliance with the requirements pertaining to ‘Security and Covenant Monitoring’ system hosted by Depositories
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Security and covenant monitoring requires depositories to perform quarterly compliance checks and report instances of noncompliance to regulator.
Depositories must periodically monitor compliance with SEBI circulars on the Security & Covenant Monitoring System using Distributed Ledger Technology, identify non compliance by issuers, debenture trustees, credit rating agencies and other stakeholders, and submit quarterly reports to the regulator in the prescribed format containing ISIN, stakeholders' compliance status, reference to relevant provisions, reasons for non compliance and date or expected date of compliance; the reporting regime is made operable from the circular's applicability date under the regulator's statutory powers.
SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/001 - 05-01-2023 SEBI
Limited relaxation – dispatch of physical copies of financial statements etc. – Regulation 58 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Relaxation of physical dispatch requirement under Regulation 58 permits electronic delivery for certain non-convertible security holders until extension.
Limited relaxation of the obligation under Regulation 58(1)(b) permits omission of hard-copy dispatch of salient-feature statements to holders of listed non-convertible securities who have not registered email addresses, allowing electronic delivery instead; stock exchanges must notify issuers and disseminate the circular, which is issued under Section 11(1) of the SEBI Act read with Regulation 101 of the Listing Regulations.
SEBI/HO/CFD/PoD-2/P/CIR/2023/4 - 05-01-2023 SEBI
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Relaxation of physical dispatch requirement for annual reports extended; hard copies on request and AGM notices must include web-link.
Extension of relaxations from dispatching physical copies of specified documents to shareholders without registered email addresses is continued until September 30, 2023, subject to conditions: listed entities must send full annual reports to any shareholder who requests a hard copy and must disclose a web-link to the annual report in the AGM notice advertisement to enable shareholder access. The circular is effective immediately, stock exchanges must notify listed entities, and the relaxations are authorised under securities law and the listing regulations but remain subject to the Companies Act.
Public Notice No. 01/2023 - 05-01-2023 Customs
Procedure for Back to Town of Export Cargo. reg.
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Back to town procedure for export cargo: conditions for cancellation or amendment of shipping bill and mandatory full examination
Procedure sets a Back to Town regime for export cargo at CPP, CFS and port areas: if seals/RFID are intact unregistered containers may be returned with Shipping Bill cancellation; registered containers before LEO may be permitted BTT pending full examination and cancellation of the Shipping Bill if compliant; after LEO, BTT may be allowed only after full examination or scanning (hazardous cargo), cancellation of LEO and subsequent cancellation or amendment of the Shipping Bill; shut-out entire consignments lead to LEO cancellation and SB cancellation, while partial shut-outs are amended as short shipment. Investigation holds prohibit BTT.
48 /2015-2020 - 05-01-2023 DGFT
Amendments to para 2.56 of Handbook of Procedure and addition of agencies to Appendix 2G
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Pre-shipment inspection: mandatory inspector photographs and upload requirement, PSIC verifiable by issuing IP address for agencies.
Amendments require inspectors to be physically present for pre-shipment inspections and to capture specified photographs: an inspector with an empty container showing the container number on a single closed door, the same inspector with the sealed container showing the same container number, and the inspection instrument with the container seal showing instrument serial and seal numbers. The PSIA must upload these photographs and/or videos to the DGFT portal when issuing the PSIC, and the PSIC must include a declaration that it was issued by the inspector from the country of inspection verifiable by IP address.
GST-21/2022 - 04-01-2023 GST - States
Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016
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Treatment of statutory dues under insolvency: reduced GST demands must be intimated and recovery continued only for the reduced amount.
Where insolvency proceedings finalised against a corporate debtor reduce statutory GST dues for which a confirmed demand and recovery summary (Form GST DRC-07/DRC-07A) has been issued, the jurisdictional Commissioner shall issue an intimation in Form GST DRC-25 to the taxpayer and the authority conducting recovery, and recovery proceedings may be continued only in relation to the reduced amount, in accordance with Rule 161.
GST-20/2022 - 04-01-2023 GST - States
Clarification on various issue pertaining to GST
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No Claim Bonus under GST clarified as an admissible pre-disclosed discount reducing taxable insurance premium.
NCB granted by insurers is not consideration from the insured for refraining from claims. Where NCB is pre-disclosed in the policy and shown in the invoice, it qualifies as an admissible discount under clause (a) of sub section (3) of section 15 of the KGST Act and may be deducted from gross premium; GST is leviable on the premium payable after deduction of the NCB recorded in the invoice. The e invoicing exemption in the cited notification applies to the exempted entity as a whole for all its supplies.
GST-19/2022 - 04-01-2023 GST - States
Clarification with regard to applicability of provisions of section 75(2) of Karnataka Goods and Services Tax Act, 2017 and its effect on limitation
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Limitation on GST redetermination: officer must recompute tax within prescribed time and confined to timely-issued notices.
Where an appellate authority or court directs that a fraud-based show cause notice be treated as an ordinary-demand notice, the proper officer must re-determine tax, interest and penalty in accordance with the ordinary-demand provisions, issue the redetermination order within two years of communication of the appellate direction, and confine recomputation to amounts for which the original show cause was issued within the ordinary-demand limitation period; amounts outside that limitation must be dropped as time-barred.
GST-18/2022 - 04-01-2023 GST - States
Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19
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Input Tax Credit discrepancies: procedures to verify ITC claims where GSTR-3B exceeds GSTR-2A, requiring documentary certification.
Clarification directs that discrepancies between ITC claimed in Form GSTR-3B and amounts in Form GSTR-2A for FY 2017 18 and 2018 19 arising from supplier reporting errors be examined by the proper officer for fulfilment of ITC eligibility: possession of tax invoice, receipt of goods or services, payment of value and tax, timeliness, and any required reversals. Verification of supplier tax payment requires a UDIN bearing certificate from a Chartered or Cost Accountant in larger cases, or a supplier certificate in smaller cases. The guidance is case specific, limited to bona fide errors and ongoing proceedings for the two years.
Circular No. 2223068/553 - 04-01-2023 GST - States
Corrigendum of the circular no. 2223067 dated 02-01-2023
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Correction of statutory reference: Uttar Pradesh GST Act should replace Central GST Act in the earlier circular.
The corrigendum rectifies Computer Circular No. 2223067 dated 02-01-2023 by replacing the incorrect reference to the Central Goods and Services Tax Act, 2017 in the second line of the subject with the Uttar Pradesh Goods and Services Tax Act, 2017, and declares that the amended reading is effective from the original circular's date.
4/2023-TNGST - 04-01-2023 GST - States
Clarification on various issue pertaining to GST
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No Claim Bonus tax treatment clarified: NCB is not consideration and is deductible from premium when invoiced, affecting GST.
No Claim Bonus is not consideration from the insured to the insurer for refraining from claims. Where NCB is pre-disclosed and specifically stated on the invoice, it qualifies as a deductible discount under clause (a) of sub section (3) of section 15 of the TNGST Act, and GST is chargeable on the premium after deduction of NCB. The e invoicing exemption afforded by the cited Tamil Nadu notification applies to the entity as a whole and covers all supplies made by that entity.
3/2023- TNGST - 04-01-2023 GST - States
Clarification with regard to applicability of provisions of section 75(2) of Tamil Nadu Goods and Services Tax Act, 2017 and its effect on limitation
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Re-determination under section 75: proper officer must re-compute tax per section 73 within prescribed limitation periods.
When an appellate body deems a section 74 notice unsustainable and directs reclassification as a section 73 notice, the proper officer must issue the redetermination order within two years of communication of that direction and compute tax, interest and penalty by applying section 73(2) read with section 73(10); only amounts for which the original show cause notice was issued within the time permitted under section 73 can be re-determined, and amounts covered by notices issued beyond that limitation must be dropped.
22 - 04-01-2023 FEMA
Foreign Investment in India - Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal
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Foreign investment reporting streamlined: SMF submissions auto acknowledged, delayed filings subject to system computed late fee or compounding.
SMF submissions on the FIRMS portal will be auto acknowledged and must be verified by Authorised Dealer Category I banks within five working days. The system flags delayed reporting; delays up to three years are approvable on payment of a system computed Late Submission Fee with Regional Office confirmation, while delays beyond three years require approval only subject to compounding of contravention and subsequent application to the Reserve Bank. Communications and updates will be system generated and reflected on the portal.

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Foreign Trade Policy 2023

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Foreign Trade Policy implementation updates: changes to advance authorizations, EPCG exclusions, AEO linked eligibility and bank guarantee rules.
The Foreign Trade Policy 2023 and accompanying Customs notifications revise implementation of authorization and export promotion schemes: Special Advance ... Summary

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Acts Income Tax
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