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Archive: 01 August 2022

Posts in 01 August 2022

GJEPC, Mumbai enlisted under Appendix 2E of FTP, 2015-20

August 1, 2022 369 Views 0 comment Print

Gem & Jewellery Export Promotion Council (GJEPC), Mumbai is enlisted under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential).

e-Investment Choice for Government sector NPS subscribers

August 1, 2022 510 Views 1 comment Print

Central Government NPS Subscribers can choose any one of the available PFs and Investment Option as per their choice among the following: A. Active Choice – 100% Allocation into Government Securities B. Conservative Auto Choice – 25% Allocation in Equity Asset Class C. Moderate Auto Choice – 50% Allocation in Equity Asset Class

External Commercial Borrowings (ECB) Policy – Liberalisation Measures

August 1, 2022 1347 Views 0 comment Print

i) increase the automatic route limit from USD 750 million or equivalent to USD 1.5 billion or equivalent. ii) increase the all-in-cost ceiling for ECBs, by 100 bps. The enhanced all-in-cost ceiling shall be available only to eligible borrowers of investment grade rating from Indian Credit Rating Agencies (CRAs). Other eligible borrowers may raise ECB within the existing all-in-cost ceiling, as hitherto.

Weekly newsletter from Chairman, CBIC dated 01/08/2022

August 1, 2022 525 Views 0 comment Print

Last month saw GST revenue collections of Rs. 1,48,995 Crore. This is 28% higher than the corresponding period last year. The growth in GST revenue upto the month of July, 2022 has shown remarkable buoyancy and is about 35% higher as compared to the same period last year.

Amendment in import policy of Malonylurea (Barbituric Acid) & its salts

August 1, 2022 612 Views 0 comment Print

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi, the 1st August, 2022 Notification No. 23/2015-2020-DGFT Subject: Amendment in import policy condition of HS Code 29335200 under Chapter 29 of ITC (HS) 2022, Schedule – I (Import Policy) S.O. 3578(E).—In exercise of powers conferred by Section 3 and Section […]

Master Circular – Credit facilities to Scheduled Castes & Tribes

August 1, 2022 531 Views 0 comment Print

Bank staff may help the borrowers in filling up the forms and completing other formalities so that they are able to get credit facility within a stipulated period from the date of receipt of applications.

Transition period for Mandatory electronic filing of NP CoO extended till 31.03.2023

August 1, 2022 348 Views 0 comment Print

Transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 31st March 2023.

Income from incomplete transaction not assessable under complete contract method

August 1, 2022 1281 Views 0 comment Print

Held that the transaction has not been concluded in the AY under consideration when the assessee received nomination fee. Thus, the transaction was not complete so as to assess the income under complete contract method.

TNMM Most Appropriate Method in case of AE transactions

August 1, 2022 1734 Views 0 comment Print

Held that assessee leverages on the use of technology from the AE and does not contribute any unique intangibles to the transaction. PSM cannot be applied. TNM Method is Most Appropriate Method.

Arbitral award can be challenged u/s 34 only if view adopted is not a possible view

August 1, 2022 576 Views 0 comment Print

Held that an arbitral award can be set aside/ challenged u/s 34 of A&C Act only if an arbitral tribunal’s view is not a possible view and no reasonable person could possibly accept the same.

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