"01 August 2022" Archive

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

Public Notice No. 20 /2015-2020 [F. No. 01/93/180/28/AM-19/PC.II(B)/(E-16025)] 01/08/2022

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

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e-Investment Choice for Government sector NPS subscribers

Circular No. PFRDA/2022/17/SUP-CRA/05  01/08/2022

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...

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External Commercial Borrowings (ECB) Policy – Liberalisation Measures

RBI/2022-23/98 A.P. (DIR Series) Circular No. 11 01/08/2022

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 borrowe...

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

DO No. 35/CH(IC)/2022 01/08/2022

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....

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

Notification No. 23 /2015-2020-DGFT 01/08/2022

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 confe...

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Master Circular – Credit facilities to Scheduled Castes & Tribes

RBI/2022-2023/97 FIDD.CO.GSSD.BC.No.10/09.09.001/2022-23 01/08/2022

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....

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

Trade Notice No. 15/2022-23 01/08/2022

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....

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Income from incomplete transaction not assessable under complete contract method

Ind Sing Developers Pvt. Ltd. Vs DCIT (ITAT Bangalore)

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....

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TNMM Most Appropriate Method in case of AE transactions

Toyota Boshoku Automotive India Pvt. Ltd Vs ACIT (ITAT Bangalore)

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....

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

Glitter Overseas & Ors. MMTC Limited (Delhi High Court)

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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August 2022