"19 September 2022" Archive

TCS – Tax Collected at source under GST – Applicability

TCS stands for Tax Collected at source. In the GST regime, every e-commerce operator needs to collect 0.5% under CGST Act and 0.5% under SGST Act; In case of inter-state transactions, 1% (under IGST Act) on the net values of taxable supplies made through the e-commerce operator....

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Motion V/s Resolution

Board and Members meeting acts as a platform in proposing actions and mounting decisions. It is a place where they unite together to discuss and decide on how to lead an organisation in a best governed manner....

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Exposure Draft of AS 113, Fair Value Measurement

Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available....

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SEBI Framework on Social Stock Exchange (SSE)

Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2022/120 19/09/2022

Securities and Exchange Board of India Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2022/120 | Dated: September 19, 2022 To All Recognized Stock Exchanges All Recognized Depositories All Merchant Bankers and Brokers registered with SEBI All Social Enterprises All Social Impact Fund registered with SEBI All Social Audit Firms/ Institute of Chart...

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Validation of Instructions for Pay-In of Securities from Client demat account

Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/119 19/09/2022

Securities and Exchange Board of India Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/119 | Dated: September 19, 2022 To, All Depositories All recognized Stock Exchanges and Clearing Corporations Madam / Sir, Sub: Validation of Instructions for Pay-In of Securities from Client demat account to Trading Member (TM) Pool Account against obligat...

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Compliance Function & Role of Chief Compliance Officer – Urban Co-op Banks

Notification No. RBI/2022-2023/118 Ref.No.DoS.CO.PPG/SEC.04/11.01.005/2022-23 19/09/2022

As part of the overall structure for Corporate Governance, the Compliance Function serves a critical role. Therefore, it has been decided to introduce certain principles, standards and procedures for Compliance Function in UCBs, keeping in view the principles of proportionality...

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Chhattisgarh HC accepts Writ petition challenging Vires of Section 16(4) of CGST Act 2017

Nathuram Surendra Kumar Jain Vs Union of India (Chhattisgarh High Court)

Nathuram Surendra Kumar Vs Union of India (Chhattisgarh High Court) Chhattisgarh High Court accepts Writ petition challenging the Vires of Section 16 (4) of CGST Act 2017 Heard Mr. Palash Soni, learned counsel, appearing for the petitioners. Also heard Mr. Ramakant Mishra, learned Assistant Solicitor General, appearing for the respondent ...

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Weekly newsletter from Chairman, CBIC dated 19/09/2022

DO No. 42/CH(IC)/2022 19/09/2022

On the anti-smuggling side, last week saw the Directorate of Revenue Intelligence (DRI) interdict a consignment declared as 'Floor Clean Mops'. Examination revealed more than 200,000 e-cigarettes, valued in excess of Rs. 48 Crore, concealed in container....

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Reduction of Timelines for Withdrawal from T+4 to T+2 for pension Subscribers benefit

Circular No. PFRDA/2022/23/SUP-CRA/08 19/09/2022

The withdrawal requests of Subscribers at the time of exit were hitherto executed on T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal office/PoP/Subscriber) and the timeline has been reduced to T+2....

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IFSCA: Reporting of Transactions for India’s External Account Statistics

Circular No. F. No. 722/IFSCA/Banking/2022-23/1 19/09/2022

International Financial Services Centres Authority Circular F. No. 722/IFSCA/Banking/2022-23/1 | Dated: September 19, 2022 To, All IFSC Banking Units Madam / Sir, Sub: Reporting of Transactions for India’s External Account Statistics 1. The Balance of Payment (BOP) and International Investment Position (IIP) Manual – Sixth Edition (...

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