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Archive: 10 October 2022

Posts in 10 October 2022

Review of Prudential Norms – Risk Weights for Exposures to Corporates & NBFCs

October 10, 2022 1737 Views 0 comment Print

It is observed that the Press Releases (PRs) issued by ECAIs on rating actions are often devoid of the lenders’ details. Absence of such information may result in banks applying the derived risk weights for unrated exposures, without satisfying themselves regarding adherence to prescribed conditions

SEBI Reviews provisions pertaining to Electronic Book Provider platform

October 10, 2022 1329 Views 0 comment Print

SEBI has received representations from various market participants, requesting for review of the provisions pertaining to EBP platform, in order to address the issues of ‘fastest finger first’ (viz. allotment based on time priority in bidding for issuances with fixed parameters), certain bidders not getting allocations despite having worked on the issuance pre-listing, high ratio of green shoe to base issue size, limits on arrangers placing bids on behalf of clients, etc.

ITC Reversal on Failure to Pay Within 180 Days – Amendments & Issues

October 10, 2022 73476 Views 5 comments Print

Since the onset of GST, businesses have been struggling to comply with the provisions seeking for the reversal of the ITC along with interest on the failure to pay the taxable value along with tax amount to the vendor within 180 days from the date of the issuance of the invoice.

Terms & Conditions of Invitation to Tender are not open to judicial scrutiny, unless arbitrary, discriminatory or mala fide: SC

October 10, 2022 3279 Views 0 comment Print

In present facts of the case, it was observed by the Honble Supreme Court of India that an NGO could not have filed writ petition before Honble High Court as it do not have any locus standi in present facts of the case as it was not an aggrieved party. Also, it was observed that the terms and conditions of the Invitation to Tender are within the domain of the tenderer/tender making authority and are not open to judicial scrutiny, unless they are arbitrary, discriminatory or mala fide.

Issuance of Convertible Notes (CN)

October 10, 2022 12885 Views 0 comment Print

Understand the intricacies of Convertible Notes (CN) issuance in India. Learn the rules, advantages, and procedures involved. Discover key conditions for issuing CN and stay compliant with reporting requirements.

Reversal of ITC: Overview of amendment in Rule 37 of CGST Rules

October 10, 2022 41031 Views 1 comment Print

As per pre amended rule 37 (3) interest was payable by the taxpayer as the provision of section 50(1) of the CGST Act whereas now only reference to section 50 has been mentioned in the post amended rule 3 (1).

Judgment or Decree obtained by fraud is to be treated as a nullity: SC

October 10, 2022 9291 Views 0 comment Print

In present facts of the case, while allowing the appeal it was observed by the Hon’ble Supreme Court that non-disclosure of the relevant and material documents with a view to obtain an undue advantage would amount to fraud and the judgment or decree obtained by fraud is to be treated as a nullity.

Tariff Notification No. 88/2022-Customs (N.T.) | Dated: 10th October, 2022

October 10, 2022 1215 Views 0 comment Print

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver – Notification No. 88/2022-Customs (N.T.) |Dated: 10th October, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 88/2022-Customs (N.T.) |Dated: 10th October, 2022 S.O. 4814(E).—In exercise of the powers conferred by sub-section (2) […]

Income Tax Exemptions for registered charitable & religious Trust

October 10, 2022 5556 Views 0 comment Print

Stay informed about Income Tax Act amendments affecting charitable and religious trusts. Uncover changes, challenges, and conditions for exemptions under section 11. Learn key details about corpus donations, application of funds, allowable expenses, and more. Keep your trust compliant with the latest regulations.

Whether refund claim was time barred or not to be reconsidered as Limitation of 2 Years started from the insertion of Rule 89(1A)

October 10, 2022 2997 Views 0 comment Print

Since the impugned order of rejecting the refund claim was passed on 23.11.2020 and this Circular came to be issued on 25.09.2021 giving a clarification as to the date for claiming refund under Section 89 of the CGST Act, and Section 19 of the IGST Act, 2017, therefore, the matter was remanded back to the authority to deal with the refund application in the light of the Circular No.162/18/2021-GST dated 25.09.2021, issued more particularly with regard to the applicability of the Circular issued by the Government, and then pass orders in accordance with law.

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