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Archive: 08 December 2022

Posts in 08 December 2022

Upload of Motor Third Party data in IIBI’s portal

December 8, 2022 627 Views 0 comment Print

As per Section 147(2) of the amended Motor Vehicles Act, 1988, the Central Government prescribes premiums for motor third party insurance policies in consultation with the IRDAI.

Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance

December 8, 2022 372 Views 0 comment Print

There shall be a ‘Board-approved policy’ set up by the Insurer containing ects relating to operational matters, accounting (including provisioning requirements) and disclosures for addressing the issue pertaining to cancellation of policy including claw-back of commission.

Exposure Draft on Long-Term Fire Insurance products 

December 8, 2022 648 Views 0 comment Print

Authority issued Guidelines relating to Fire and Allied perils standard products covering Dwellings, Micro and Small businesses, namely, – Bharat Griha Raksha (BGR), – Bharat Sookshma Udyam Suraksha (BSUS) and – Bharat Laghu Udyam Suraksha (BLUS)

Weekly newsletter from Chairman, CBIC dated: 06.12.2022

December 8, 2022 636 Views 0 comment Print

Changes would need to be made to existing laws regulating cross border trade viz. the Sea Customs Act, 1878; the Inland Bonded Warehouses Act, 1896; the Land Customs Act, 1924 and the Indian Aircraft Act, 1934. With a view to consolidate provisions of the separate laws into one comprehensive act, the Customs Act, 1962 was enacted in 1962

Costing Lens provide check functions on use of Poor Quality material in Manufacturing Concern

December 8, 2022 1356 Views 3 comments Print

Explore how Costing Lens in Internal Audit can prevent fraud related to the use of poor-quality material in the manufacturing sector. Discover key checks, including input-output ratios, wastage/scrap ratios, process time analysis, and machine efficiency impact. Learn how to identify and address quality-related challenges to optimize efficiency and reduce costs.

5 PEO Advantages That Can Save Your Business Crucial Time

December 8, 2022 669 Views 0 comment Print

Discover the 5 advantages of partnering with a Professional Employer Organization (PEO) that can save your business crucial time. From advanced security to improved staff retention, learn how PEO services can streamline HR functions, boost business focus, and ensure compliance. Explore the benefits for efficient business growth.

Duty drawback already paid needs to be remitted as sale proceeds not received by exporter

December 8, 2022 1290 Views 0 comment Print

Delhi High Court held that duty drawback has been paid to the exporter, but, until now, sale proceeds have not been received against exports, the deeming provision incorporated in the second (2nd) proviso to Section 75 will kick in. Hence, duty drawback needs to be remitted.

Alternate remedy cannot exclude jurisdiction of High Court under Constitutuion

December 8, 2022 1398 Views 0 comment Print

Supreme Court held that the existence of an alternate remedy by itself cannot exclude the jurisdiction of the High Court under the Constitution.

Addition and Removal of Directors under Companies Act, 2013

December 8, 2022 4269 Views 0 comment Print

A company’s board of directors may be replaced at any moment as needed. Both an addition and a removal are part of the adjustment. Change may occur voluntarily or in response to a need for it.

GST on Secondment/Deputation of Expats

December 8, 2022 21006 Views 2 comments Print

Decoding the impact of Supreme Courts judgment on GST for secondment/deputation of expatriates by Multinational Companies. Understand the implications, analyze case specifics, and navigate demands under reverse charge mechanism. Stay informed on GST compliance for cross-border employee transactions.

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