"12 January 2023" Archive

IRDAI modifies Surety Insurance Guidelines

Circular No. Ref: IRDAI/NL/Cir/Misc/7/1/2023 12/01/2023

Provided the above cap is not applicable to mono-line surety insu rance companies registered for doing surety insurance business on a standalone basis. The surety insurance business of mono-line surety insurance companies shall be subject to such prudential norms as may be specified from time to time....

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GSTINs suspended: Advisory on “Initiating Drop Proceeding” by taxpayers

Recently, a functionality of Automated Drop Proceedings of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is for the taxpayers who have filed their pending 6 monthly or 2 Quarterly returns. Such taxpayers are advised to revoke the suspension once the due returns have been filed b...

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Posted Under: Corporate Law | ,

Fast Track Merger under Companies Act 2013 without NCLT approval

In this article we shall be discussing the new route given by Companies Act, 2013 which allows certain type of companies to Merge and Amalgamate easily and without the NCLT approval....

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Posted Under: Corporate Law |

Classification Issue in Job work related to Alcoholic Liquor for levy of GST

When it comes to classification of food or food products, it is a contentious issue for the purpose of levy of Goods and Services Tax (GST) as to whether alcoholic liquor meant for human consumption is a ‘food’ item or product or not? Recently, Andhra Pradesh High Court in the case of Esveeaar Distilleries Private […]...

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Posted Under: Corporate Law |

Job Work Vis-à-vis manufacture under GST Supply of Goods or Supply of Service

1. There has been instances wherein Department is raising demands on services Job work conducted Job worker. The contention of department is that Job worker, mainly Job worker who is providing services of Job work on textile is not a supply of service, rather it is supply of goods and hence rate of 5% would […]...

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Posted Under: Corporate Law |

Conditions for Participation of AIFs in Credit Default Swaps

Circular No. SEBI/HO/AFD/PoD/CIR/2023/15 12/01/2023

SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’), have been amended and notified on January 09, 2023 to allow AIFs to participate in Credit Default Swaps (‘CDS’) as protection buyers and sellers. Copy of the notification is available at link....

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EODC Online Monitoring System for Advance/EPCG Authorisations

Trade Notice No. 24/2022-23 12/01/2023

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Dated: 12.01.2023 Vanijya Bhawan, New Delhi Trade Notice No. 24/2022-23 To, 1. All Regional Authorities of DGFT 2. All Export Promotion Councils 3. All Advance/EPCG Authorisations holders Subject: EODC Online Monitoring Syst...

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IFSCA (Insurance Products and Pricing) Regulations, 2022

IFSCA/2022-23/GN/REG029 12/01/2023

These regulations may be called the International Financial Services Centre Authority (Insurance Products and Pricing) Regulations, 2022....

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IFSCA (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations

Notification No. IFSCA/2022-23/GN/REG033 12/01/2023

International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022...

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HC issues notice on challenge to vires of Rule 118 being contrary to section 142(11)(c) of CGST Act

Shapoorji paloonji & Co.Pvt Ltd Vs Union of India (Jharkhand High Court)

HC issues notice on the challenge to the vires of Rule 118 being contrary to section 142(11)(c) of the CGST Act. The petitioner contends no such condition in the statute. The transitional provision is for smooth transition into the new taxation regime and intends to avoid double taxation....

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January 2023