"17 January 2023" Archive

Streamlining of Halal Certification Process for Meat and Meat Products

Trade Notice No. 25/2022-23 17/01/2023

With the aim of streamlining the Halal certification process for export of meat and meat products from India, the draft guidelines on Halal certification for export of meat and its products are proposed....

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RCM under GST on Goods & Services

There are two types of GST that apply to everyone. The first is a Forward Charge Mechanism (FCM) or Normal Charge Mechanism in which supplier of goods and supplier of services is responsible for paying tax, and the second is Reverse Charge Mechanism (RCM) in which recipient is accountable for payment of tax. Section 9 […]...

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Posted Under: DGFT |

Value Addition To Companies by Appointing A Full Time Company Secretary

COMPANY SECRETARY -A vital link between the company and its Board of Directors, shareholders, government and regulatory authorities and all other stakeholders. -Ensures that Board procedures are followed and regularly reviewed and provides guidance to Chairman and the Directors on their responsibilities under various laws. -A Company Secr...

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Posted Under: DGFT |

Cancelled GST registration can be restored upon fulfilment of conditions

Pitchaiah Venkateshprumal Vs Superintendent of CGST & C. Excise (Madras High Court)

HC held that cancellation of GST Registration due to non-filing of returns can be revoked if assessee files pending returns and pays the taxes, fines, interest along with fee due....

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Cancellation of GST Registration without proper explanation is not sustainable

The Hon’ble Madras High Court in the matter of Raj Kishore Engineering Construction (P.) Ltd. v. Joint Commissioner (Appeals) II [W.P. No. 32740 of 2022 with W.M.P. No. 32128 of 2022 dated December 6, 2022] held that revocation of the Goods and Service Tax (“GST”) registration without any explanation and only reason that the returns...

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Posted Under: DGFT |

Applicability of Corporate Social Responsibility – Companies Act 2013

Section 135 of Companies Act, 2013 provides for provisions regarding Corporate Social Responsibility (CSR) requirements for companies. Every company falling within the prescribed threshold of paid up capital and net profits is required to comply with the provisions of CSR stated under the abovementioned section. ...

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Posted Under: DGFT |

Impact of ESG On Shareholder Value

The term ESG stands for Environmental, Social and Governance. Initially coined in 2005, the term was introduced to check how businesses handle issues like climate change, water management, the effectiveness of their health and safety regulations in preventing accidents, supply chain management, how they treat their employees, and whether ...

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Posted Under: DGFT |

DGFT revises existing ‘Stock and Sale’ policy of Foreign Trade Policy (FTP) 2015-20

Public Notice No. 51/2015-2020-DGFT [F. No. 01/91/171/37/AM10/EC(S).] 17/01/2023

The existing ‘Stock and Sale’ policy under Paragraph 2.79A of the Handbook of Procedures (HBP) of the Foreign Trade Policy (FTP) 2015-20 has been amended to revise the applicability of the policy for export from the Indian subsidiary of foreign company (applicant exporter) to its foreign parent/another subsidiary of foreign pa...

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Consultation paper on ‘Blocking of Funds for Trading in Secondary Market’

In the last couple of years, Indian securities market has seen tremendous growth, both in terms of volumes as well as in terms of number of participants. This increasing participation with increase of new investors in securities market also puts greater onus on SEBI to make markets safer for its participants, with a special focus on retai...

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Posted Under: DGFT |

Reassessment invalid if no fresh tangible material made available by petitioner

Ball Aerosol Packaging India Private Limited Vs ACIT (Gujarat High Court)

Ball Aerosol Packaging India Private Limited Vs ACIT (Gujarat High Court) In this case what emerges from the record is that no fresh tangible material distinct from what was made available by the petitioner during the assessment proceedings is emerging and specific queries which have been raised with regard to issues now raised have alrea...

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