"23 January 2023" Archive - Page 2

RBI designate Sovereign Green Bonds under ‘Fully Accessible Route’ for Investment by Non-residents

RBI/2022-23/169 FMRD.FMID.No.07/14.01.006/2022-23 23/01/2023

RBI designate all Sovereign Green Bonds issued by the Government in the fiscal year 2022-23 as ‘specified securities’ under FAR....

Implementation of Paper Import Monitoring System (PIMS) – FAQs

Policy Circular No. 45/2015-20-DGFT 23/01/2023

In Paper, there are no small volume/high value goods on which Air-Cargo is justified. Therefore, registration under PIMS shall be mandatory regardless to mode of transportation....

Assessee permitted to make changes in Form GSTR-3B for July, 2017 & March, 2018

Orient Traders Vs Deputy Commissioner of Commercial Taxes (Karnataka High Court)

HC permitted assessee to make necessary changes to its Form GSTR 3B returns for July, 2017 and March, 2018 and held that, allowing the assessee to make such changes, would not cause any prejudice to Revenue Department nor would it upset the chain of credit under GST...

No Payments to Supplies among Related or Distinct Persons for Availing ITC

Understand the implications of the second proviso to Section 16 of the CGST Act and CGST Rule 37, where recipients failing to pay suppliers within 180 days must reverse input tax credit. Learn about interest requirements and the relief provided for related and distinct persons, allowing them to avail input tax credit without making paymen...

Posted Under: Fema / RBI |

Sample illustrative SOP for Major Accounting Areas

Explore a comprehensive Sample SOP for Major Accounting Areas covering finance and accounting activities at . Learn about the organization's background, scope, purpose, and detailed procedures for areas like General Ledger accounting, Accounts Payable, Accounts Receivable, Cash and Bank Balances, and more. Understand the roles and respons...

Posted Under: Fema / RBI |

India-China Border Conflict and its Economic Impact

Explore the economic impact of the India-China border conflict and escalating geopolitical tensions in the Indo-Pacific region. Understand the implications on Indias economy, defense sector, and global trade dynamics. Discover the need for collaborative solutions to foster stability, economic growth, and positive international relations i...

Posted Under: Fema / RBI |

Analysis of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023

Stay informed about SEBIs recent amendments to the Listing Obligations and Disclosure Requirements Regulations, 2015. The changes include exemptions for High-Value Debt Entities (INVIT and REIT), a revised definition of 'Senior Management,' and enhanced disclosure requirements for material subsidiaries in the Corporate Governance Report. ...

Posted Under: Fema / RBI |

Recent Clarification on GST till 22nd January 2023

Stay updated with recent GST clarifications till January 22, 2023. CBIC empowers GST Intelligence or Audit Additional Assistant Directors, approves setting up digital forensic labs, and issues circulars on various taxability issues. Clarifications on Rab classification, GST on Dal milling by-products, carbonated beverages, snack pellets, ...

Posted Under: Fema / RBI | ,

No section 271B penalty for Non fling of tax audit report due to Reasonable cause

Shetkari Sahakari Dudh Utpadak Sanstha Limited Vs ITO (ITAT Pune)

When assessee entertained bona-fide belief that its account were not subject to audit u/s 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, question of imposing of penalty u/s 271B does not arise....

Madras HC quashes Charge Memo against VAT Officer

M. Baskar Vs Commissioner of Commercial Taxes (Madras High Court)

M. Baskar Vs Commissioner of Commercial Taxes (Madras High Court) Petitioner cannot be held guilty for the alleged charge, in view of the fact that his assessment order passed earlier in his official capacity has once again been re-affirmed in the subsequent assessment order passed pursuant to the directions given by this Court in W.P.Nos...

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