"24 February 2023" Archive

MCA imposes penalty on company & directors for delay in filing Form No. CAA-8

No. ROC-cum-OL- C.G. /ADJ/u/s 232(7)/009167/2022-23 /2834 to 2837 24/02/2023

During the examination of form GNL-2 vide SRN F53685046 dated 19.12.2022, it is observed from attachment of afore mentioned form that statement in Form No. CAA.8 filed with this office along with order passed by Hon’ble NCLT, Cuttack dated 20.08.2020, that, CAA-8 should be filed within two hundred and ten days from the end of [&hell...

No Professional Tax if Salary is Less than or equal to 24999 in Karnataka

LA Bill No. 06 of 2023 24/02/2023

The Government of Karnataka on February 24, 2023, notified that bill Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023 to further amend the Karnataka Tax on Profession, Trades, Callings, and Employments Act, 1976. As per the notified schedule of the amended professional tax act, the limit to deduct the pr...

FSSAI: Implementation of Traceability Application under Repurpose Used Cooking Oil (RUCO) Initiative

File No. RC D-18/1/2021-Regu latory-FSSA I- Part(2) 24/02/2023

In order to streamline the RUCO initiative and to promote ease of doing business, FSSAI has developed the RUCO Traceability Application. The application is designed to track the whole RUCO ecosystem, generate UCO disposal requests, enroll NFP units, recognize aggregators requested by NFP units, monitor transactions and generate data and r...

Cenvat credit not deniable as services settled to be eligible input service

Indo Alusys Industries Ltd. Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi)

CESTAT Delhi held that once the services in question have already been settled to be the eligible input services, the Cenvat credit thereof cannot be denied to the assessee....

Revocation of customs broker licence justified on failure to verify correctness of documents

Swastik Cargo Agency Vs Commissioner of Customs (CESTAT Delhi)

CESTAT Delhi held that Customs Broker failed to verify the correctness of the documents, violated the obligation as a custom broker under CBLR, 2013, accordingly, revocation of licence and forfeiture of security deposit justified....

Filing of RPT & BRSR to be made available on NEAPS wef 25.02.2023

Circular Ref. No. NSE/CML/2023/18 24/02/2023

Filings for Related Party Transactions (RPT) and Business Responsibility & Sustainability Report (BRSR) will be made available on NEAPS platform with effect from February 25, 2023...

Relaxation from additional fee to cover excess imports affected under EPCG Scheme

Public Notice No. 58/2015-2020-DGFT [F. No. 18/79/AM-21/P-5.] 24/02/2023

One time relaxation is granted in submission of additional fee to cover excess duty utilised in EPCG authorisations issued under Foreign Trade Policy (2009-14) (extended upto 31.03.2015). MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Public Notice No. 58/2015-2020-DGFT | Dated: 24th Febr...

Switchover from Old Syllabus (2017) to New Syllabus (2022) for CS Executive Programme students – Highlights & FAQs

ICSI has notified candidates who registered under CS Executive old syllabus (2017) can switch over to CS Executive new syllabus (2022) comprising 7 papers....

Posted Under: Company Law |

Major Risks that Startups are prone to in 2023!!

As we are seeing startups have been receiving increased attention in many parts of the world. In India too there has been a huge increase in the number of startups. Many startups are looking for unicorn status to gain popularity in the market. As startup ecosystem is growing rapidly in India and the government has been promoting startup c...

Posted Under: Company Law |

ITC not available on vouchers received by Myntra: AAAR

In re Myntra Designs Pvt. Ltd. (GST AAAR Karnataka)

Input tax credit is not eligible on an inward supply which is held by the High Court as being neither a supply of goods or service. ...

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December 2023