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Circulars

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension

March 8, 2022 13161 Views 1 comment Print

Revised interest equalisation rates under the Scheme will now be 3 per cent for MSME manufacturer exporters exporting under any HS lines, and 2 per cent for manufacturer exporters and merchant exporters exporting under 410 HS lines (after excluding 6 HS lines pertaining to Telecom Sector as mentioned above).

Disclosure of underwriting philosophy of offering Health Insurance Coverage to Transgender persons

March 7, 2022 651 Views 0 comment Print

Reference is drawn to the provisions of IRDAI (Health Insurance) Regulations, 2016 in accordance to which every insurer shall evolve a health insurance underwriting policy covering approach and aspects relating to offering health insurance coverage not only to standard lives but also to substandard lives. Attention is also drawn to provision of The Transgender Persons (Protection of Rights) Act, 2019.

Automation of disclosure requirements under SEBI Takeover Regulations

March 7, 2022 3372 Views 0 comment Print

a. Triggering of disclosure requirement due to acquisition or disposal of the shares, as the case may be, by the acquirer together with persons acting in concert (PACs). b. Triggering of disclosure requirement in case the shares are held in physical form by the acquirer and/or PACs. c. Listed companies who have not provided PAN of promoter(s) including member(s) of the promoter group to the designated depository or companies which have not appointed any depository as their designated depository.

TNGST Act, 2017-conduct of test purchase – guidelines

March 7, 2022 12951 Views 0 comment Print

Section 67(12) of the TNGST Act 2017 states that, the Commissioner or an Officer authorised by him may cause purchase of any goods or services or both by any person authorised by him from the business premises of any taxable person, to check the issue of tax invoice or bills of supply by such taxable person and on return of goods so purchased by such officer, such taxable person or any person in charge of the business premises shall refund the amount so paid towards the goods after cancelling any tax invoice / bill of supply issued earlier.

Customs Suggested list of items in toolkit for Anti evasion teams

March 4, 2022 1086 Views 0 comment Print

With a view to enhance the efficiency and professionalism of officers/teams deployed for carrying out anti-evasion/anti-smuggling work, particularly when they are required to search premises, vehicles; verify a stock of goods; draw up a panchnama or to arrest a person away from their office premises, Board has received a suggestion that a standard toolkit may be provided.

Income Tax on contribution in PF account exceeding Rs. 5 lakh per annum

March 4, 2022 4014 Views 0 comment Print

Income Tax payable on the contribution in a PF account exceeding Rs. 5 lakh per annum w.e.f. financial year 2021-22-reg. Ministry of Finance Department of Expenditure O/o Controller General of Accounts, GPO Complex, E-Block, INA New Delhi. TA-3-07001/7/2021-TA-III-Part (1)/cs-8084/81 | Dated: 04.03.2022 OFFICE MEMORANDUM Subject: Income Tax payable on the contribution in a PF account […]

Investment in Umbrella Organization by Primary (Urban) Co-op Banks

March 3, 2022 2091 Views 0 comment Print

RBI has accorded regulatory approval to National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) in June 2019 for formation of Umbrella Organization (UO) for the UCB Sector. The approval inter-alia permits UCBs to subscribe to capital of the UO on voluntary basis.

No interest on additional PPF account merged or closed

March 2, 2022 7662 Views 1 comment Print

In case any one of the PPF accounts or all the PPF accounts is/are proposed to be merged or amalgamated is / are opened on or after 12.12.2019, such account(s) shall be closed without any interest payment and no no proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts.

Guidelines for issuance of FORM GST DRC-07 in case of vehicles detained under E-way bill provisions

March 2, 2022 50022 Views 3 comments Print

In the Maharashtra Goods and Services Tax Department (MGSTD), the activity of interception of conveyances for verification of E-way bill is carried out by Enforcement officers as well as Non­-enforcement (Nodal) officers.

Clarification on Exclusion of employees of Regional Rural Banks from purview of EPF & MP Act, 1952

February 28, 2022 3249 Views 0 comment Print

Some RRB have paid EPS Contribution up to January 2020. The number of full year’s contribution period exceeds more than 24 years in respect of several employees who are in service prior to 1996.

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