In order to make the existing process of issuance of debt securities, NCRPS and SDI easier, simpler and cost effective for both issuers and investors under the SEBI ILDS, SEBI ILDM, SEBI NCRPS and SEBI SDI regulations respectively, it has been decided to reduce the time taken for listing after the closure of the issue to 6 working days as against the present requirement of 12 working days and details with respect to the same are specified in this circular.
As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amount which bears to the profits of the business of the undertaking , the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking.
Various representations have been received regarding difficulties faced by EOUs with respect to requirements of bank guarantees in view of Circular no. 48/2017-Customs dated 08.12.2017 issued by CBIC. The matter has been examined.
In continuation of the measures of this department relating to the grievances of tax payers, the department desires to create a mechanism to deal with high pitched/ un-reasonable demands. There will four Nodal Committees in the State as follows to receive grievances of the tax payers.
The taxpayers, who have submitted their technical issues, are now following with the department to get the updates on the status of their issue. The trade is hereby made aware that the cases, which are being shared with GSTN for resolution under the IT Redressal mechanism, are published by the department on department’s portal www.mahagst.gov.in .
SEBI constituted a Committee under the Chairmanship of Shri R. Gandhi, Former Deputy Governor, Reserve Bank of India to review the regulations and relevant circulars pertaining to Market Infrastructure Institutions (MIls). The Committee also looked into the desirability of extending the extant framework of MIIs to certain market intermediaries including the Registrars to an Issue and Share Transfer Agents (RTAs) servicing more than 2 crore folios (hereinafter referred to as “Qualified RTAs” or “QRTAs”).
The Committee deliberated on who should be on the creditors committee, given the power of the creditors committee to ultimately keep the entity as a going concern or liquidate it. The Committee reasoned that members of the creditors committee have to be creditors both with the capability to assess viability, as well as to be willing to modify terms of existing liabilities in negotiations.
Reference is drawn to the Circular 33/2016- Customs dated 22.7.2016 as amended. The Indian AEO Programme is governed by this circular. Multiple suggestions have been received from various field formations, wherein it has been emphasised that the compliance requirements for AEO T1 are not commensurate with the benefits allowed to AEO T1 entities.
GST Council in 28th meeting approved opening of Migration window for taxpayers, who have filed Part A of GST REG-26, but not completed Part B of said form. Accordingly, Maharashtra State Tax Department had issued above referred trade circular 18 T of 2018 dated 31/07/2018 and organised a Special Campaign during 06 August 2018 to 10 August 2018 for collecting the migration pending cases.
CBIC has decided that following standard operating procedure will henceforth be followed for the expeditious discharge of bonds executed by the nominated agencies/ banks under Notification no. 57/2000-Customs dated 08.05.2000, while importing gold for the purpose of export of gold jewellery/ articles vide Circular No. 25/2018-Customs Dated: 8th August, 2018.
