Fiscal, Corporate & Commercial Laws News
- Various notifications under the Central Goods and Services Tax Act, 2017 (dated 03/01/2024) – Ministry of Finance.
The Ministry of Finance, vide various notifications, amended Schedule I of the earlier notifications no: G.S.R. 666(E), 673(E), 710 (E) dated 28th June 2017 under Central Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017 and Union Territory Goods and Services Tax Act, 2017 respectively. As per the amendment, in Schedule I – 2.5% against S. No. 165 and 165A in column (2), for the entries, the entry “2711 12 00, 2711 13 00” has been substituted. This notification shall come into force from 4th January 2024. Please refer to the notification for more details. - Corrigendum on the rate of Basic Customs Duty for Graphite filter candle, a non-electrical candle for graphite with tariff item 68151900 under Customs Act, 1962 (dated 03/01/2024) – Ministry of Finance.
The Ministry of Finance, vide notification no. G.S.R. 13(E), corrected the earlier notification no. 68/2023-Customs, dated 29th December 2023 on Page 335, in line 47, for BCD rate of Graphite filter candle, a non-electrical candle for graphite with tariff item 68151900 “EL” should be read as “0.0”. Please refer to the notification for more details.
- Notification amending Import Policy and Policy condition of Screws under Foreign Trade Policy, 2023 (dated 03/01/2024) – DGFT.
The Director General of Foreign Trade, vide notification no.55/2023, amended the import policy and policy condition for specific HS codes covered under Chapter 73 of the ITC (HS), 2022, Schedule-| (Import Policy). The Import Policy of Screws under ITC (HS) Codes 73181110, 73181190, 73181200, 73181300, 73181400, 73181500 and 73181900 is revised from “Free” to “Prohibited”. However, import shall be “Free” if the CIF value is Rs. 129/- or above per Kg. Please refer to the notification for more details.
- Public notice on Allocation of 8606 MTRV of raw cane sugar to USA under TRQ scheme for US fiscal year 2024 under Foreign Trade Policy, 2023 (dated 03/01/2024) – DGFT.
The Director General of Foreign Trade, vide public notice no.36/2023, allocated 8606 MTRV for the export of raw cane sugar to the USA under the TRQ scheme for the US fiscal year 2024 from 1st October 2023 to 30th September 2024. This notice is yet to be published in the Gazette of India. Please refer to the notification for more details.
- Notification on Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity up to one year) Directions, 2024 (dated 03/01/2024) – RBI.
The Reserve Bank of India, vide notification no. RBI/FMRD/2023-24/109 FMRD.DIRD.09/14.02.001/2023-24, notified Master Direction (Commercial Paper and Non-Convertible Debentures of original or initial maturity up to one year) Directions, 2024, repealing earlier Master Direction and Circular. These Directions shall apply to all persons/agencies dealing in Commercial Paper and/or Non-Convertible Debentures of original or initial maturity up to one year. These directions shall come into force with effect from April 01, 2024. Please refer to the notification for more details.
- Notification on section 148 of the Delhi Goods and Services Tax Act, 2017 (dated 29/12/2023) – Government of NCT Delhi.
The Government of NCT Delhi, vide notification no. F. 3 ( 18 )/Fin. (Exp-I)/2023-24/DS-I/1085, notifies certain special procedures to be followed by a registered person engaged in manufacturing of certain goods mentioned in the schedule to this notification shall furnish the details of packing machines in Form SRM-I, SRM-IIA, SRM-IA, additional records to be maintained for the goods mentioned in the schedule in FORM SRM-III A & SRM – III B and special monthly statement in Form SRM-IV. Please refer to the notification for more details.
- Notification on extension of dates of specified compliances under the Andhra Pradesh Goods and Services Tax Act, 2017 (dated 03/01/2024) – Government of Andhra Pradesh.
The Government of Andhra Pradesh, vide notification no. G.O.Ms.No.2, extended the time limit specified under Section 73(10) for issuing an order under Section 73(9) of the Andhra Pradesh Goods and Services Tax Act, 2017. The extension pertains to the recovery of tax that was not paid or was short-paid, or input tax credit that was wrongly availed or utilized for the financial year 2018-19, with the time limit extended up to the 30th of April 2024, and for the financial year 2019-20, the time limit has been extended up to the 31st of August 2024. Please refer to the notification for more details.
Labour Employment and Industrial News
- News – EPFO extends five months for Employers to upload wage details etc. regarding Pension on Higher Wages (dated 03/01/2024) – PIB.
- Notification regarding list of holidays for the year 2024(dated 02/11/2023)-Govt. of Arunachal Pradesh.
- Publication of list of holidays and Calendar for the year 2024-Govt. of Nagaland.