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Maximum Amount Receivable by Government Employees as Cash Equivalent of Leave Salary

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: S.O. 2276(E)
Description: The Central Board of Direct Taxes (CBDT) has specified the limit of maximum amount receivable by the employees of the Central Government or a State Government as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement as Rs. 25,00,000 (twenty-five lakhs rupees only).

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Terms and Conditions of Tariff for the Period Commencing from 1st April, 2024

Legal Category: Industry Specific
Rule ACT: Electricity Act - Central
Update Type: Notice
Notification Date: 26, May, 2023
Notification No: File No. L-1/268/2022/CERC
Description: The Central Electricity Regulatory Commission has published a public notice that contains terms and Conditions of Tariff for the period commencing from 1st April, 2024.

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Rapid Disembarkation of Air Transport (Aeroplane)

Legal Category: Industry Specific
Rule ACT: Aircraft Rules - Central
Update Type: Notification
Notification Date: 26, May, 2023
Notification No: DGCA-22024/08/2023-FSD
Description: Directorate Genral of Civil Aviation has issued an operations circular that is applicable to operators engaged in Commercial Air Transport (Aeroplane) for Rapid Disembarkation.

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Amendment to CBIC Notification about Inland Container Depot

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Notification Date: 23, May, 2023
Notification No: 38/2023-Customs (N.T.)
Description: The Central Board of Indirect Taxes and Customs (CBIC) has amended its earlier notification No. 12/97-Customs (N.T.) dated: 2nd April, 1997 pertaining to Inland Container Depots for the purposes of Loading/ Unloading of imported goods/ export goods, wherein in the Table, against serial number 4 relating to the State of Gujarat, in column (3),
after the entry at item (xv) and corresponding entry in column (4), the following item and entries shall be inserted:
(xvi) Village Dahej, Taluka Vagra, Distt, Bharuch - Unloading of imported goods and loading of export goods.

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Vinyl Acetate Monomer (Quality Control) Amendment Order, 2023

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Amendment
Notification Date: 23, May, 2023
Notification No: S.O. 2334(E)
Description: Department of Chemicals and Petrochemicals issued Vinyl Acetate Monomer (Quality Control) Amendment Order, 2023 and notify that Vinyl Acetate Monomer (Quality Control) Order, 2021 shall come into force on the 29th day of February, 2024.

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Polyester Staple Fibres (Quality Control) Amendment Order, 2023

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Amendment
Notification Date: 26, May, 2023
Notification No: S.O. 2333(E)
Description: Department of Chemicals and Petrochemicals issued Polyester Staple Fibres (Quality Control) Amendment Order, 2023 and in paragraph 1, after sub-paragraph (3), the following proviso shall be inserted, namely: "Provided that nothing in this Order shall apply to Low Melt Polyester Fibres”.

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Protective Textiles (Quality Control) Amendment Order, 2022

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Amendment
Notification Date: 24, May, 2023
Notification No: S.O. 2332(E)
Description: Ministry of Textile issued Protective Textiles (Quality Control) Amendment Order, 2022 and enforcement date has been substituted on the 7th October, 2023.

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Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Instruction
Notification Date: 26, May, 2023
Notification No: 02/2023-GST (Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards)
Description: The Central Board of Indirect Taxes and Customs (CBIC) has informed that DG Systems has developed functionality “Scrutiny of Returns”, containing the online workflow for scrutiny of returns in the CBIC ACES-GST application. The GSTINs selected for scrutiny for the Financial Year 2019-20 have also been made available on the scrutiny dashboard of the proper officers on ACES-GST application. The Board has also specified modifications in such standard operating procedures for scrutiny of returns.

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Geo Textiles (Quality Control) Amendment Order, 2022

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Amendment
Notification Date: 24, May, 2023
Notification No: S.O. 2331(E)
Description: Ministry of Textile issued Geo Textiles (Quality Control) Amendment Order, 2022 and enforcement date has been substituted on the 7th October, 2023.

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Drugs (Prices Control) Second Amendment Order, 2023

Legal Category: Industry Specific
Rule ACT: Drugs (Prices Control) Order - Central
Update Type: Amendment
Notification Date: 25, May, 2023
Notification No: S.O. 2324 (E)
Description: Department of Pharmaceuticals issued Drugs (Prices Control) Second Amendment Order, 2023 and made the following changes:
1. In Form I, for item No. 10, the following item shall be substituted, namely:
“10. The retail price claimed for approval (in rupees per unit, excluding taxes).”
2. For Form II, the following FORM shall be substituted.
Kindly refer the document attached for details.

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Inviting comments on the draft rule 11UA for implementing the amendment made by the Finance Act, 2023

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Others
Notification Date: 26, May, 2023
Notification No: F. No. 370142/9/2023-TPL(part-I)
Description: The Central Board of Direct Taxes (CBDT) has notified the draft of the amendments proposed to be made under rule 11UA, in respect of method for computation of the fair market value of unquoted equity shares for the purposes of the Clause (viib) of sub-section (2) of section 56 of the Act, considering the genuine hardships faced by non-resident investors.

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Fee Separately Notified for Any Product or Group of Products

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: No. CMD-2/G-18.
Description: The Bureau of Indian Standards, has issued a notification in pursuance of paragraph 5 of Scheme - X of Schedule - II of Bureau of Indian Standards (Conformity Assessment) Regulations, 2018, and notify the fee as given in the following schedule attached to the document. For further details on Indian Standards Kindly refer the attach documents.

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Amendment in Certain Indian Standard Notifications

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 22, May, 2023
Notification No: HQ-PUB-BIS (602)
Description: Bureau of Indian Standards issued a Notification regarding Amendment to the Notifications of Certain Indian Standard. Kindly refer the document attached for details.

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Introduction of Certification of ATS Personnel Circular (CAPC- Amendment)

Legal Category: Industry Specific
Rule ACT: Airports Authority of India Act - Central
Update Type: Circular
Notification Date: 25, May, 2023
Notification No: No. 3 of 2023
Description: Airport Authority of India issued a circular regarding Introduction of Certification of ATS Personnel Circular (CAPC- Amendment) in order to provide guidance and issue instruction for implementation of regulatory provision in respect of matters pertaining to ATCOs Licensing. Kindly refer the document attached for details.

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Extension in Public Utility Services of Transport Industry

Legal Category: HR and Labour
Rule ACT: Industrial Disputes Act - Central
Update Type: Notification
Notification Date: 25, May, 2023
Notification No: S.O. 2302(E)
Description: The Ministry of Labour and Employment has issued a notification to extend the tenure of public utility services of industry of Transport (other than railways) for the carriage of passengers or goods, by land or water for a further period of six months with effect from May 26, 2023.

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FAQ for Reporting Bank Guarantees (BGs) Created Out of Clients' Funds - NSE

Legal Category: SEBI
Rule ACT: Securities Contracts (Stock Exchanges and Clearing Corporations) Regulations
Update Type: Circular
Notification Date: 26, May, 2023
Notification No: NCL/CMPL/56847
Description: The National Stock Exchange of India has released Frequently Asked Questions to clarify regarding Reporting of Bank Guarantees created out of clients' funds for clearing member.

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Bank Guarantees (BGs) Created Out of Clients' Funds - NSE

Legal Category: SEBI
Rule ACT: SEBI (Stock Brokers) Regulations
Update Type: Circular
Notification Date: 26, May, 2023
Notification No: NSE/INSP/56839
Description: The National Stock Exchange of India clarified that in context of SEBI Circular, trading members are required to report breakup of BG placed as collateral with clearing members on a weekly basis. Reporting requirement shall be effective from May 27, 2023 and first submission of this data shall be for the week ended May 27, 2023 to be submitted by next trading day of following week i.e. by May 29, 2023 and for every week thereafter. Data shall be reported for Saturday of each week.

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Increased Limit for Tax Exemption on Leave Encashment for Non-Government Salaried Employees

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Press Release
Notification Date: 25, May, 2023
Notification No: NA (Increased Limit for Tax Exemption on Leave Encashment for Non-Government Salaried Employees)
Description: The Central Board of Direct Taxes (CBDT) has reiterated that the increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs. 25 lakh w.e.f. 01.04.2023.

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New e-Invoice FO portal

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Others
Notification Date: 25, May, 2023
Notification No: NA (New e-Invoice FO portal)
Description: The Goods and Services Tax Network (GSTN) has notified about its webinar for creating awareness amongst the stakeholders, on new e-invoice FO portal on 29th May, 2023 at 11:30 a.m.

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Clarification on the Classification of Product DHA Algal Oil

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Instruction
Notification Date: 25, May, 2023
Notification No: 18/2023-Customs (Clarification on the Classification of Product DHA Algal Oil)
Description: The Central Board of Indirect Taxes and Customs (CBIC) has issued clarification on the classification of the imported product Algal oil or Algal oil powder with varying DHA(docosa hexaenoic Acid) concentration, that depending on the characteristics or properties of the product when presented for assessment, extent of its chemical modification, the edible or inedible nature of the mixture or preparation of the product, the product DHA Algal Oil is classifiable under the appropriate sub-heading.

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Amendment to CBIC Notification Pertaining to Constitution of Authority for Advance Ruling

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Notification Date: 25, May, 2023
Notification No: 02/2023 - Union territory Tax
Description: The Ministry of Finance (MoF) has notified amendment to its earlier notification No. 14/2018- Union territory Tax, pertaining to the constitution of Authority for Advance Ruling in Union Territories, wherein in the Table, for Sl. No. 3 and 4, and entries relating thereto, the following shall be substituted:
Dadra and Nagar Haveli and Daman and Diu-
i. Shri Yudhast Kumar, Joint Commissioner, CGST Daman
ii. Shri Saurabh Mishra, Joint Commissioner, (Union territory Goods and Services Tax), Union territory of Dadra and Nagar Haveli and Daman and Diu.

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Webinar on promoting use of Libraries and Cultivating Reading Habits

Legal Category: Industry Specific
Rule ACT: CBSE Affiliation Bye-Laws - Central
Update Type: Circular
Notification Date: 25, May, 2023
Notification No: TRG-65/2023
Description: Central Board of Secondary Education issued Circular notifying In order to explore stratergies and best practices for promoting the use of libraries and nurturing reading habits among individuals of all ages, the Board is organising a webinar on the topic “Promoting use of Libraries and Cultivating Reading Habits” for the benefits of the teachers, students and other stakeholders of CBSE affiliated schools. The session will provide insights into effective strategies for setting up and managing a school library, creating an engaging reading environment and promoting a passion for reading among students. This in turn, will enhance the reading culture and make libraries more accessible and visiting. All the Principals/School Heads, Teachers, Librarian etc. of CBSE affiliated Schools are requested to attend the live sessions as per the above schedule. CBSE believes that by joining this webinar, teachers of all CBSE affiliated schools will gain valuable knowledge and insight that can positively impact the reading habits among students which in turn will contribute to overall holistic development of the students.

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Permission to offer Mathematics (041) in Class-XI to the students who offered Mathematics Basic (241) in Class-X

Legal Category: Industry Specific
Rule ACT: CBSE Affiliation Bye-Laws - Central
Update Type: Circular
Notification Date: 25, May, 2023
Notification No: CBSE/CE/2023/_
Description: Central Board of Secondary Education issued Circular notifying that students who offered Mathematics Basic (241) are also allowed to offer Mathematics (041) in Class-XI. Before permitting Mathematics (041) in Class-XI to such students, the Head of the Institution should satisfy that the students are having the aptitude and ability to pursue Mathematics (041) in Class-XI.

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Notification Regarding Jurisdiction of Speed Breaker

Legal Category: Industry Specific
Rule ACT: Motor Vehicles Act - Goa
Update Type: Notification
Notification Date: 25, May, 2023
Notification No: No. 23/6/2023/MAG/BAR/1283
Description: Department of Transport issued a notification regarding Speed Breaker on the Village Road at the places mentioned in Column No. 2 of the schedule below in the in the jurisdiction of Village Panchayat Bastora in Bardez Taluka. For further details kindly refer the attached document.

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Notification in pursuance of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (Goa)

Legal Category: IT and Data Protection
Rule ACT: Aadhaar Act 2019 - Central
Update Type: Notification
Notification Date: 25, May, 2023
Notification No: Notification/84/2023/1427
Description: Department of Education, Art & Culture issued a Notification regarding individual eligible for receiving the benefits under the scheme shall be required to furnish proof of possession of the Aadhaar number or undergo Aadhaar authentication. Kindly refer the document attached for details.

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Inviting the Public Comments for Policy for Adoption of Standards of Telecom Standards Development Society, India

Legal Category: IT and Data Protection
Rule ACT: Indian Wireless Telegraphy Act - Central
Update Type: Notice
Notification Date: 26, May, 2023
Notification No: No: 19-11/2023-STD/TEC
Description: Ministry of Communications issued Notice for Inviting Public Comments for adoption of Telecom Standards Development Society, India (TSDSI) transposed 3GPP specifications towards Rev 6 of ITU-R M.2012 and Rev 2 of ITU-R M.2150 into national standards by Telecommunications Engineering Centre (TEC). Kindly refer the document attached for details.

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Date of Establishment and Withdrawal of Indian Standards

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 22, May, 2023
Notification No: HQ-PUB012/1/2020-PUB-BIS (601)
Description: The Bureau of Indian Standards, has issued a notification regarding the date of Establishment and Withdrawal of certain Indian Standards the Date of Establishment is 18 May, 2023 and the Date of Withdrawal of applicable Indian Standards is 18 November, 2023. For further details on Indian Standards Kindly refer the attach documents.

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Date of Establishment and Withdrawal of Indian Standards

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 22, May, 2023
Notification No: HQ-PUBS012/1/2023-PUBS-BIS (600)
Description: The Bureau of Indian Standards, has issued a notification regarding the date of Establishment and Withdrawal of certain Indian Standards the Date of Establishment is 18 May, 2023 and the Date of Withdrawal of applicable Indian Standards is 18 July, 2023. For further details on Indian Standards Kindly refer the attach documents.

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Mandatory Retrofitting of Emission Control Devices (RECD) or Equipment to DG sets with Capacity of 125 KVA and above in the State of Karnataka

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Environment Protection Act
Update Type: Notification
Notification Date: 25, May, 2023
Notification No: No. KSPCB/SEO-Infra/DG-Retrofitting/2021-22/955
Description: The Karnataka State Pollution Control Board has issued a notification for Mandatory Retrofitting of Emission Control Devices (RECD) or Equipment to DG sets with Capacity of 125 KVA and above in the State of Karnataka.

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Excel Utility of ITR-3 for AY 2023-24 is Available for Filing

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Others
Notification Date: 25, May, 2023
Notification No: NA (Excel Utility of ITR-3 for AY 2023-24 is Available for Filing)
Description: The Income Tax Department has notified that the excel utility of ITR-3 for assesment year 2023-2024 is now available for filling.

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Odisha Registration (Amendment) Rules, 2023

Legal Category: Administrative
Rule ACT: Registration Act - Odhisa
Update Type: Amendment
Notification Date: 23, May, 2023
Notification No: 2250-IX-88/2023
Description: The Inspector General of Registration, Odisha, Cuttack has notified the Odisha Registration (Amendment) Rules, 2023 wherein clauses in respect of compulsory online booking of slot for registration of documents has been inserted.

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Model Tripartite Agreement between the Issuer Company, Existing Share Transfer Agent and New Share Transfer Agent

Legal Category: SEBI
Rule ACT: SEBI (Listing Obligations and Disclosure Requirements) Regulations
Update Type: Circular
Notification Date: 25, May, 2023
Notification No: SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/79
Description: The Securities and Exchange Board of India has prepared a Model Tripartite Agreement in consultation with Registrar Association of India (RAIN) and some Issuer Companies. Format of the Tripartite Agreement is placed at Annexure-A. RTAs are advised to submit compliance of the direction given in para 4.1 above to SEBI vide email at rta@sebi.gov.inlatest by June 01, 2023 along with the link of their website containing the format of tripartite agreement.

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Model Tripartite Agreement between the Issuer Company, Existing Share Transfer Agent and New Share Transfer Agent

Legal Category: SEBI
Rule ACT: SEBI (Registrars to an Issue and Share Transfer Agents) Regulations
Update Type: Circular
Notification Date: 25, May, 2023
Notification No: SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/79
Description: The Securities and Exchange Board of India has prepared a Model Tripartite Agreement in consultation with Registrar Association of India (RAIN) and some Issuer Companies. Format of the Tripartite Agreement is placed at Annexure-A. RTAs are advised to submit compliance of the direction given in para 4.1 above to SEBI vide email at rta@sebi.gov.inlatest by June 01, 2023 along with the link of their website containing the format of tripartite agreement.

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State Wise Updated List of Notified Districts under ESIC

Legal Category: HR and Labour
Rule ACT: ESI Act
Update Type: Circular
Notification Date: 24, May, 2023
Notification No: N-15011/12/2022-P&D
Description: The Employees' State Insurance Corporation(ESIC) has issued a circular to notify the updated list of all the districts covered by ESIC namely:
1. Fully Notified District- 503
2. Partially Notified Districts - 108
3. Non Notified Districts - 133.

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Transfer Proposals by Lessees of Non-Residential Land of Salt Lake

Legal Category: Local Laws
Rule ACT: Municipal Act - North 24 Parganas
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: No.328-UDMA-27012(11)/12/2022-LMNR SEC Dept. of UDMA
Description: The Urban Development and Municipal Affairs Department has issued a notification with respect to submission of respective transfer proposals for number of Lessees of non-residential land of Salt Lake who intend to transfer their land or built up spaces of the building constructed thereon to different assignees or renting out of built up spaces of the building constructed thereon for IT or ITES purpose.

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Examination of Goods at NSEZ Units Premises

Legal Category: Special economic zone
Rule ACT: SEZ Act - Uttar Pradesh
Update Type: Circular
Notification Date: 24, May, 2023
Notification No: F.No. NSEZ/CUS/TECH/03/2021/
Description: The Noida Special Economic Zone has issued a circular relating to the unit's requests wherein permissions are generally granted to get the import or export DTA procured goods examined at their premises. However, instances have come to notice wherein after obtaining such approvals, examinations have been delayed on account of various reasons by the units.

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Enforcing Date for Certain Provisions of ESI Act in Certain Areas in State of Bihar

Legal Category: HR and Labour
Rule ACT: ESI Act
Update Type: Notification
Notification Date: 23, May, 2023
Notification No: S.O. 2244(E)
Description: The Ministry of Labor and Employment has issued a notification to appoint June 1st 2023 as the date on which the following provisions of the Employees’ State Insurance Act, 1948 shall come into force in all the areas of Arwal, Jamui, Kaimur, Khagaria, Kishanganj, Madhepura, Madhubani, Nawada, Purnia, Sheikhpura and West Champarannamely, in addition to the already notified areas of the said districts, in the State of Bihar, namely:
1. Provisions regarding Contributions payable by employer as well as employees under Chapter IV
2. All section regarding Benefits under Chapter V
3. Certain provisions regarding Adjudication of Disputes and Claims under Chapter VI.

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Reverification of headers and content templates by principal entities under TCCCPR-2018

Legal Category: IT and Data Protection
Rule ACT: TRAI Act
Update Type: Press Release
Notification Date: 25, May, 2023
Notification No: Press Release No. 47/2023
Description: Telecom Regulatory Authority of India issued a Press Release as it has been seen that many Pes have not yet completed the verification of Headers and Content Templates. Due to lack of timely action by Pes, Headers and Content Templates assigned to such Pes remain vulnerable for likely misuse and may result in inconvenience to public in form of spam and also financial frauds. Any further delay on part of by Pes to get the re-verification of Headers and Content Templates may result in the blocking of their Headers, Content Templates and messages. The TRAI shall review the progress in the next two weeks and may issue appropriate direction, if required. Therefore, all the Pes should complete the process of verification of Headers and Content Templates immediately.

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Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023

Legal Category: Industry Specific
Rule ACT: Motor Vehicles Act - Delhi
Update Type: Scheme
Notification Date: 24, May, 2023
Notification No: DC/EV/TPT/2021/02
Description: Government of National Capital Territory of Delhi, Transport Department issued Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023. This scheme shall be applicable to Aggregator, Delivery Service Provider, and E-Commerce Entity with at least 25 motor vehicles associated with such Aggregator or Delivery Service Provider, such that Aggregator who have on-boarded 2-W, 3-W, and 4-W passenger vehicles and for Delivery Service Provider who have on-boarded any category of delivery vehicles for, and shall not apply for buses. This scheme is in addition to the provisions of the existing applicable Laws and Rules and shall not override or substitute on any compliance(s) and applicability of any legal framework under which such Aggregator or Delivery Service Provider is otherwise governed. Notwithstanding anything contained in this part, the Delhi Government shall in consultation with relevant regulatory authorities, lay down additional conditions for Aggregator from time to time to promote the use of Electric Vehicles, in addition to the fleet conversion requirements and incentives to adopt Electric Vehicles. Kindly refer the document attached for details.

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Clarification regarding Flying Training Circulars and Flying Grant Circulars

Legal Category: Industry Specific
Rule ACT: Airports Authority of India Act - Central
Update Type: Clarification
Notification Date: 22, May, 2023
Notification No: E-File No. DGCA-16017/21/2022-DFT
Description: Director General of Civil Aviation issued a Public Notice regarding Clarification regarding Flying Training Circulars and Flying Grant Circulars pertaining to flying training/glider training which are not available on DGCA website. The Flying Training /Flying Grant/Glider Training Circulars issued by DGCA or any other circular pertaining to flying training/glider training, which are not available on DGCA website stand cancelled with immediate effect.

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Date of Establishment and Withdrawal of Indian Standards

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 22, May, 2023
Notification No: HQ-PUB013/1/2020-PUB-BIS (596)
Description: The Bureau of Indian Standards, has issued a notification regarding the date of Establishment and Withdrawal of certain Indian Standards the Date of Establishment is 16 May, 2023 and the Date of Withdrawal of applicable Indian Standards is 16 June, 2023. For further details on Indian Standards Kindly refer the attach documents.

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Date of Establishment and Withdrawal of Indian Standards

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 22, May, 2023
Notification No: HQ-PUB013/1/2020-PUB-BIS (597)
Description: The Bureau of Indian Standards, has issued a notification regarding the date of Establishment and Withdrawal of certain Indian Standards the Date of Establishment is 18 May, 2023 and the Date of Withdrawal of applicable Indian Standards is 18 June, 2023. For further details on Indian Standards Kindly refer the attach documents.

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Date of Establishment and Withdrawal of Indian Standards

Legal Category: Industry Specific
Rule ACT: Bureau of Indian Standards - Central
Update Type: Notification
Notification Date: 16, May, 2023
Notification No: HQ-PUB012/1/2020-PUB-BIS (595)
Description: The Bureau of Indian Standards, has issued a notification regarding the date of Establishment and Withdrawal of certain Indian Standards the Date of Establishment is 15 May, 2023 and the Date of Withdrawal of applicable Indian Standards is 15 August, 2023. For further details on Indian Standards Kindly refer the attach documents.

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Amendment under Interest Equalisation Scheme - Annual Net Subvention Amount

Legal Category: Exim
Rule ACT: Foreign Trade Policy, 2023
Update Type: Notice
Notification Date: 25, May, 2023
Notification No: Trade Notice No. 05/2023-24
Description: The Directorate General of Foreign Trade has amended the Interest Equalisation Scheme for rationalization of the Scheme and notified that the annual net subvention amount would be capped at Rs. 10 crore per Importer Exporter Code (IEC) is a given Financial year. All disbursements made from April 01, 2023 shall be counted for an IEC for the current Financial year.

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Notifying the Class of Persons for the purposes of clause (viib) of sub-section (2) of Section 56 of Income Tax Act

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: S.O. 2274(E)
Description: The Central Board of Direct Taxes (CBDT) has notified the class(es) of persons to which the provisions of clause (viib) of sub-section (2) of Section 56 (Income from Other Sources) of the Act, shall not apply:
1. Government and Government related investors such as central banks, sovereign wealth funds, international or multilateral organizations or agencies including entities controlled by the Government or where direct or indirect ownership of the Government is seventy-five percent or more
2. Banks or Entities involved in Insurance Business where such entity is subject to applicable regulations in the country where it is established or incorporated or is a resident
3. Any of the following entities, which is a resident of any country or specified territory listed in Annexure, and such entity is subject to applicable regulations in the country where it is established or incorporated or is a resident:
i. entities registered with Securities and Exchange Board of India as Category-I Foreign Portfolio Investors
ii. endowment funds associated with a university, hospitals or charities
iii. pension funds created or established under the law of the foreign country or specified territory
iv. Broad Based Pooled Investment Vehicle or fund where the number of investors in such vehicle or fund is more than fifty and such fund is not a hedge fund or a fund which employs diverse or complex trading strategies.

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Applicability of the Provisions of clause (viib) of sub-section (2) of section 56 of Income Tax Act

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: S.O. 2275(E)
Description: The Central Board of Direct Taxes (CBDT) has notified that the provisions of clause (viib) of sub-section (2) ofsection 56 of the Act, shall not apply to the consideration received by a company for the issue of shares that exceeds the face value of such shares, if the said consideration has been received from any person, which fulfills the conditions specified by the Department for Promotion of Industry and Internal Trade for eligible startups and an intimation to this effect is also filed to the Department.

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Foreign Trade Policy 2023

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Circular
Notification Date: 24, May, 2023
Notification No: 12/2023-Cus
Description: The Central Board of Indirect Taxes and Customs (CBIC) has reiterated the notification of Foreign Trade Policy, 2023 (FTP) and all the customs notifications issued in pursuance of FTP chapters on various duty remission/ exemption or EPCG schemes.

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Guidelines for Compulsory Selection of Returns for Complete Scrutiny during the Financial Year 2023-24

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Guidelines
Notification Date: 24, May, 2023
Notification No: F.No.22S/66/2023/IT A-II
Description: The Central Board of Direct Taxes (CBDT) has notified guidelines for compulsory selection of returns for complete scrutiny during the Financial Year 2023-24 and the procedure to be followed for such selection of cases pertaining to search and seizure, if notices for calling return have been issued and no returns have been furnished, Cases related to specific information regarding tax-evasion etc.

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Extension of Due Date for Filing Form GSTR-7 in the state of Manipur

Legal Category: Taxation
Rule ACT: GST Act - Manipur
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: 13/2023- Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) has notified that the return in Form GSTR-7 furnished by registered persons who are required to deduct tax at source under the provisions of section 51 of the Central Goods and Services Tax Act, 2017 and whose principal place of business is in the State of Manipur, for the month of April, 2023 can be furnished electronically through the common portal, on or before May 31, 2023. This notification shall be deemed to have come into force with effect from May 10, 2023.

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Extension of Due Date for Filing Form GSTR-3B in the state of Manipur

Legal Category: Taxation
Rule ACT: GST Act - Manipur
Update Type: Notification
Notification Date: 24, May, 2023
Notification No: 12/2023- Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) has extended the time limit for furnishing the return in FORM GSTR-3B for the month of April, 2023, for the registered persons whose principal place of business is in the State of Manipur till May 31, 2023. This notification shall be deemed to have come into force with effect from May 20, 2023.

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