Clarification issued on goods sent/taken out of India for exhibition or on consignment basis
CBIC has published a circular, clarifying regarding goods sent/taken out of India for exhibition or on consignment basis for export promotion. his clarification comes as a response to the representations of the trade industry regarding what procedure is to be followed while exporting such goods as they do not fall into the definition of ‘supply’.
It has been clarified that since the activity of export for exhibition is on consignment basis and there is no consideration received at the time, therefore it cannot be considered as supply under the CGST or zero rated supply under the IGST.
A format has been provided for maintenance of records. Details of documentation and refund process has also been clarified.
SEBI issued Standardized Format to report Code of Conduct violation under Insider Trading Regulations
Securities and Exchange Board of India (“SEBI”), vide a Circular dated July 19, 2019, has notified a standardized Format for all listed companies, intermediaries and fiduciaries to report violation of the code of conduct for designated persons and their immediate relatives. The entities are also required to maintain a database of the violation of such code of conduct by designated persons and their immediate relatives.
Formats for Limited Review of Audit Report revised
Securities and Exchange Board of India has amended the procedure and format for limited review/audit report vide a Circular dated July 19, 2019.
The modification has been made in Formats for the Limited Review Report and Illustrative formats of independent auditor’s report.
Validity of Factory License extended up to 10 Years in Jharkhand
The Government of Jharkhand vide notification no SO-60 has notified Factories (Jharkhand Amendment) Rules, 2019, amending sub-rule (2) of Rule 5 of the Jharkhand Factories Rules, 1950. As per the amended Rules, License granted or renewed, shall remain valid or be in force for a minimum period of ten year to maximum period of fifteen […]
Amendments to the Tamil Nadu Legal Metrology (Enforcement) Rules, 2011
The Tamil Nadu Government on 3 July, 2019 has made amendments to the Tamil Nadu Legal Metrology (Enforcement) Rules, 2011. as per the amendment the licensing and renewal fees for manufacturers, repairers, dealers of weights and measures and the security deposits that are to be made by licensed repairer has been updated.
Last date for filing GST CMP-08 extended till 31st July
Central Board of Indirect Taxes has issued a notification on 18th July, 2019 providing extension for filing FORM GST CMP-08, for the quarter April, 2019 to June, 2019. The filing was due on 18th July, 2019 and the due date has been extended till 31st July, 2019. CBIC notified CGST (Third Amendment) Rules, 2019 on […]
Exemption from Charges for Late Filing of Bill of Entry
On 11th July 2019, the Office of the Commissioner of Customs vide Public Notice No. 64/2019, has exempted certain Importers / Exporters, Custom Brokers, Trade, Customs Staff and Stakeholders from paying charges for late filing of Bill of Entry. As per records On 9th and 10th July 2019, the traders faced difficulty in filing the […]
Draft Amendment to the Tamil Nadu Motor Vehicles Accident Claims Tribunal Rules
The Tamil Nadu government has released a draft amendment to Tamil Nadu Motor Vehicles Accident Claims Tribunal Rules, 1989. As per the Amendment, Rule 26 which earlier applicable to non-insured vehicles, is now applicable to insured vehicles as well.
RBI Grants Approval for Acquiring Financial Assets of ARCs
The financial market regulator, Reserve Bank of India (RBI) on June 28, 2019 has permitted acquiring of financial assets of Asset Reconstruction Companies (ARCs) with certain conditions. The RBI has approved the scheme in the light of the amendments made in the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, […]
Services of the industry engaged in Food Stuffs declared to be a public utility service
The ministry of Labour And Employment vide a notification dated 9th July, 2019, has declared the services of the industry engaged in Food Stuffs (covered under item 6 of the First Schedule to the Industrial Disputes Act,1947 ) to be a public utility service for six months from the date of this notification. To read […]
