Government of Delhi notifies special procedure for corporate debtors
These corporate debtors are having their affairs managed by Interim Resolution Professionals (IRPs) or Resolution Professionals (RPs) and shall be regarded as a special class of persons. These special class of persons will be treated as distinct person of the corporate debtor. They are required to make new registrations in each State/ UT where the corporate debtor was previously registered. After registration, such persons shall file the first return for the period from the date they become liable to register to the date on which registration is granted. Such newly registered persons will be eligible to avail input tax credit on invoices covering the supplies of goods and/or services received after the appointment of the IRPs/ RPs. Additionally, registered persons who receive supplies from the newly registered persons will be eligible to avail input tax credit on invoices bearing the GSTIN of the erstwhile registered persons.
Assam PCB directs all industries involved in hazardous chemicals and generating waste to install display board outside factory gates
The display board must contain information on effluent discharge, air emissions and waste generated in the factory premises. This information must be conveyed in the format prescribed in the annexure to the notification. Furthermore, the Board reiterates that the installation of the Online Display Board is mandatory in all large scale units. However, medium and small scale units will be required to install manual environmental display boards of appropriate size outside of their factory gates.
Interest on net GST liability payable from 1st September 2020.
The Amendment to Section 50 of the CGST Act, 2017 which deals with levy of interest on delated payment of tax payable only in cash and not on ITC has now been made effective from 1st September 2020.
FSSAI waives penalty for non-submission of annual/half yearly return by food businesses.
FSSAI decides not to count the period of 22nd March to 31st December 20202 for the accumulation of penalties due to non-submission of returns for the previous financial year.
ESIC enhances the payment of unemployment benefit under Atal Bimit Vyakti Kalyan yojana.
The scheme now offers double the payment for three months at 50 percent against 25 percent earlier for the period March 24, 2020, to December 31, 2020.
NPPA fixes retail prices for 29 formulations
The prices fixed for each unit of the formulation are based on the strength of the formulation. Further, these prices are fixed for specified manufacturers & marketing companies. The retail price for a pack of these formulations will be determined by the manufacturers based on the retail price fixed for the unit of the formulation. Manufacturers are required to issue a price list in Form–V to NPPA as per the provisions of DPCO, 2013. If retail prices fixed by this Order for any of the specified formulations are not complied with, the concerned manufacturer/marketing company will be liable to deposit the overcharged amount along with the interest thereon.
The Central Government expands the purview of CSR contributions
The Amendment to Schedule VII of the Companies Act, 2013 has enhanced the list of bodies to which companies are permitted to make contributions, for the purposes of CSR. Prior to this amendment, the list did not include the Department of Biotechnology (DBT), Ministry of AYUSH or the Department of Pharmaceuticals. Furthermore, the amendment now also permits contributions to R&D projects, in the field of science, technology, engineering and medicine, funded by the Central/ State Government/ any agency thereof/ by PSUs. This provision was also absent prior to the present amendment. Therefore, by virtue of this amendment, companies can undertake contribution to these additional bodies as well as specified R&D projects as part of their CSR activities.
Maharashtra PCB to provide services under the Maharashtra Right to Public Services Act, 2015.
The detailed procedure regarding submission of online application under EWaste Management Rules, 2016 shall be obtained within 120days from receipt of application complete in all respect.
IRDAI issues dividend criteria for equity investment under approved investment.
IRDAI permitted Insurers to classify investments in Preference Shares and Equity Shares as a part of “Approved Investment” if such Shares have paid a dividend for at least 2 years out of 3 consecutive years immediately preceding.
The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020.
Any company engaged in research and development (R&D) activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22 and 2022-23 which falls under the CSR policy.
