GST Council issues Advisory for taxpayers facing issues in filing GSTR-3B
The Goods and Services Tax Network (GSTN) has issued a notification on Advisory for taxpayers facing issues in filing GSTR-3B. The advisory was issued on 16th January, 2023. The facility of filing of TRAN (Transition) forms was made available for aggrieved taxpayers from October 01, 2022, to November 30, 2022. It has been observed by GSTN that, a few taxpayers have submitted their forms on the portal but did not finally file it within the specified time.
FSSAI CEO reviews Food Safety Ecosystem of Telangana
The Chief Executive Officer (CEO) of the Food Safety and Standards Authority of India (FSSAI) inspected the status of food safety ecosystem including surveillance, food testing infrastructure, implementation of Eat Right India initiatives, manpower etc. in the state of Telangana. A press release to this effect was issued by the FSSAI on 17th January, 2023.
Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023
The Reserve Bank of India (RBI) notified Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023. The Directions were issued on 16th January, 2023 and come into immediate effect.
SEBI issues Consultation paper on “Blocking of Funds for Trading in Secondary Market”
SEBI has issued a consultation paper on “Blocking of Funds for Trading in Secondary Market”. The paper was issued on 17th January, 2023. The objective of the paper is to solicit comments and inputs from stakeholders and members of public on introduction of facility of blocking of funds for trading in secondary markets.
DGFT amends Handbook of Procedures for issue of export authorization for “Stock and Sale” of SCOMET items
The Director General of Foreign Trade (DGFT) sets forth certain amendments to the Handbook of Procedures (HBP) of the Foreign Trade Policy (FTP) 2015-20. The amendments revise the applicability of the policy for export from the Indian subsidiary of foreign company (applicant exporter) to its foreign parent/another subsidiary of foreign parent company and allow repeat order authorization under the Stock and Sale policy. These amendments were issued through a public notice dated 17th January, 2023 and shall come into immediate effect.
Delhi Goods and Services Tax (Second Amendment) Rules, 2022
The Government of NCT of Delhi has notified the Delhi Goods and Services Tax (Second Amendment) Rules, 2022. These Amendment Rules come into force with effect retrospectively, from the 1st day of October, 2022. The Rules, amongst others aspects, state that failure to furnish GSTR-3B in specified circumstances would be a ground for cancellation of GST registration.
SEBI extends the facility to conduct meetings of REITs and InvITs through Video Conferencing or Other Audio Visual means
SEBI is in receipt of representations from Investment Manager of REITs and InvITs to allow them to conduct meetings of unit holders through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Hence, it has published two Circulars dated 12th January, 2023 allowing meetings of REITs and InvITs to be conducted through VC and OAVM respectively.
GSTIN issues Advisory on facility for ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns
The Goods and Services Tax Network (GSTN) has issued an Advisory on the facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns. The automated drop proceedings functionality is available to taxpayers who have filed their pending returns i.e. 6 Monthly or 2 Quarterly Returns.
Karnataka Goods and Services Tax (Amendment) Rules, 2023
The Government of Karnataka has published the Karnataka Goods and Services Tax (Amendment) Rules, 2023 to further amend the Karnataka Goods and Services Tax Rules, 2017. These Rules will come into force retrospectively, from 1st December, 2022.
