NSE issues a notification on the standardization of file formats for MII-Member Interface – primary markets and CBRICS
As per recommendations of SEBI’s Market Data Advisory Committee (MDAC) regarding “Standardization of MII-Member/Bank Interface”, it was proposed to standardize the formats of Bid Upload/ Response files across applicable Exchanges. This was envisioned as part of the continued efforts to enhance the interface between Exchanges and Members/ Self Certified Syndicate Banks (SCSB).
UGC directs higher educational institutions to develop Nagar Van/Vatikas on their premises
The UGC requests higher educational institutions and their affiliated colleges/institutions to develop Nagar Van/Vatikas in their institution premises. These will be developed in coordination with the Forest Department of the States/UTs.
CBIC notifies the manner of filing an application for refund by unregistered persons
This notification is intended to foster uniformity in the implementation of the provisions of the law across field formations. The notification was issued on 27th December, 2022.. According to the notification an unregistered person can apply for a refund and obtain temporary registration in specified circumstances.
CBIC clarifies on the entitlement of input tax credit where the place of supply of services by way of transportation of goods is in India
The Central Board of Indirect Taxes and Customs (CBIC) has issued several clarifications on the entitlement of input tax credit (ITC) where the place of supply of services by way of transportation of goods, including by mail or courier, and where location of the supplier as well as the recipient of services is in India.
FSSAI notifies the indicative list of HS Codes for which Health Certificates are mandated
The Food Safety and Standards Authority of India (FSSAI) has issued an indicative list of HS Codes. Additionally, concerned stakeholders are advised to ensure that they verify the applicability of listed HS Codes before applying for Health Certificate. The codes shall be in line with the food products specified under Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011. The Table provides the categories and sub-categories of the products, product description in brief and the risk category allotted to each product.
TRAI releases Recommendations on “Renewal of Multi-System Operators (MSOs) Registration”
After considering all comments/counter-comments received from stakeholders during consultation process and further analysis of the issues, the Authority has finalized its recommendations. The renewal of MSO registration should be done for a period of 10 years. The Authority recommends that at the time of renewal, the processing fee should be kept as Rs. 1 Lakh.
Clarification regarding the treatment of GST dues for corporate debtors
As per Section 84 of the CGST Act, if the government dues against any person under CGST Act are reduced as a result of any appeal, revision, or other proceedings in respect of such government dues, then an intimation for such reduction of government dues has to be given by the Commissioner to such person and to the appropriate authority with whom the recovery proceedings are pending. This shall be applicable to orders of adjudicating authorities and appellate authorities under IBC as well.
Promotion of ease of doing business and transparency in the sale and purchase of registered vehicles through dealers
The pre-owned car market in India has been gradually gaining ground. In the current ecosystem, several shortfall were noticed such as disputes in third party damage liabilities, difficulty in determination of defaulter etc. during transfer of vehicle to subsequent transferee.
CDSCO and State Drugs Control Administration commence joint inspection of Drug Manufacturing Units
The Joint Inspections are being conducted all over the country as per the Standard Operating Procedures. A committee of two Joint Drugs Controllers has been constituted at CDSCO (HQ) to monitor the process of inspection, reporting & subsequent action so as to ensure compliance to the Drugs & Cosmetics Act, 1940 and Rules thereunder. The aim is to ensure high standards of quality compliance with respect to drugs manufactured in the country.
Central Goods and Services Tax (Fifth Amendment) Rules, 2022
The Central Board of Indirect Taxes and Customs, (CBIC) has published the Central Goods and Services Tax (Fifth Amendment) Rules, 2022. The Amendment Rules were notified on 26th December, 2022 and have come into force on that date. The Rules seek to further amend the Central Goods and Services Tax Rules, 2017.
