Goa Goods and Services Tax (Amendment) Act, 2022
The amendment provides that every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger.
SEBI notifies regulatory framework for online bond trading platform.
The debt securities offered for buy/ sale by the online bond platforms shall be only listed debt securities.It is proposed that listed debt securities issued on private placement basis, offered for sale on bond platforms shall be locked-in for a period of six months from the date of allotment of such debt securities by the issuer.
MoEFCC directs standalone re-rolling units or cold rolling units to apply online for grant of Terms of Reference (ToR).
The MoEFCC, keeping the decision of the Hon’ble National Green Tribunal vide its order, dated the 12th February 2020, in Original Application No. 55/2019 (WZ), has inter alia observed that Cold Rolled Stainless Steel Manufacturing Industries require prior environment clearance but, having regard to the fact that there were a large number of such mills operating on the strength of Consent to Establish (CTE) and Consent to Operate (CTO).
GSTN introduces new Table 3.1.1 in GSTR-3B for reporting supplies u/s 9(5).
According to section 9(5) of CGST Act, 2017, Electronic Commerce Operator (ECO) is required to pay tax on supply of certain services notified by the government such as Passenger Transport Service, Accommodation services, Housekeeping Services & Restaurant Services, if such services are supplied through ECO.
GSTN issues advisory on upcoming changes in GSTR-3B.
The Central Goods and Services Tax (Amendment) Rules, 2022 which was published on 5th July 2022, notified few changes in Table 4 of Form GSTR-3B requiring taxpayers to report information on ITC correctly availed, reversal thereof and declaring ineligible ITC in Table 4 of GSTR-3B.
GSTN has implemented mandatory mentioning of HSN codes in GSTR-1.
Taxpayers with AATO more than 5 crores, shall report 4-digit HSN codes for goods & services. Manual user entry is allowed for entering HSN or description and warning or alert message shall be shown in case of incorrect HSN code. However, taxpayers will be able to file GSTR-1 after manual entry.
Government of Rajasthan waives the late fee for delay in furnishing FORM GSTR-4
Thus the due date for filing FORM GSTR-4 is effectively extended till 28.07.2022.
Rajasthan Goods and Services Tax (Amendment) Rules, 2022
“In case, where the supplies made during a tax period are declared by the registered person in the return for the said period and the said return is furnished after the due date, the interest on tax payable in respect of such supplies shall be calculated on the portion of tax which is paid by debiting the electronic cash ledger, for the period of delay in filing the said return beyond the due date, at such rate as may be notified.”
FSSAI clarification on Food Safety Training and Certification
The FSS licensees shall also undergo refresher training when there is changes in the Food Safety and Standards (Licensing and Registration of Food Businesses). Regulations, 2011.
RBI revises Regulatory Framework for Urban Co-operative Banks (UCBs).
The Committee, inter alia, recommended a four-tiered regulatory framework based on size of deposits of the banks and their area of operations. The differentiated regulatory approach was mainly recommended for key parameters such as net worth, Capital to Risk-weighted Assets Ratio (CRAR), branch expansion and exposure limits. Membership in an Umbrella Organization (UO) also formed a vital part of the recommendations.
