The Reserve Bank of India (RBI) announced the rate of interest on Government of India Floating Rate Bond 2033 (GOI FRB 2033) applicable for the half year 22nd March, 2023 to September 21, 2023 shall be 8.51 percent per annum. It may be recalled that FRB 2033 carries a coupon, which has a base rate … Read more
The Governor of the Reserve Bank of India (RBI) Shri Shaktikanta Das on 22nd March 2023 laid the foundation stone for establishment of a “Greenfield Data Centre’ and ‘Enterprise Computing & Cybersecurity Training Institute’ in Bhubaneswar, Odisha. The Governor in his remarks acknowledged the critical role played by technology in supporting the activities of the … Read more
The GSTN issued an advisory on 21st March 2023 regarding the tax payers who wish to register themselves as a “One Person Company” for the purpose GST. It is provided that the tax payers have been facing some issues when they were opting to register as “One Person Company”. It has noticed after analysation that … Read more
The Delhi Benchof the Income Tax Appellate Tribunal (ITAT)has held that employers have to deposit employees’ contributions towards EPF/ESI on time to avail of income tax deductions. The appellant, National Housing Bank, is a financial institution engaged in the business of providing long-term finance for the construction or purchase of houses in India for residential … Read more
The securities and exchange board of India issued a press release on 16th March 2023. Through the press release, SEBI had prescribed the common and simplified norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination. This circular shall come into force with effect from 01st April 2023. … Read more
The Reserve Bank of India vide a Press Release dated 15th March, informed that RBI and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) today in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services. Under the MoU, the two central banks will … Read more
The Ministry of Finance issued a Press Release on 15th March 2023, to notify Tariff Value with respect to certain items such as Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. This will bring amendment to the Sub section (ii) of Section 3 of Part II of the Notification numbered 36/ 2001. The following … Read more
The Government of India through Ministry of Commerce and Industry have issued a notification dated 14th March 2023 regarding amendment in policy conditions under the ITC HS Code 2515. It is notified that import of 10000 MT of marble under ITC (HS) Code 2515 and 6802 shall be allowed annually from Bhutan without Minimum Import … Read more
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Mumbaihas allowed the Cenvat credit on service tax paid by automotive dealers. The tribunal has relied on the Supreme Court’s decision in the case of CCE & C vs MDS Switchgear Ltd., in which it was held that once the tax liability has been discharged and … Read more
The Ministry of Electronics and Information Technology (MeitY) has introduced the Incentive Scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year. The Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad said that several initiatives have been taken by Government of India, RBI, NPCI and Banks, to … Read more