INSURANCE COMPANIES HAVE UNTIL MARCH 2022 TO SELL AND RENEW CORONA COVERAGE

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for general insurance companies to continue selling Corona Kavach and Corona Rakshak policies until the end of March 2022, citing the potential threat of a Covid-19 third wave in India. All insurers are able to offer and renew short-term Covid specific health … Read more

HIGHLIGHTS OF THE 45TH GST COUNCIL MEETING

The GST Council in their 45th GST Council meeting has issued the following proposals, among others, regarding adjustments in GST rates on goods and services, and also modifications to GST law and procedure: The COVID-19 relief measure in the form of GST rate concessions to Amphotericin B, Remdesivir, Tocilizumab, and anti-coagulants like Heparin has been … Read more

EPFO MEMBERS ARE RELIEVED AS THE DEADLINE TO LINK UAN TO THE ADHAAR CARD HAS BEEN EXTENDED.

The deadline for linking UAN with Aadhaar for North-East establishments and certain categories of establishments has been extended till December 31, 2021, which is a huge relief for Employees’ Provident Fund Organization (EPFO) subscribers. The EPFO announced the news on Twitter. The deadline for integrating the UAN to Aadhaar was previously set for September 1.  … Read more

LEGAL CAPACITY OF A CONTRACT IN INDIAN CONTRACT LAW

Legal Capacity to contract refers to the ability to lawfully engage in a deal. The capacity to contract binds the contracting parties with an obligation to follow it. However, only a few people have the ability or skill to form a contract. This article discusses the fundamental elements required for a person to be competent … Read more

THE PUNJAB NATIONAL BANK HAS ANNOUNCED THAT THESE BANKS’ CHEQUE BOOKS WILL NO LONGER WORK AS OF NEXT MONTH

The Punjab National Bank (PNB) has issued an urgent notice to its customers regarding a change in the chequebook rule. The bank announced on Twitter that Oriental Bank of Commerce and United Bank’s existing chequebooks will be phased out on October 1, 2021. Customers were urged to replace their old cheque books as soon as … Read more

ITC IS NOT ALLOWED ON INVOICES ISSUED BETWEEN JANUARY AND MARCH 2020 FOR WHICH THE SUPPLIER HAS SUBMITTED FORM GSTR-1 AND FORM GSTR-3B, ACCORDING TO AAR

Invoices for the period of January to March 2020 for which the supplier has provided FORM GSTR-1 and FORM GSTR-3B are not eligible for Input Tax Credit (ITC), according to the West Bengal Authority of Advance Ruling. Eastern Coalfields Ltd, a producer, and supplier of coal, received services from M/s Gayatri Projects Ltd and claimed … Read more

THE CBIC CLARIFIES THE EXTENSION OF THE TIME LIMIT FOR APPLYING FOR THE REVOCATION OF A GST REGISTRATION CANCELLATION

The Central Board of Indirect Taxes and Customs (CBIC) clarified the extension of the time limit for applying for revocation of registration cancellation. The due date for filing an application for revocation of cancellation of registration in all cases where registration has been canceled under clause (b) or clause (c) of sub-section (2) of section … Read more

A NEW AMENDMENT HAS BEEN DRAFT BY FSSAI FOR THE STANDARDS OF LABELING AND DISPLAY

The Food Safety and Standard Authority of India (FSSAI) announced the Draft Food Safety and Standards (Labelling and Display) Amendment Regulations, 2021, which would change the Food Safety and Standards (Labelling and Display) Regulations, 2020. The following are the amendments to the Food Safety and Standards (Labelling and Display) Regulations, 2020: – The article on … Read more