Reference: Central Board of Indirect Taxes and Customs
Update:
Central Goods and Services Tax (2nd Amendment) Rules, 2020
CBIC has made amendments in the CGST in the value of lottery to be 100/128 of the face value of ticket or of the price and hereby for the rule 31A, for sub-rule (2), the given rule shall be substituted.
Implication:
This amendment shall come into force on the date of their publication in the Official Gazette.
Reference: Central Board of Direct Taxes
Update:
Income Tax Department conducts search on a group of individuals, hawala dealers and businessmen in Raipur
IT department conducted a search on a group of individuals, hawala dealers and businessman in Raipur. Based on evidences, the IT department found a few other premises that were also covered in consequential actions. Incriminating documents, electronic data, details of benami vehicles, hawala transfers, transfer to Kolkata-based companies and creation of shell companies with huge land bank was seized. The search also resulted in seizure of substantial amount of cash.
Reference: Securities and Exchange Board of India
Update:
Review of Norms regarding Regaining Matched Book for Commodity Derivatives Segment
SEBI prescribed norms to regain matched book vide Clause \’5\’ of Annexure- I to the said circular. The norms prescribed 4 alternative tools to regain a matched book based on market conditions, namely:-
- Alternative 3: Voluntary tear-up at last mark-to-market price along with compensation equal to 10% of last mark-to-market price and penalty equal to 1% of last mark-to-market price (to be credited to SGF).
- Alternative 4: Partial tear-up (pro-rata against members/clients having opposite positions) at last mark-to-market price along with compensation equal to 8% of last mark-to-market price and penalty equal to 1% of last mark-to-market price (to be credited to SGF).
Implication:
To enable timely and error free execution CCs shall put in place such system, and also conduct testing of the same, within 6 months from the date of issuance of this circular. The other provisions of this circular shall be effective immediately.
Reference: Ministry of Affairs
Update:
Exemptions to Government Companies under Section 462 of the Companies Act, 2013
The Central Government has made amendments in the notification of the Government of India, in the MCA. It has made changes for serial number 1 and for serial number 26 as prescribed in the notification.
Update:
Corrigendum Notification
MCA made amendements in the notification number G.S.R.114(E) namely:-
- In line 9, for \”rule 23A\’ read \”rule 23A and first prviso to rule 23B\”.
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