Reference: Central Board of Indirect Taxes & Customs
Update:
Standard Operating Procedure (SOP) to be followed by exporters
The Board has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence tools based on which certain exporters are taken up for further verification. While the verification is caused to mitigate risk, it is necessary that genuine exporters do not face any hardship. CBIC has advised that exporters whose scrolls have been kept in abeyance for verification would be informed at the earliest possible either by the jurisdictional CGST or by Customs.
Implication:
The Jurisdictional Pr. Chief Commissioner/Chief Commissioner of Central Tax should take appropriate action to get the verification completed within next 7 working days.
Update:
Tariff Notification in respect of Fixation of Tariff Value
CBIC has notified the Government of India in the Ministry of Finance (Department of Revenue) about fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy seeds, Areca Nut, Gold and Silver as prescribed in notification.
Update:
Assessee not liable to pay interest where IGST wrongly paid inadvertently as CGST
Shree Nanak Ferro Alloys (P.) Ltd. (Assessee) contended that the amount demanded by authorities was not short paid, but merely classified under a different head and that correct information was shown while filing GSTR 1 and the mistake had only occurred while filing of GSTR 3B in the early phase of implementation of GST. The court was of the view that the assessee had neither concealed any transaction nor committed any fraud.
Hence, court held that the assessee was not liable to pay the interest where the tax amount was inadvertently paid under the head CGST instead of IGST.
Reference : Reserve Bank of India
Update:
RBI Working Paper- Nowcasting Indian GDP growth using a Dynamic Factor Model
RBI placed on its website a Working Paper titled \”Nowcasting Indian GDP growth using a Dynamic Factor Model\” under RBI Working Paper Series. This paper constructs single-index dynamic factors using a sequentially expanding list of 6,9 and 12 high-frequency activity indicators.
Reference: Securities and Exchange board of India
Update:
Implementation of Section 51A of UAPA, 1967 -Removal of two entries from 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List
SEBI has forwarded a press release regarding removal of two entries from 1267/ 1989 ISIL (Da’esh) & Al-QaidaSanctions List, issued by the United Nations Security Council (UNSC) namely:-
- AL-MOKHTAR BEN MOHAMED BEN AL-MOKHTAR BOUCHOUCHA of Tunisian origin.
- IMAD BEN BECHIR BEN HAMDA AL-JAMMALI of Tunisian origin.
Implication:
Registered intermediaries shall continuously scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.
Update:
Monetary penalty on Mr. Babulal Dugar and Sons
Mr. Babulal Dugarand his sons namely Mr. Manoj Dugarand and Mr. Vinod Dugar (Noticees) used the multiple identities (sham identities) in the Initial Public Offers (IPOs) during the period 2002 to 2012, and got the shares in multiple names which is fraudulent.
The Noticees had opened multiple De-mat accounts and bank accounts by producing documents acquired by fraudulent means viz. multiple PANs, driving license, ration-cards and have made notional gain of Rs. 3,07,607.30/- at the cost of other investors violating provisions of Section 12A(a),(b) and (c) of SEBI Act read with Regulation 3(a),(b),(c),(d) and 4(1) of PFUTP Regulations.
Hence, SEBI has imposed a monetary penalty of Rs. 9,22,821/- on the Noticees namely Mr. Babulal Dugar, Mr. Manoj Dugar and Mr. Vinod Dugar.
Implication:
The amount of penalty shall be paid jointly or severally by the Noticees within 45 days of the receipt of the said order.
Update:
Monetary Penalty on Murtuza S. Mewawala and others
The allegation against Mr. Murtaza S. Mewawala, Ms. Shabeena M. Mewawala, Mr. Hasnain S. Mewawala, Ms. Sajeeda H. Mewawala and Ms. Shahida S. Mewawala (Noticees) is mainly to the effect that they made a delayed public announcement of open offer for acquiring shares of the Target Company and thus violated the provisions of Regulation 13(1)and 13(2)(b) of SAST Regulations, 2011.
Hence, SEBI imposed a monetary penalty of Rs. 5,00,000/- on the Noticees.
Implication:
The Noticees shall remit / pay the said amount of penalty jointly or severally within 45 days of receipt of this order.
Reference: Ministry of Corporate Affairs
Update:
Companies (Auditor\’s Report) Order, 2020
The Companies (Auditor\’s Report) Order, 2020 shall apply to every company including a foreign company as defined in clause(42) of section 2 of the Companies Act, 2013.
Auditors report shall contain matters specified in paragraphs 3 and 4 provided this order shall not apply to the auditor\’s report on consolidated financial statements except clause (xxi) of paragraph 3. The auditors report on the accounts of a company to which this order applies shall include a statement on matters given in the order. Where, in the auditor\’s report, the answer to any of the questions referred to in paragraph 3 is unfavourable or qualified, the auditor\’s report shall also state the basis for such unfavourable or qualified answer.
Implication:
This order shall come into force on the date of its publication in the Official Gazette.
Reference: Insurance Regulatory and Development Authority of India
Update:
Committee on studying the feasibility of allowing life insurers to offer indemnity based health policies
In order to examine the feasibility of allowing life insurers offer indemnity based health policies, IRDAI has decided to set up a committee of 9 members, namely to review:-
- Feasibility and the business scope for Life Insurance Companies to offer indemnity based health insurance products.
- Extant statutory provisions that are applicable in this regard.
- Any other matter as permitted by the chairperson.
Implication:
The Committee shall meet as often as required and submit its recommendations within two months of issue of this order.
KNOWLEDGE ALERT
Insights to help you sharpen your Governance, Risk and Compliance Knowledge
Issued by: Knowledge Management Team of JHS & Associates LLP (JHS), Chartered Accountants
DISCLAIMER
- JHS & Associates LLP, Chartered Accountants [“JHS”] by means of this presentation is not rendering any professional advice, or services whatsoever.
- JHS is under no obligation whatsoever to update, or revise this presentation, or the information provided herein.
- JHS has taken reasonable care to ensure that the information in this presentation is accurate. It however accepts no legal responsibility for any consequential incidents that may arise from errors or omissions contained in this presentation.
- This presentation is strictly confidential and is for the intended recipient only. It is solely for the recipient to determine what may, or may not be accurate or appropriate.
- This presentation should be viewed solely in conjunction with the oral session conducted by JHS, failing which it is deemed to be incomplete.
- This presentation is based on the information available to JHS at the time of preparing the same, all of which are subject to changes which may, directly or indirectly impact the information and statements given in this presentation.
- This presentation has been prepared on the basis of information available in the public domain and is intended for guidance purposes only. This information is not comprehensive and has not been independently verified as to accuracy, or completeness by JHS.
- This presentation may not be used for any other purpose without the prior written consent of JHS.
- Neither JHS, nor any person associated with JHS will be responsible for any loss howsoever sustained by any person or entity who relies on this presentation. Interested parties are strongly advised to examine their precise requirements for themselves, form their own judgments and seek appropriate professional advice.
If you do not wish to receive this knowledge alert you may please write to us on connect@jhsassociates.in .If you have any questions or seek more clarity please write to us on connect@jhsassociates.in.
Copyright © 2020. JHS & Associates LLP, Chartered Accountants. All Rights Reserved
