Streamlining export data to include District level details in Shipping Bills

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Reference: Central Board of Indirect Taxes & Customs

Update:

Streamlining export data to include District level details in Shipping Bills:

CBIC has decided that, apart from the data/ information required to be furnished in the present electronic form of electronic integrated declaration mentioned in Regulation 3 of Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations 2019 , the following additional information will be required to be furnished for every item in the Shipping Bill :-
(i) The State of Origin of goods.
(ii) District of Origin of goods.
(iii) Details of Preferential Agreements under which the goods are being exported, wherever applicable.
(iv) Standard Unit Quantity Code (SQC) for that CTH as per the first schedule of the Customs Tariff Act, 1975.

Certain cases have been reported where the importer or exporter did not declare their GSTIN in the Bill of Entry/Shipping Bill despite being registered with GSTN. The declaration of GSTIN shall also be mandatory in import/export documents for the importers and exporters registered as GST taxpayers.

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Implication

Importer or exporter are required to declare GSTIN in import/export documents for the importers and exporters registered as GST taxpayers. The above provisions shall come into force from 15.02.2020

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Reference : Reserve Bank of India

Update:

Interest Subvention Scheme for MSMEs:

RBI had issued operational guidelines for the captioned scheme contained in circular on ‘Interest Subvention Scheme for MSMEs’:

(i) Submission of statutory auditor certificate by June 30, 2020 and in the meantime, settle claims based on internal / concurrent auditor certificate.
(ii) Acceptance of claims in multiple lots for a given half year by eligible institutions.
(iii) Requirement of Udyog Aadhar Number (UAN) may be dispensed with for units eligible for GST. Unit not required to obtain GST, may either submit Income Tax Permanent Account Number (PAN) or their loan account must be categorized as MSME by the concerned bank.
(iv) Allow trading activities also without Udyog Aadhar Number (UAN)

It has also revised Format of Certificate for claiming Subsidy. Banks are advised to submit claims to SIDBI as per the revised format.

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Reference: Securities and Exchange board of India

Update:

Disclosure Standards for Alternative Investment Funds (AIFs)

SEBI has introduced template(s) for PPM, subject to certain exemptions, and mandatory performance benchmarking for AIFs with provisions for additional customized performance reporting:

Key Takeaways

1. Standard format of the PPM has been formally notified.
2. Annual audit of compliance with the PPM will be mandatory for all AIFs,
3. Exemptions from the above provided for
   (i) Category I AIF – Angel Funds; and
   (ii) platforms where each investor has committed USD 10 million or more, subject to the investors signing a waiver letter.

Performance Benchmarking

1. Benchmarking agencies to be notified by an industry association of AIFs having majority representation. The format of reporting shall be decided mutually between the industry association
2. The industry performance data will be publically available. Each AIF which has completed 1 year from first close will need to procure performance benchmarking report and provide the same to its investors.
3. Detailed guidelines for performance benchmarking prescribed.

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Reference: Employment/ Labour Law

Update:

New Pension Schemes for unorganized Sector

Government of India has introduced two voluntary and contributory Pension Schemes, i.e.

1. Pradhan Mantri Shram Yogi Maan-dhan Yojna, (PM-SYM), a pension scheme for the Unorganized Workers and
2. National Pension Scheme for the Traders and Self Employed Persons (NPS-Traders) (for the Vyapari’s) under section 3(1) of Unorganized Workers Social Security Act, 2008 to provide old age protection to them.

The schemes envisage for providing minimum assured monthly pension of Rs. 3000/- after attaining the age of 60 years. If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse. The monthly contribution ranges from Rs.55-Rs.200/- depending upon the entry age of the beneficiary.

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