Statutory updates

Corrigendum to Circular No. 23/23/2017-GST on ITC for Goods

The Central Board of Indirect Taxes and Customs updates Circular No. 23/23/2017-GST to revise the condition for input tax credit claims on goods supplied through auction.

Payment of Reward Under MISP on Stand-Alone Motor Third Party Insurance

The Insurance Regulatory and Development Authority of India clarifies the distribution fee and reward structure for annual motor third-party insurance policies sold through the…

Foreign Exchange Management Amendment Regulations 2018 for Offices in India

The Reserve Bank of India amends the Foreign Exchange Management Regulations 2016 for foreign entities establishing a branch office, liaison office, project office, or other place…

Senior Management Training Programme Nominations August 2018

The Pandit Deendayal Upadhyaya National Academy of Social Security conducts a three-day training programme for senior management officers from 29th August to 31st August 2018.

Appointment of Common or Nominee Directors on Boards of Insurance Companies

The Insurance Regulatory and Development Authority of India sets conditions for insurance companies that seek approval to appoint common or nominee directors representing…

FEMA Security Transfer and Issue Second Amendment Regulations 2018

The Reserve Bank of India issues the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018.

Tax Exemption Specification for The Press Trust of India Limited

The Central Government specifies The Press Trust of India Limited, New Delhi as an eligible news agency for section 10 clause (22B) of the Income-tax Act, 1961.

Income-tax (9th Amendment) Rules, 2018

The Central Board of Direct Taxes amends the Income-tax Rules, 1962, to add rules for the determination of the fair market value of inventory converted into a capital asset.

Commission, Remuneration and Rewards for Long Term Motor Insurance Policies

The Insurance Regulatory and Development Authority of India sets maximum commission, remuneration, rewards, and distribution fees for new long-term motor insurance products and…

Natural calamity - relaxation of grace period for payment of renewal premiu

Implementation of Supreme Court Directions on Long-Term Motor Third Party Insurance for New Vehicles

All general insurers must offer mandatory three-year motor third party insurance covers for new cars and five-year covers for new two-wheelers starting on 1st September 2018.

Modified Guidelines on Optional Covers in Health Insurance

The Insurance Regulatory and Development Authority of India deletes ten specific items from the list of optional covers that insurers may offer under health insurance policies.

Approval of CBCI Society for Medical Education Under Section 35

The Central Government approves MIs C.B.C.I.

Simplification of Withdrawal Process under APY - Death Cases

The Pension Fund Regulatory and Development Authority removes the requirement for the spouse or nominee to submit the original death certificate of the subscriber for Atal Pension…

Extension of FORM GSTR-3B Due Dates for July and August 2018

The Central Board of Indirect Taxes and Customs extends the due dates for filing FORM GSTR-3B for the months of July, 2018 and August, 2018.

Due Dates for FORM GSTR-1 for July and August 2018 in Specified Regions

The Central Board of Indirect Taxes and Customs prescribes new due dates for furnishing FORM GSTR-1 for July 2018 and August 2018.

Due Dates for FORM GSTR-1 for July 2018 to September 2018

The Central Board of Indirect Taxes and Customs extends the due date for furnishing FORM GSTR-1 for the quarter from July 2018 to September 2018.

Clarification on removal of restriction on refund of accumulated Input Tax Credit on fabrics

This circular clarifies the removal of the restriction on the refund of accumulated input tax credit on fabrics and the simultaneous lapsing of unutilised input tax credit for the…