Statutory updates

Approval of Institute for Stem Cell Biology and Regenerative Medicine Under Section 35

The Central Government approves M/s Institute for Stem Cell Biology and Regenerative Medicine, Bangalore, as a Scientific Research Association under section 35 of the Income-tax…

Classification and GST Rate on Lottery

The Government clarifies the classification for lottery under respective CGST, IGST, UTGST and SGST notifications.

Central Database of Licensed Insurance Sales Persons Portal Phase

All insurance intermediaries must upload specific details of their sales personnel to the Insurance Information Bureau of India portal.

24/2017-Central Tax : Seeks to further extend the date for filing of return in FORM GSTR-3B for the month of July, 2017.

Income-Tax (22nd Amendment) Rules, 2017

The Central Board of Direct Taxes issues the Income-tax (22nd Amendment) Rules, 2017 to amend the Income-tax Rules, 1962.

Central Goods and Services Tax Fifth Amendment Rules, 2017

The Central Government amends the Central Goods and Services Tax Rules, 2017.

FORM GSTR-3B Filing Date and Conditions for July 2017

The Central Board of Excise and Customs specifies the dates and conditions for filing the return in FORM GSTR-3B for the month of July, 2017.

Clarification on Bond and Letter of Undertaking for Exports

This circular clarifies issues related to furnishing a Bond or Letter of Undertaking for exports without payment of integrated tax under the Central Goods and Services Tax Act…

Liquidity Enhancement Scheme Exemption for IFSC Stock Exchanges

Stock exchanges at International Financial Services Centre receive an exemption from specific clauses of the liquidity enhancement scheme guidelines.

18/2017-Central Tax : Seeks to extend time period for filing of details of outward supplies in FORM GSTR-1 for months of July and August.

Extension of Time Limit for FORM GSTR-2 Filing for July and August 2017

The Commissioner extends the time period for furnishing the details of inward supplies in FORM GSTR-2 for the months of July and August 2017.

20/2017-Central Tax : Seeks to extend time period for filing of details in FORM GSTR-3 for months of July and August.

GSTR-3B Filing Dates for July and August 2017

The Central Board of Excise and Customs specifies the dates for filing FORM GSTR-3B for July and August 2017.

Modification to Guidelines on Point of Sales Life Insurance Products

The Insurance Regulatory and Development Authority of India modifies the guidelines on point of sales life insurance products to include non-linked non-par health insurance…

IRFC Bonds as Long-Term Specified Asset under Section 54EC

The Central Government specifies any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited as a long-term specified asset.

20th GST Council Meeting

Creation of Debenture Redemption Reserve for Insurers

Insurers that raise capital through the issue of debentures must create a Debenture Redemption Reserve under the Companies Act, 2013.

Exemption from Section 9A(3) Conditions for Specific Investment Funds

The Central Government notifies that specific conditions under section 9A of the Income-tax Act, 1961 do not apply to certain investment funds.