Legal Updates - Corporate Law Reporter

Telecom Companies can avail remaining Cenvat Credit under GST regime

Press Release Subject:- Carry Forward of unavailed Cenvat Credit in respect of assignment of right to use any natural resource under GST--reg. Cenvat Credit Rules, 2004 provide that credit of Service Tax paid in a financial year, on the onetime charges payable in full upfront or in instalments, for the service of assignment of the… Read More

CBDT directs Taxpayers to link Aadhar with PAN post SC Judgement

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi,10th June, 2017 SUPREME COURT JUDGEMENT ON AADHAR-PAN LINKAGE 1. Honourable Supreme Court in its landmark judgement has upheld Section 139AA of the Income Tax Act as constitutionally valid which required quoting of the Aadhaar number in… Read More

SEBI issues guidelines on product design and risk management on commodity exchanges

Securities Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2017/55 June 13, 2017 To, The Managing Directors / Chief Executive Officers All Commodity Derivatives Exchanges Dear Sir / Madam, Sub: Options on Commodity Futures- Product Design and Risk Management Framework 1. In consultation with Commodity Derivatives Advisory Committee (CDAC), SEBI vide Circular SEBI/HO/CDMRD/DMP/CIR/P/104 dated September 28, 2016 decided… Read More

SEBI consolidates guidelines for Investor Protection Fund applicable to Exchanges

Securities and Exchange Board of India CIRCULAR CIR/CDMRD/DEICE/CIR/P/2017/53 June13, 2017 To,… Read More

CBDT amends IT Rules for payment of TDS on rent under section 194IB

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th June, 2017 INCOME-TAX G.S.R. 561(E).—In exercise of the powers conferred by section 295 read with section 194-IB of the Income tax Act, 1961, the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax… Read More

DGFT notifies on changes in IEC with the introduction of GST

DGFT came with trade notice for Importers and Exporters, requiring them to declare GSTIN (Registrtaion No. under GST). On implementation of GST, this would be used for (i)credit flow of IGST on import of goods, and (ii) refund or rebate of IGST related to export of goods.It is not compulsory for all importers and exporters… Read More

Highlights of the 16th GST Councils meeting held on 11 June 2017

Highlights of the GST Councils meeting held on 11 June 2017 The GST Council has approved the Accounts and Records Rule and Formats in its meeting held Yesterday. The Council also approved the GST Registration Rules in its meeting. Rates for certain Goods were revised from the rates decided in the last meeting- List of Revised rates of goods… Read More

EPFO clarifies the Interpretation of International Worker in EPF Scheme 1952

EMPLOYEE'S PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment, Govt. of India) Head Office Bhavishya Nidhi Bhawan,14 Bhikaji CamaPlace, New Delohi-110066 File No. IWU/7/(25)/2017/Clarification reg.Para 83/5366 Dated:08 June 2017 To, All Addl.C.P.F.Cs (Zones), All R.P.F.Cs- In Charge Subject : Definition of "International Worker" as fgiven in Para 83(2)(ja)(a) of EPF scheme 1952 and para 43A(1)(viii)(a)… Read More

CBDT notifies transfer pricing limit to compute ALP’s for 2 successive AY

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 9th June, 2017 [Income-tax] S.O. 1866(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the ‘Act’), read with proviso to sub-rule (7) of rule 10CA of the… Read More

GST Council to chair its 16th Meeting on 11 June,2017

Press Information Bureau Government of India Ministry of Finance 09-June-2017 14:11 IST The Union Finance Minister to chair the 16th Meeting of the GST Council on Sunday, 11th June, 2017 The Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley will chair the 16th Meeting of the GST Council scheduled to be held… Read More

RBI to conduct Variable rate Reverse Repo auctions on June 12, 2017

The Reserve Bank of India will conduct the following Variable rate Reverse Repo auctions on June 12, 2017, Monday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014. Sl. No. Notified Amount (Rs. billion) Tenor (day) Window Timing Date of Reversal 1 100 28 10.00 am to 10.30 am… Read More

RBI releases master directions on IT framework for the NBFC Sector

RBI/DNBS/2016-17/53 Master Direction DNBS.PPD.No.04/66.15.001/2016-17 June 08, 2017 Master Direction - Information Technology Framework for the NBFC Sector In exercise of the powers conferred in terms of clause (b) of sub-section (1) of 45-L of the Reserve Bank of India Act, 1934 (Act 2 of 1934), the Reserve Bank of India being satisfied for the purpose… Read More

CBDT amends Safe Harbour Rules for International Transactions

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 7th June, 2017 INCOME-TAX G.S.R. 557(E).— In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the… Read More