MM TAX CLUB

Whereas,  the  designated  authority videinitiation  notification No. 7/22/2022-DGTR dated 30th September, 2022, published  in  the  Gazette  of  India, Extraordinary, Part I, Section 1, dated the 30th September, 2022,  has  initiated  reviewin  terms  of  sub-section  (5)  of  section  9A  of  the  Customs  Tariff  Act,  1975  (51  of  1975) (hereinafter referred to as the Customs Tariff Act) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred  to  as  the  said  rules),  in  the  matter  of  continuation  of  anti-dumping duty on imports of “Fishing  Net”  (hereinafter  referred  to  as  the  subject  goods)  falling  under  Tariff  Heading5608  11  10 of  the  First  Schedule  to  the Customs Tariff Act, originating in or exported from China PR(hereinafter referred to as the subject country), imposed videnotification  of  the  Government  of  India,  in  the  Ministry  of  Finance  (Department  of  Revenue)  No.20/2018-Customs(ADD),  dated  10thApril,  2018,  published  in  the  Gazette  of  India,  Extraordinary,  Part  II,  Section  3,  Sub-section (i), videnumber G.S.R. 359(E), dated the 10thApril, 2018,  and has requested for extension of the said anti-dumping duty in terms of sub-section (5) of section 9A of the Customs Tariff Act

.Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff  Act,  read  with  rules  18  and  23  of  the  said  rules,  the  Central  Government hereby  makes  the  following amendmentsin the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 20/2018-Customs(ADD), dated 10thApril, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3,Sub-section (i), videnumber G.S.R. 359(E), dated the 10thApril, 2018, namely: -

In  the  said  notification,  after  paragraph  2  and  before  the  Explanation,  the  following  paragraph  shall  be  inserted, namely-

“3.Notwithstanding  anything  contained  in  paragraph  2,  the  anti-dumping  duty  imposed  on  the  subject  goods specified against serial numbers 1, 2, 3, and 4 of the TABLEabove shall remain in force up to and inclusive of the9thJuly,2023,unless revoked, superseded or amended earlier.”

Circular 1 dated 6^th January 2023

Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act,1961 (' Act') in view of the then-Covid-19 pandemic

The Central Board of Direct Taxes (hereinafter referred to as "the CBDT") had vide Circular No. 12 of2021 dated 25.06.2021 provided relaxation in respect of certain compliances to be made by taxpayers including inter alia investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called. for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB or the Income tax Act, 1961 (herein after  referred to as "the Act"). By point 7 of the Circular it was provided that the aforementioned compliances for which the last date of such compliance fell between 01" April, 2021 to 29'" September 2021 (both days inclusive), may be completed on or before 30'" September, 2021.

In view of the representations received and on further consideration of the then prevailing COVID-19 pandemic and resultant restrictions imposed, causing genuine hardship faced by taxpayers in making the aforementioned compliances under the Act, the CBDT, in exercise of its power under Section 119 of the Act, hereby provides that the compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase. construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54 OB of the Act, for which the last date of such compliance falls between 01" April, 2021 to 28th February, 2022 (both days inclusive), may be completed on or before 31^st March 2023.

As per recent tweet from Karnataka chief Minister Basavaraj S Bommai, the state monthly GST collection exceeds 10,000 crore from last three months in a row.

“Karnataka's monthly GST collection has crossed Rs 10k crore for 3 months in a row, just behind Maharashtra. The positive growth proves we are on the trajectory of good growth & well past the negative impact of the Covid-induced slowdown. Proud to be boosting national economy.”

Total GST Collection in country for the month of December 2022 Rs.1,49,507 Cr wherein Odisha GST Collection is Rs.3,854 cr., Telangana Rs.4,178 cr., Delhi Rs.4,401 cr., West Bengal Rs.4,583 cr., Haryana Rs.6,678 cr., U.P Rs.7,178 cr., Tamil Nadu Rs. 8,324 cr, Gujarat Rs.9,238 cr. Karnataka Rs.10,061 cr., and Maharashtra Rs.23,598 cr.

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry is organizing Startup India Innovation Week from 10th January 2023 to 16th January 2023 to celebrate the Indian Startup Ecosystem as well as National Startup Day (16th January 2023).

Startup India Innovation Week 2023 will include Knowledge Sharing Sessions for entrepreneurs, aspiring entrepreneurs, and other enablers, involving relevant stakeholders from the startup ecosystem such as Government officials, incubators, corporates and investors.

Furthermore, as a part of Azadi Ka Amrit Mahotsav celebrations, various startup related events are being organized in more than 75 places across the country to foster a spirit of entrepreneurship and innovation by involving the startup community across length and breadth of the country. These events include dedicated workshops for women entrepreneurs, training of incubators, mentorship workshops, stakeholder round tables, conferences, capacity building workshops, startup pitching sessions, amongst others.

Furthermore, to commemorate National Startup Day on 16th January 2023, DPIIT is organizing the felicitation ceremony for the winners of National Startup Awards 2022, a flagship initiative under Startup India. The ceremony will recognize and reward the excellence exhibited by startups and ecosystem enablers across different sectors, sub-sectors, and categories.

Startup India Innovation Week 2023 aims to engage startup ecosystem stakeholders across the nation during 10th January-16th January 2023 and spur the spirit of entrepreneurship and innovation in India.

Key Highlights: