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DGFT notified timelines and Procedures for registration under the Import Monitoring System (MS-IMS) for import of Melon Seeds
April 10th, 2024
Posted By: Team-MMTaxClub

Implementation of Melon Seeds Import Monitoring System (MS-IMS)

F. No. 01/89/180/14/AM21/PC-2(A)/E-28288.—In exercise of powers conferred under Paragraph 1.03 and 2.04 of the Foreign Trade Policy (FTP) 2023, as amended from time to time, and in reference to Notification 05/2023 dated 05.04.2024, the Director General of Foreign Trade hereby notifies the procedures for registration of import consignments under Melon Seeds Import Monitoring System(MS-IMS) as follows :–

i. The importer may apply under MS-IMS online on the DGFT Website -> Services -> Import Management System -> Services under Import Monitoring System -> Melon Seeds & Yellow Peas Import Monitoring System. The importer on submission of advance information in MS-IMS and on online payment of Rs. 500/-, shall be issued an Automatic Registration Number.

ii. The concerned Importer(s) shall undertake MS-IMS registration within 10 (ten) days from the date of Bill of Lading(Shipped on Board).

iii. 1 Automatic Registration Number shall be valid for 1 specific country of Origin and 1 Port of Import only. Automatic Registration Number granted shall be valid for any number of import consignments.

iv. Bill of Lading (Shipped on Board) details shall be declared in the MS-IMS registration. Multiple Bills of Lading (Shipped on Board) details may be specified under a single MS-IMS registration.

v. All copies of Bills of Lading (Shipped on Board) should be mandatorily uploaded during the registration process. The Importer may choose to mask the Exporter details on the said Bills of Lading copies.

2. At the time of Import clearance, the concerned Importer(s)are required to submit the MS-IMS Automatic Registration Number details, along with a valid FSSAlManufacturer Licence for Melon Seeds in line with FSSAI Order RCD-12005/1/2021-Regulatory-FSSAI-Part(2) (E-1638) dated 15.03.2024,to the concerned Customs Port Authorities.

Access Notification

Auction for Sale (issue/ re-issue) of (i) ‘7.32% GS 2030’, (ii) ‘New GS 2039’ and (iii) ‘7.30% GS 2053’
April 9th, 2024
Posted By: Team-MMTaxClub

The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) “7.32% Government Security 2030” for a notified amount of ₹11,000 crore (nominal) through price based auction using multiple price method, (ii) “New Government Security 2039” for a notified amount of ₹10,000 crore (nominal) through yield based auction using multiple price method, and (iii) “7.30% Government Security 2053” for a notified amount of ₹9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹ 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on April 12, 2024 (Friday).

Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 12, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

The result of the auctions will be announced on April 12, 2024 (Friday) and payment by successful bidders will be on April 15, 2024 (Monday).    

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Source

CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims
April 9th, 2024
Posted By: Team-MMTaxClub

Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corrective action. However, some posts on social media, as well as articles in the media, have highlighted enquiries initiated by the Central Board of Direct Taxes (CBDT) in cases where employees have made incorrect claims of HRA and rent paid.

At the outset, it is stated that any apprehensions about retrospective taxation on these matters and re-opening of cases on issues pertaining to HRA claims is completely baseless.

Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the FY 2020-21.

This verification was done in a small number of cases without re-opening bulk of cases, especially since Updated Return for FY 2020-21 (AY 2021-22) could have been filed by the taxpayers concerned only till 31.03.2024.

It is underlined that the objective of the e-verification was to alert cases of mismatches of information for FY 2020-21 only without affecting the others.  

It is reiterated that there is no special drive to re-open such cases, and media reports alleging that large-scale re-opening is being undertaken by the Department are completely misplaced.

Source

Self Enablement For e-Invoicing
April 3rd, 2024
Posted By: Team-MMTaxClub

Dear Taxpayers,

1.   If your turnover exceeds INR 5 crores in the financial year 2023-2024, you will be required to start e-Invoicing from the next financial year, i.e., from 1st April 2024 onwards

2.   For those who meet the notification criteria but have not yet been enabled on the portal, you can self-enable for e-Invoicing by visiting https://einvoice.gst.gov.in and start reporting through any of the 4 new Invoice Registration Portals (IRPs) - from e-Invoice IRP 3 to e-Invoice IRP 6

         https://einvoice3.gst.gov.in     https://einvoice4.gst.gov.in

         https://einvoice5.gst.gov.in     https://einvoice6.gst.gov.in

3.   To report e-Invoices through NIC IRP 1 & 2, taxpayers can self-enable at

        https://einvoice1.gst.gov.in      https://einvoice2.gst.gov.in

  • For any assistance, please feel free to contact us at the GST Helpdesk number 1800-103-4786 or visit the Grievance Redressal Portal at https://selfservice.gstsystem.in/ to log a ticket.

Source

Finances of Non-Government Non-Financial Private Limited Companies, 2022-23
April 3rd, 2024
Posted By: Team-MMTaxClub

Today, the Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) private limited companies during 2022-23 (https://cimsdbie.rbi.org.in/DBIE/#/dbie/reports/Statistics/Corporate%20Sector/Non-Government%20Non-Financial%20Private%20Limited%20Companies) based on audited annual accounts of 10,639 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2020-21 to 2022-23, received from the Ministry of Corporate Affairs, Government of India, which is the primary source of these data.

Total paid-up capital (PUC) of these companies amounted to ₹6,61,236 crore in March 20231, which accounted for 34.2 per cent of the total PUC of NGNF private limited companies.

Highlights

Sales

  • Net sales of NGNF private limited companies rose by 20.3 per cent during 2022-23 on top of high growth of 30.5 per cent in the previous year, which had followed the COVID-19 pandemic peak year of 2020-21 when production was hit due to restrictions (Statement 1).
  • As the economy recovered from the pandemic impact, most of the sectors recorded double digit growth during 2021-22 as well as in 2022-23 (Statement 6).
  • With rise in activities, companies improved asset utilisation; the ratios of sales to both gross fixed assets and total net assets increased during the year (Statement 2).

Expenditure

  • At the aggregate level, manufacturing expenses and remuneration to employees moved largely in sync with sales growth; services sector recorded higher growth in employees’ remuneration when compared to the manufacturing sector (Statement 1 and 6).
  • Operating expenses increased by 20.4 per cent in 2022-23 on top of 33.4 per cent growth in the previous year (Statement 1).

Profits

  • During 2022-23, growth in operating profits, profit before tax and profit after tax moderated from those recorded in the previous year but remained in double digits (Statement 1).
  • As a ratio to sales, both operating profit and gross profit moderated for the second successive year (Statement 2).

Leverage

  • At the aggregate level, leverage (measured in terms of debt-to-equity ratio) of the sample companies continued to decline and stood at 42.1 per cent during 2022-23 (Statement 2).
  • At the aggregate level, interest coverage ratio [ICR, which is the ratio of earnings before interest and taxes (EBIT) to interest expenses and is a measure of debt servicing capacity of a company] remained unchanged from the previous year at 2.9 per cent; it, however, improved for services and construction sectors owing to rise in profits (Statements 2 and 7).

Sources and Uses of Fund

  • During 2022-23, the sample companies had lower external sources of funds, especially share capital premium and borrowing through bonds/debentures as well as from related parties, when compared to those in the previous year; their internal sources of funds, however, increased marginally (Statement 5A).
  • Private limited NGNF companies made higher investment in fixed assets during 2022-23 vis-à-vis the previous year (Statement 5B).

Explanatory notes to the statements are given in the Annex.

Source