IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 20.09.2023 the IBBI issued a Press Release, summarizing the amendments. The key amendments are as under: Introduction of a unified enrolment and registration application form to enable...

IBBI Amends ‘Model Bye Laws of Insolvency Professional Agencies Regulations’ w.e.f. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The amendments are effective from 18.09.2023. The key changes are as under: An individual or an Insolvency Professional Entity (IPE) may apply for enrolment as a professional member by submitting an application in Part – I of...

IBBI Introduces Amendments To CIRP Regulations W.E.F. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 19.09.2023 the IBBI issued a Press Release, summarizing the amendments as under: To facilitate smooth conduct of Corporate Insolvency Resolution Process (“CIRP”),...

CBIC Notifies Procedure When Provisional Attachment Of Property Ceases To Have Effect

The Central Board of Indirect Taxes and Customs (CBIC) has notified the procedure to be followed with respect to section 83(2) of the CGST Act, 2017 when provisional attachment of property ceases to have effect.“Keeping in view the convenience of taxpayers, the Board prescribes the procedure that in such types of situations, the Commissioner shall issue communication/an intimation to the concerned authority/bank, drawing attention to the particulars of the Order/Form DRC-22 (which made the...

28% GST On Online Gaming: 51st GST Council Recommends Laws To Provide Clarity

The 51st GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman via video conferencing in New Delhi.The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.The GST Council in the 50th meeting had deliberated on the Second Report of the Group of Ministers (GoM) on Casinos,...

50th GST Council Recommends Notification Of GST Appellate Tribunal By The Centre With Effect From 01.08.2023

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended the notification of the GST appellate tribunal by the centre with effect from 01.08.2023.The Council recommended the measures for the facilitation of trade in the form of Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2023.The Council has recommended...

50th GST Council Recommends GST Exemption on Cancer-Related Drugs, Medicines For Rare Diseases And Food Products For Special Medical Purposes

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended exemption of cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST.It has been decided to exempt IGST from a cancer medicine, Dinutuximab (Quarziba) medicine when imported for personal use.It has been decided to exempt IGST from medicines and Food for Special Medical...

50th GST Council Meet: Casino, Horse Racing And Online Gaming To Be Taxed At The Uniform Rate Of 28% On Full Face Value

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.A Group of Ministers (GoM) was constituted to look into issues related to taxation on casinos, horse racing, and online gaming. The GoM submitted its first report in June 2022, and it was placed before the GST Council in its 47th GST Council meeting. It was decided that the GoM may re-look into all the issues once again. The GoM...

50th GST Council: GST Rate Cut On Uncooked, Unfried & Extruded Snack Palettes, Fish Soluble Paste, LD slag

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended bringing down rates from 18 per cent to 5 per cent on 4 items - Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag to be at par with blast furnace slag, and imitation zari thread.It has been decided to reduce the rate on uncooked/unfried snack pellets, by whatever name called, to 5% and to...

50th GST Council Recommends Measures For Streamlining Compliances In GST

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended measures for streamlining compliance with GST.In accordance with the recommendations of the Group of Ministers (GoM) on the implementation of the E-way bill requirement for the movement of Gold/ Precious stones under chapter 71, the Council has recommended inserting rule 138F in CGST Rules, 2017, as well as in SGST...

49th GST Council Meeting: Know The Key Recommendations Relating To GST Rates On Goods and Services

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.Here are recommendations relating to GST rates on Goods and Services:GST Rate ReductionThe GST Council has reduced the GST rate on rab from 18% to 5% if sold prepackaged and labeled and nil if sold otherwise. The GST rates on pencil sharpeners have been reduced from 18% to 12%.Regularize payment of GST on ‘Rab’It has been decided to regularise payment of GST...

49th GST Council Meet: Final GST Appellate Tribunal Agreement To Be Drafted

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman stated that the final GST Appellate Tribunal agreement is yet to be drafted.The second appeals forum for GST is the GST Appellate Tribunal (GSTAT), also known as the Appellate Tribunal. This means that any unsatisfactory order made by the First Appellate Authorities may be subject to a request for appeal at the Appellate Tribunal.In other words, any person...