Business Concept’s Daily E-News Letter- 21st September 2021. Only for TC VIP Users

Business Concept’s Daily E-News Letter- 21st September 2021

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GST

CBIC Issues Clarification on Various Issues in GST

To ease the understanding of GST law, CBIC has issued clarifications on some GST related issues like section 16(4) of the CGST Act 2017 governing input tax credit in GST, Compulsion of carrying physical copy of invoice under GST etc.

CBIC Issues Clarification on Doubts Related to Scope of “Intermediary” in GST

In view of the difficulties being faced by the trade and industry and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”), hereby clarifies the issues in succeeding paragraphs.

CBIC Issues Clarification Relating to Export of Services-condition (v) of Section 2(6) of the IGST Act 2017

Doubts have been raised whether the supply of service by a subsidiary/ sister concern/ group concern, etc. of a foreign company in India, which is incorporated under the laws in India, to the foreign company incorporated under laws of a country outside India, will hit by condition (v) of sub-section (6) of section 2 of IGST Act. The clarification to these doubts is attached in Circular No. 161/17/2021-GST, Dated 20th September 2021.

Business & Economy

DGFT Issues Trade Notice in Respect of IECs Not Updated on DGFT Website After 1st January 2005

DGFT Further Said, It may further be noted that any IEC so de-activated, would have the opportunity for automatic re-activation without any manual intervention or a physical visit to the DGFT RA. For IEC re activation after 06.10.2021, the said IEC holder may navigate to the DGFT website and update their IEC online. Upon successful updation the given IEC shall be activated again and transmitted accordingly to Customs system with the updated status.

Explained: Why App Store Fees are Drawing Fire Worldwide

Apple device users spent $72 billion on the App Store in 2020, with almost $22 billion of that going to the iPhone maker, according to SensorTower. Some developers deride Apple’s fees as an unfair and unwarr­anted tax, especially since it applies not just to the purchase of an app, but to anything bought within one, such as digital weapons, costu­mes and other add-ons popular in Fortnite.

SEBI NEWS

Abhay Bhutada hasn’t done anything as per lawyers, says Adar Poonawalla (September 20, 2021)

Poonawalla Fincorp Chairman Adar Poonawalla said Abhay Bhutada, who resigned last week from the post of Managing Director on alleged charges of insider trading, “hasn’t done anything” as per the lawyers and others who gave him reports. He said the company is also conducting an independent investigation. Last week, Bhutada resigned as Managing Director of Poonawalla Fincorp, after capital markets regulator SEBI barred him and seven other entities from securities markets for alleged insider trading in shares of the company.

SEBI levies fine on Titan’s employee for disclosure lapses (September 18, 2021)

SEBI on Friday, imposed monetary penalty on an employee of Titan Company Ltd. for disclosure lapses, in violation of insider trading norms. The order follows an investigation conducted between April 2018 – March 2019. The regulator had received a letter from Titan wherein the company intimated about violation of Prevention of Insider Trading (PIT) regulations and the company’s code of conduct for the prevention of insider trading by some of its designated persons/employees.

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