Compliance Chambers

INTRODUCTION At the beginning of the COVID-19 pandemic, when India was juggling with the lockdown rules, there was a class of entrepreneurs ready to take the risk of starting with the new product line and turning the trouble into an opportunity. A class of importers started importing IR thermometers, Oximeters, Medicines, Masks, PPE Kits, etc. While on an initial basis, some of the items required prior approval from statutory authorities, the Government of India relaxed the law, allowed importing such items, and introduced the post import approval process within a reasonable period of time. However, there is an important aspect that needs to understand concerning approvals and registrations under the stipulated laws governing such devices/instruments. All such business houses who are/were planning to manufacture, import, and/or sell or manufactured imported Infrared Thermometer in the Indian marketplace should also check the mandatory compliances that need to be followed regarding su

  With an aim to qualitatively improve the Ease of Doing Business of the IT Industry particularly Business Process Outsourcing (BPO) and IT Enabled Services, the Government has drastically simplified the Other Service Provider (OSP) guidelines of the Department of Telecom. The new guidelines tremendously reduce the compliance burden of the BPO industry. The Government has clarified that the registration requirement for OSPs has been done away with altogether and the BPO industry engaged in data-related work have been taken out of the ambit of OSP regulations. In addition, requirements such as deposit of bank guarantees, a requirement for static IPs, frequent reporting obligations, publication of network diagram, penal provisions, etc. have also been removed. Similarly, several other requirements, which prevented companies from adopting ‘Work from Home’ and ‘Work from Anywhere’ policies have also been removed. Additional dispensations to enhance flexibility for the Industry have been

C onsequent to Delhi High Court's Order dated 23-04-2018 in writ petition No. WPC- 5590 of 2015 in the matter of Shamnad Basheer Vs UOI and others, stakeholder consultation was undertaken in order to streamline the requirements related to submission of statement regarding the working of a patented invention on a commercial scale in India (Form 27). The Patents (Amendment) Rules, 2020, which came into effect on 19 October 2020, have further streamlined the requirements related to filing of Form 27 and submission of verified English translation of priority documents, which is not in English language.   Important changes with reference to Form-27 and Rule 131(2) are as follows: Patentee would get flexibility to file a single Form-27 in respect of a single or multiple related patents Where a patent is granted to two or more persons, such persons may file a joint Form-27 The patentee would be required to provide ‘approximate revenue / value accrued' Authorized agents would be able t

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. The Government issued a Notification on 24 th June, 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November, 2020. Hence, the returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 are required to be filed by 30th November, 2020. Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) has also been extended to 31st October, 2020. In order to provide more time t

  BRIEF FACTS OF THE CASE NET 4 India limited is originally an internet service provider in 1985 but it soon transformed into domain name registrar when the internet service business lessening around the world. Net 4 India limited was one of the largest domain registrar of India having room for over one lakh generic top-level domain such as .com, .net etc. In 2011, Net 4 India limited was going through good waft of business, the profits were elevating, and company just finished its strategic acquisition and the revenues generated by company were hundreds of crore along with proportionate profits, data centre and offices in six cities. NET 4 India had approached State Bank of India for seeking financial assistance, at request of corporate debtor; State Bank of India had sanctioned financial assistance of Rs. 194 Crore. The corporate debtor again approached State Bank of India on various occasion for seeking financial assistance and subsequently defaulted in payment of dues of State

The Food Safety and Standards Authority of India (FSSAI) vide notification bearing number  Stds/SP(L&C/A)/Oil Claims/FSSAI-2018, dated 14th October 2020 has notified the Food Safety and Standards (Advertising and Claims) First Amendment  Regulations, 2020. It has notified  a list of permitted “nutrient function” claims that edible oil companies can use on the labels and advertisements of their products. As per the latest notification t he terms used in this Schedule such as Rich, Contains shall be in accordance with conditions specified in  Schedules-I.  Provided that Food Business Operators may choose to use same or similar terms in the claim statements as provided  in this Schedule-I while ensuring no change in the intent and meaning of the claim. For instance, groundnut oil companies can state “contains monounsaturated fatty acid (MUFA) and Omega-6 Poly Unsaturated Fatty Acid that helps to lower of cholesterol” and “contains Tocopherols which are natural antioxidants,” on the la

T he Environmental Pollution ( Prevention & Control) Authority – An Authority set up by Central Government in pursuance of the order dated 30 th   April 2016 of Hon’ble Supreme Court has reviewed urgent action vide order bearing no. EPCA-R/2020/L-38 for implementation of the Graded Response Action Plan. The Task force on Graded Response Action plan has advised EPCA that the region has slipped into the poor category as weather condition are turning adverse. The winter period sees worsening air quality because there is less dispersion and lower temperature trap pollutants close to the ground. It is, therefore, necessary to ensure that the level does not rise further. Accordingly, the EPCA is directing the following measures under Very Poor/ Severe category of GRAP from October 15, 2020. As of October 15,2020, the following measures will come into force: 1.     The use of diesel generator sets will be banned( other than essential/ emergency services) in Delhi and in vicinity towns- Gh

The MCA has initiated the discussion with various regulators including SEBI, RBI and DPIIT on the probability of creating a single e-compliance window for companies. This new initiative will help the companies in complying with the different regulatory requirements in a uniform manner. The intention is to reduce the compliance burden on the companies.  After launching of faceless assessment under Income Tax, one nation on tax and National Health Digital Mission, this initiative of the e-compliance window will boost the economy, bring more feasibility and transparency in the compliance. This portal will prevent the companies from falling into duplicity of the filings and it will help in the ease of doing business.  Companies at present have to make multiple filings. Different regulators have different requirements and formats for the submission of data. Once the common platform is in place, companies can file all their data in one place and regulators can get their data from one source.

CBIC, has strived to provide the facilitation tool for the trade and the citizens - "THE COMPLIANCE INFORMATION PORTAL". It provides information related to Laws, step by step Procedures and Acts of Customs and all Partner Government Agencies (PGAs) regulating Import and export of commodities of 10000 plus Tariff Headings on a single portal developed by the Central Board of Indirect Taxes and Customs (CBIC). FEATURES OF COMPLIANCE INFORMATION PORTAL  Once the user login to CIP the information may be obtained by entering either  4 to 8 digit Customs Tariff Heading or  Description of Commodity It covers 3 stages of Import and Export -  Prepare for Import and Prepare for Export,  Pre-Import and Pre-Export,  Import and Export Provides stage-wise detailed process flow chart for all procedures of export for exporting any commodity covered under the Customs tariff Act, 1975. The process flow chart covers all basic steps required from preparing for import to Out of Charge from Customs