Important Notifications & Circulars : December 31

Notification: ESIC:

Wage threshold increased from Rs. 15,000/- to Rs. 21,000/- by Employees State Insurance Corporation w.e.f January 1, 2017

The Central Government vide Notification dated December 22, 2016 has made Employees State Insurance (Central) Third Amendment Rules, 2016 to amend Employees State Insurance (Central) Rules, 1950 (“the ESIC Rules”) by substituting the words “fifteen thousand rupees” occurring at both the places with the words “twenty one thousand rupees” in Rule 50 of the ESIC Rules dealing with wage limit for coverage of an employee under the Employees State Insurance Act, 1948.

Thus, the limit of Rs. 15,000/- a month has now been increased to Rs. 21,000/- for coverage in the said Act. Further, the said amendment is effective from January 1, 2017.

Furthermore, with this amendment, factories and establishments with 10 or more employees will be required to make monthly contribution for employees earning wages up to Rs. 21,000/-. Also, the net pay of employees per month will get reduced to that extent of ESIC contribution.

Public Notice: FTP:

Extension of MEIS benefit for Onions fresh or chilled upto March 31, 2017

The Directorate General of Foreign Trade vide Public Notice No. 49/ 2015-2020 dated December 30, 2016 has extended the MEIS benefit as notified vide Public Notice 26/2015-2020 dated August 26, 2016 at 5% FOB for “Onions Fresh or Chilled” under ITC (HS) code 07031010 upto March 31, 2017.

Enlistment of one Pre- Shipment Inspection Agency in terms of Para 2.55 (d) of HBP 2015-20 in Appendix 2G

The Directorate General of Foreign Trade vide Public Notice No. 50/ 2015-2020 dated December 30, 2016 has approved National Marine Consultants Inc., USA as Pre-Shipment Inspection Agency (PSIA)under the heading “New PSIAs recognized in terms of FTP- 2015-20” in Appendix 2G. Further, the said Pre- Shipment Inspection Certificate is recognized for a period of 3 years from date of issue of Public Notice.

Certification of Origin of Goods for European Union Generalised System of Preferences (EU-GSP) – Modification of the system as of January 1, 2017

The European Union has been continuously undertaking reforms of its Generalised System of Preferences (GSP) rules of origin. One such reform finalised in 2011 relates to the self-certification of the rules of origin criteria by exporters themselves. The purpose of this reform is to facilitate trade and reduce administrative burden and costs for exporters.

Now, the Directorate General of Foreign Trade vide Public Notice No. 51/(2015-2020) dated December 30, 2016 has inserted a new sub para (c) under Para 2.104 Generalised System of Preferences (GSP) as under-

“(c) The European Union (EU) has introduced a self-certification scheme for certifying the rules of origin under GSP from 1.1.2017 onwards. Under the Registered Exporter System (REX) being introduced from 1.1.2017, exporters with a REX number will be able to self-certify the Statement on Origin of their goods being exported to EU under the GSP Scheme. The registration on REX is without any fee or charges and this system would eventually phase out the current system of issuance of Certificates of Origin (Form-A) by the Competent Authorities listed in Appendix-2C of FTP (2015-20) by 1.1.2018 (one year transition period). The details of the scheme are at Annex 1 to Appendix 2C of the Foreign Trade Policy (2015- 20).”

Further, in this regard tasks and responsibilities of the competent authorities and Registered Exporters under the REX System, Documents to be used by the exporters registered in REX etc. along with form for application to become a registered exporter etc. is attached with the said Public Notice.

Allocation of quantity for export of preferential quota sugar to USA under Tariff Rate Quota

The Directorate General of Foreign Trade vide Public Notice No. 52/2015-2020 dated December 30, 2016 has allocated 8424 MTs of raw sugar out of non- levy (Free sale) quota for export under Tariff Rate Quota (TRQ) to USA for the US fiscal year 2017 i.e. October 1, 2016 to September 30, 2017.

Notification: Madhya Pradesh VAT:

Extension in last date of completion of assessment and re-assessment proceeding from December 31, 2016 to January 31, 2017

The Madhya Pradesh Government vide Notification No. F-A-3-34-2010-1-V-(49) dated December 30, 2016 has extended the last date to complete assessment and re-assessment proceeding of dealers liable by pay tax under the Madhya Pradesh Vat Act, 2002, the Central Sales Tax Act, 1956, the Madhya Pradesh Vilasita, Manoranjan, Amod Avam Vigyapan Kar Adhiniyam, 2011 and the Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam, 1976 which have to be completed by the end of the calendar year 2016 under the provisions of Section 20(7) of the Madhya Pradesh Vat Act, 2002 (dealing with assessment or reassessment of a dealer within a period of 1 year from end of the period for which assessment is to be made or within a period of 1 calendar year from the commencement of proceedings etc.) upto January 31, 2017.

Notification: Maharashtra VAT:

Conditional exemption to the dealers from late fee in respect of return not filed for any of period upto March 31, 2016

The Maharashtra Government vide Notification No. VAT. 1516/C.R. 178/Taxation-1 dated December 28, 2016 has amended Notification No. VAT. 1513/C. R. 124/Taxation-1 dated January 1, 2014 dealing with exemption upto a specified limit from the late fees in respect of prescribed returns for specific class of dealers subject to certain conditions, by inserting a new entry in the schedule appended to said notification namely;

Sr. No.

Class or Classes of dealers

Returns eligible for exemption

Extent of exemption

Conditions

(a)

(b)

(c)

(d)

(e)

Dealers, who have not filed any of the return for any of the periods upto 31st March 2016.

Return for any of the periods, specified in column (b)

Whole of the late fee payable in respect of the returns specified in column (c), subject to compliance of condition no. 1 in column (e).

In excess of rupees two thousand, subject to compliance of condition no. 2 in column (e).

(1) Return, specified in column (c) shall be filed during the period from 1st January 2017 to 31st January 2017.

(2) Return, specified in column (c) shall be filed during the period from 1st February 2017 “to 28th February 2017 “

Notification: Tamil Nadu VAT:

Extension in last date for filing of audit report for F.Y. 2015-16 in Form WW upto January 10, 2017 for specified dealers

The Tamil Nadu Government vide Notification No. G.O. (Ms) No. 132 dated December 29, 2016 has substituted the proviso to Rule No 16-A(1) of the Tamil Nadu Value Added Tax Rules, 2007, namely-

“Provided that the audit report for the financial year 2015-2016 in Form WW to be furnished under this sub-rule, by a registered dealer having his principal place of business or additional place of business in the revenue districts of Chennai, Kancheepuram, Thiruvallur, and Vellore, on or before 31st December 2016, may be furnished on or before the 10th January 2017.

Thus, with effect of this amendment, dealer having principal place of business or additional place of business in the revenue districts of Chennai, Kancheepuram, Thiruvallur, and Vellore may furnish their Audit Report for financial year 2015-16 in Form WW upto January 10, 2017.

Important Notifications & Circulars : December 31

Our Address

Follow Us

Important Notifications & Circulars : December 31

Related Posts