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Amendment in Rule 96(10) and Rule 89(4B) of the CGST Rules 2017

[This notification restores rule 96(10) to the position that existed before the amendment carried out in the said rule by notification No. 39/2018- Central Tax dated 04.09.2018.] Central Board of Indirect Taxes and Customs (CBIC) Notification No. 53/2018 – Central Tax dated the 9th October 2018 - reads as follows:

In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

1. (1) These rules may be called the Central Goods and Services Tax (Eleventh Amendment) Rules, 2018.

IBBI amends regulations on Insolvency Professional Agencies & Info. Utilities

Oct 11, 2018: IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2018, the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018 and the Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2018 on 11th October 2018.

[RBI] Data on India’s International Trade in Services for August 2018

Oct 15, 2018: The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.

The value of exports and imports of services during the month of August 2018 are given in the following Table.

SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations 2018

Securities and Exchange Board of India Notification dated the 9th October, 2018 :-

No. SEBI/LAD-NRO/GN/2018/42.- In exercise of the powers under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, namely:-

1. These Regulations may be called the Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2018.

SEBI (Issue & Listing of Securitised Debt Inst. & Security Receipts) (2nd Amend.) Reg. 2018

Securities and Exchange Board of India Notification dated 9th October, 2018 and published in the Official Gazette on 9th October, 2018:

No. SEBI/LAD-NRO/GN/2018/43 .— In exercise of the powers conferred by section 31 read with section 17A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and section 30 read with sections 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008, namely:-

1. These Regulations may be called the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) (Second Amendment) Regulations, 2018.

SEBI (Issue & Listing of Non-Conv. Redeemable Pref. Shares) (Amd.) Reg. 2018

Securities and Exchange Board of India Notification dated the 09th October, 2018 and published in the Official Gazette on 9th October, 2018:

No. SEBI/LAD-NRO/GN/2018/44 .— In exercise of the powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013, namely:-

1. These Regulations may be called the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) (Amendment) Regulations, 2018.

CBIC clarifies on reports of pending GST refunds published in media

Oct 12, 2018: CBIC has informed that - it has been noticed that unverified reports of pending GST refunds on account of exports are published in the print media by trade bodies. These figures being put out in the public domain are exaggerated and thus inaccurate. It is a fact that a large number of exporters have been granted refunds so far while a few claims are still pending owing to deficiencies found in the claims.

In this regard, it is clarified that about 92.68% (Rs 38,824 crore) of the total IGST refund claims (Rs. 41,889 crore) transmitted to Customs from GSTN as on date have already been disposed. The remaining claims amounting to Rs. 3065 crores are held up on account of various deficiencies which have been communicated to exporters for remedial action.

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