Launch of GSTR-2B for the month of July 2020
Posted Date : 30-Aug-2020 , 11:20:43 am | Posted By CASANSAAR
The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and...
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GST |
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Ministry of Home Affairs issues new Guidelines
Posted Date : 30-Aug-2020 , 11:18:43 am | Posted By CASANSAAR
The Ministry of Home Affairs (MHA) has issued new guidelines today for opening up of more activities in areas outside the Containment Zones. In Unlock 4, which will come into effect from September 1, 2020, the process of phased re-opening of activities has been extended further. The new gu...
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General |
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SEBI extends timeline to Jan 1 for implementing circular on greivances against proxy advisors
Posted Date : 28-Aug-2020 , 10:08:35 am | Posted By CASANSAAR
Sebi on Thursday extended the timeline to January 1, 2021, for implementation of its circular which said that listed companies may approach the markets regulator to resolve grievances against proxy advisors, the Securities and Exchange Board of India (Sebi) said on Tuesday.
The circular issued on...
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SEBI |
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GST compensation gap of over Rs two lakh crore can be met by states in consultation with RBI
Posted Date : 28-Aug-2020 , 10:05:33 am | Posted By CASANSAAR
States have been given two borrowing options to meet shortfall of GST compensation. After chairing the 41st GST Council meet yesterday, Finance Minister Nirmala Sitaraman said, the two options were placed before states so that each state does not have to struggle for loans.
Ms Sitharaman said, th...
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GST |
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Interest on delayed payment of GST - CBIC
Posted Date : 27-Aug-2020 , 10:39:26 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries ...
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GST |
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GST Council to meet today to discuss compensation to States for loss of revenue
Posted Date : 27-Aug-2020 , 10:24:23 am | Posted By CASANSAAR
The GST Council will meet today with the agenda of compensation for loss of revenue arising from the implementation of GST. The 41st meeting of the GST Council will be held via video conferencing.
Ahead of the meeting, chief ministers of opposition-ruled states got together to devise a common str...
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GST |
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Over 3 lakh MSMEs have registered on Udyam portal since July
Posted Date : 26-Aug-2020 , 10:31:52 am | Posted By CASANSAAR
Over 3 lakh micro, small and medium enterprises (MSMEs) have registered in nearly two months through the new registration process on the 'Udyam' portal, a top official said on Tuesday.
"More than 3 lakh registrations have taken place in the months of July and August and now the speed...
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Income Tax |
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Govt announces PSUs to pay Customs duty later within 14 days
Posted Date : 26-Aug-2020 , 10:19:03 am | Posted By CASANSAAR
Government has announced a major initiative to allow the Public Sector Undertakings to first clear the goods imported by them through Customs and then pay Customs duty later, within 14 days. In a statement, Central Board of Indirect Taxes and Customs (CBIC) said, this measure is expected to result i...
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Income Tax |
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Home buyers entitled to just and reasonable compensation for delay in possession - SC
Posted Date : 25-Aug-2020 , 10:24:13 am | Posted By CASANSAAR
Observing that the failure of the developer to comply with the contractual obligation to provide a flat to a homebuyer within the period stipulated in the contract amounts to a ‘deficiency’, the Supreme Court has held that homebuyers are entitled to compensation for “delayed handin...
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General |
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Govt announces GST exemptions for businesses with annual turnover of up to Rs 40 lakh
Posted Date : 25-Aug-2020 , 10:04:07 am | Posted By CASANSAAR
The Ministry of Finance yesterday said that businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. In a tweet, the Finance Ministry said, additionally those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per ...
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GST |
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Govt activates Aadhaar authentication for new GST registration
Posted Date : 24-Aug-2020 , 09:27:06 am | Posted By CASANSAAR
Government has activated Aadhaar authentication for new goods and services tax (GST) registration to enhance ease of doing business. For those opting for Aadhaar authentication, new GST registration will be issued within three working days and will not need to wait for physical verification.
Howe...
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GST |
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CBIC makes virtual hearing mandatory for GST appeal cases for expeditious disposal
Posted Date : 24-Aug-2020 , 09:20:42 am | Posted By CASANSAAR
The CBIC has asked GST field offices to conduct hearings in GST appeal cases via video conferencing for their expeditious disposal while ensuring social distancing. In April, the Central Board of Indirect Taxes and Customs (CBIC) had issued guidelines for conducting personal hearing in virtual mode ...
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GST |
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GST registration after physical verification of biz place if Aadhaar not authenticated - CBIC
Posted Date : 22-Aug-2020 , 10:19:50 am | Posted By CASANSAAR
Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration o...
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GST |
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NCLT begins bankruptcy proceedings against Anil Ambani
Posted Date : 22-Aug-2020 , 10:17:04 am | Posted By CASANSAAR
The NCLT has directed to initiate insolvency proceedings against Reliance Communications Chairman Anil Ambani to recover Rs 1,200 crore under the personal guarantee clause of the bankruptcy law.
Anil Ambani had given a personal guarantee to the loans given by State Bank of India (SBI) to Reliance...
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Insolvent Professional |
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4 PSU Banks to become private by end of this year
Posted Date : 21-Aug-2020 , 09:52:53 am | Posted By CASANSAAR
The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, in which it directly or indirectly ...
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Banking |
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All NBFCs can now provide MSMEs loans against dues via TReDS
Posted Date : 21-Aug-2020 , 09:31:58 am | Posted By CASANSAAR
The Cabinet on Wednesday allowed all non-banking financial companies to provide discount loans to MSMEs against dues from government departments, through the TReDS platform.
So far only a selected NBFCs and banks were on the platform and could give the discount loans to MSMEs.
Briefing the med...
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MSME |
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Canada issues 600 invitations to apply for Permanent Residence
Posted Date : 20-Aug-2020 , 10:31:20 am | Posted By CASANSAAR
Canada held its 160th Express Entry draw, inviting immigration candidates to apply for permanent residence on August 19. Canada invited PNP candidates in its latest Express Entry draw
The new Express Entry round issued 600 invitations to candidates with Comprehensive Ranking System (CRS) scores o...
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International Business |
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SEBI proposes to relax minimum public shareholding norms for firms under insolvency
Posted Date : 20-Aug-2020 , 10:21:37 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday proposed relaxation in norms pertaining to 25 per cent minimum public shareholding for companies which undergo corporate insolvency resolution and seek relisting following the process.
Besides, it proposed enhanced disclosure for such companies.
Sebi said it...
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SEBI |
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Govt considering giving MSME status to dealers
Posted Date : 19-Aug-2020 , 10:39:04 am | Posted By CASANSAAR
The government is considering according MSME status to dealers as it will enable them to avail benefits offered to micro, small and medium enterprises, Union Minister Nitin Gadkari said on Tuesday.
Micro, small and medium enterprises (MSMEs) comprising manufacturing and services units need to get...
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MSME |
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RBI releases framework for pan-India entity for retail payments
Posted Date : 19-Aug-2020 , 10:23:32 am | Posted By CASANSAAR
Reserve Bank of India has unveiled the framework for setting up of pan-India Umbrella Entity for Retail Payments. As per the framework, the companies with a net worth of over 500 crore rupees will be eligible to set up an umbrella entity which among other things will be permitted to set up, manage a...
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RBI |
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Bank of Maharashtra writes off Rs 7,000 Cr owed by loan defaulters
Posted Date : 18-Aug-2020 , 10:23:57 am | Posted By CASANSAAR
The Bank of Maharashtra, a public sector bank, has “technically written off” a staggering over Rs 7,000 crore owed by loan defaulters in the last four years. The bank has said that it would recover the amount at a later stage and that it has not been waived permanently.
Activist and b...
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Banking |
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Appointment of BSR as an Auditor of IFIN was illegal - NFRA
Posted Date : 18-Aug-2020 , 09:57:18 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has observed that appointment of BSR & Associates, part of KPMG India network, as the auditor of IL&FS Financial Services Ltd (IFIN) was illegal and that the firm did not adhere to standards of auditing while scrutinising the accounts.
NFR...
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NFRA |
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Taxpayers not required to disclose high-value transactions in ITR
Posted Date : 18-Aug-2020 , 09:50:54 am | Posted By CASANSAAR
Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said.
"There is no such proposal to modify income tax return forms," an official said, responding to reports of the proposed expansion of reporta...
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ITR |
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SC dismisses IBC application filed more than three years after default
Posted Date : 17-Aug-2020 , 09:43:05 am | Posted By CASANSAAR
In what could be another blow to the Insolvency and Bankruptcy Code (IBC), the Supreme Court has said that the insolvency law is not out of purview of the Limitation Acts as it rejects an application for a default committed more than three years from the date of insolvency petition.
The apex cour...
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Insolvent Professional |
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All communication with taxpayers to be from NeAC under faceless assessment
Posted Date : 17-Aug-2020 , 09:35:51 am | Posted By CASANSAAR
The Income Tax department has issued guidelines for the demarcation of roles of officers for the implementation of faceless assessment, making the National e-Assessment Centre (NeAC) as the main gateway for communication with a taxpayer.
The Central Board of Direct Taxes (CBDT) has notified the N...
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Income Tax |
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RBI Board approves transfer of Rs 57,128 Cr as surplus to central govt
Posted Date : 17-Aug-2020 , 09:27:21 am | Posted By CASANSAAR
The RBI Board has approved the transfer of 57,128 crore rupees as surplus to the central government for the accounting year 2019-20.
In a statement, RBI has informed that it has also decided to maintain a Contingency Risk Buffer at 5.5 percent.
These decisions were taken at the 584th meeting o...
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RBI |
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SEBI issues procedure for exchanges to handle investor complaints against listed Cos
Posted Date : 14-Aug-2020 , 11:01:58 am | Posted By CASANSAAR
Markets regulator Sebi on Thursday came out with a framework for handling investor complaints by exchanges as well as standard operating procedure for actions to be taken against listed companies for failure to redress such grievances.
Under the framework, exchanges can levy penalty on companies ...
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SEBI |
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RBI revises norms for core investment Companies
Posted Date : 14-Aug-2020 , 11:00:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday announced stricter guidelines for core investment companies (CICs), mandating more disclosures, better risk management and a simpler group structure.
The new guidelines were based on the recommendations of the Working Group to Review Regulatory and Supe...
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RBI |
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Income Tax surveys to be conducted only by investigation wing, TDS directorate - CBDT
Posted Date : 14-Aug-2020 , 10:55:47 am | Posted By CASANSAAR
The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes (CBDT) has said.
In an order, the CBDT said officers in Direc...
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CBDT |
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RBI mandates system-based asset classification for UCBs
Posted Date : 13-Aug-2020 , 10:57:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday asked urban co-operative banks (UCBs) with assets of Rs.2,000 crore or more to implement system-based asset classification from 30 June 2021.
System-based asset classification refers to asset classification (downgrading as well as upgrading) carried ou...
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RBI |
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