Representations have been received by the Board seeking clarification regarding admissibility of GST exemption on the upfront amount which is determined upfront but is paid or payable in installments for long term (thirty years, or more) lease of industrial plots or plots for development of financial infrastructure under Notification 12/2017 – Central Tax (R) S. No.41 dated 28.06.2017...

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Category : GST | Comments : 0 | Hits : 1314

Representations have been received by the Board seeking clarification regarding applicability of GST on supply of Seed Certification Tags. Reference in this regard has also been received from the State of Tamil Nadu...

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Category : GST | Comments : 0 | Hits : 1255

RBI/2018-19/177 FMRD.FMID.No.15/11.01.007/2018-19 April 26, 2019 To All eligible market participants Dear Sir/Madam, Legal Entity Identifier: Extension of deadline A reference is invited tocircular FMRD.FMID.No.10/11.01.007/2018-19 dated November 29, 2018issued by the Reserve Bank on requirement of Legal Entity Identifier (LEI) for participation in non-derivative markets. 2. Based on the feedback and requests received from market participants, and with a view to enable smoo...

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Category : RBI | Comments : 0 | Hits : 1311

RBI/2018-19/176 A.P. (DIR Series) Circular No. 33 April 25, 2019 To All Authorised Persons Madam / Sir Investment by Foreign Portfolio Investors (FPI) in Debt - Review Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 notified videNotification No. FEMA 20(R)/2017-RB dated November 07, 2017,as amended from time to time an...

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Category : FEMA | Comments : 0 | Hits : 1651

S.O. (E). ––WHEREAS, sub-section (2) of section 29 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the „CGST Act‟) provides for cancellation of registration by proper officer in situations described in clause (a) to clause (e) as under: - ...

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Category : GST | Comments : 0 | Hits : 2036

Section 49 was amended and Section 49A and Section 49B were inserted vide Central Goods and Services Tax (Amendment) Act, 2018 [hereinafter referred to as the CGST (Amendment) Act]. The amended provisions came into effect from 1 st February 2019....

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Category : GST | Comments : 0 | Hits : 1777

Registration of several persons was cancelled under sub-section (2) of section 29 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “the said Act”) due to non-furnishing of returns in FORM GSTR-3B or FORM GSTR-4. Sub-section (2) of section 29 of the said Act empowers the proper officer to cancel the registration, including from a retrospective date. Thus registration have been cancelled either from the date of order of cancellation of registration or from a ...

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Category : GST | Comments : 0 | Hits : 1593

G.S.R……(E). - 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:-...

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Category : GST | Comments : 0 | Hits : 1338

G.S.R......(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons paying tax under the provisions of section 10 of the said Act or by availing the benefit of notification of the Government of India, Ministry of Finance, Department of Revenue No. 02/2019– Centra...

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Category : GST | Comments : 0 | Hits : 1385

G.S.R. ….(E)— 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 appoints the 21st day of June, 2019, as the date from which the provisions of the Central Goods and Services Tax (Fourteenth) Amendment Rules, 2018 rule 12 of [notification No. 74/2018–Central Tax, dated the 31st December, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide num...

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Category : GST | Comments : 0 | Hits : 1305

G.S.R.....(E).–In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby makes the following further amendment in notification number 34/2018 – Central Tax, dated the 10th August, 2018, published in the Gazette of India, E...

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Category : GST | Comments : 0 | Hits : 1204

RBI/2018-19/170 DNBR (PD) CC.No.098/03.10.001/2018-19 April 16, 2019 To All Systemically Important Non-Deposit taking Non-Banking Financial Company – Investment and Credit Companies Madam/Sir, Licensing as Authorised Dealer- Category II A large segment of population is increasingly getting connected with forex transactions on individual accounts. In order to increase the accessibility...

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Category : RBI | Comments : 0 | Hits : 1175

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th April, 2019 G.S.R. 304(E).—In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. Short title and commencement (1) These rules may be called theIncome-tax (3rd Amendment) Rules,...

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Category : CBDT | Comments : 0 | Hits : 1268

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/IP/020/2019 Dated: 12th April, 2019 To All Registered Insolvency Professionals All Recognized Insolvency Professional Entities (By mail to registered email addresses and on website of the IBBI) Subject: Compliance with regulations 7 (2) (ca) and 13 (2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. ...

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Category : Corporate Laws | Comments : 0 | Hits : 1339

As per Rule 16A(3) of the Companies (Acceptance of deposit) Rules, 2014 "every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01 51 April, 2014 to the date of publication of the notification in the Official Gazette, as specified in Form 0 PT-3 within ninetij days from the date of said publication of this notification along with the f...

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Category : Corporate Laws | Comments : 0 | Hits : 1475

RBI/2018-19/167 A.P. (DIR Series) Circular No.29 April 11, 2019 To All Category - I Authorised Dealers and Authorised Banks Madam/Sir Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 - Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers Attention of Authorised Dealers (ADs) is invited to the Foreign Exch...

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Category : FEMA | Comments : 0 | Hits : 1097

G.S.R. .....(E).—In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Commissioner hereby extends the time limit for furnishing the return by a registered person required to deduct tax at source under the provisions of section 51 of the said Act in FORM GSTR-7 of the Central Goods and Services Tax Rules, 2017 under sub-section (3) of section 39 o...

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Category : GST | Comments : 0 | Hits : 1268

G.S.R.....(E).– In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 44/2018- Central Tax, dated the 10th September, 2018, published in the Gazette of India, Extraordinary, P...

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Category : GST | Comments : 0 | Hits : 1282

Vide Notification in GSR 1217 (E) dated December 18, 2018, sub-rule (4) of Rule 10DB of the Income-tax Rules, 1962 (the Rules) was amended with effect from December 18, 2018; to provide that the period for furnishing of the report under sub-section (4) of section 286 of the Income-tax Act, 1961 (the Act) by the constituent entity referred to in that sub-section shall be twelve months from the end of the reporting accounting year....

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Category : CBDT | Comments : 0 | Hits : 1436

RBI/2018-19/166 DCM (CC) No.2482/03.39.01/2018-19 April 08, 2019 Chairman/Managing Director/ Chief Executive Director All banks Madam/Sir, Minimum Standards for a Currency Chest As stated in para 15 of themonetary policy statement dated October 04, 2016, the Bank had constituted a Committee on Currency Movement (CCM) [Chair: Shri D.K. Mohanty, Executive Director]. The Committee, inter-alia, recommended that the Reserve Bank should encourage banks to open large Currency Chests (...

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Category : RBI | Comments : 0 | Hits : 1479

G.S.R. 279(E).— In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Short title and commencement.__ (1) These rules may be called the Income-tax (Second Amendment) Rules, 2019. (2) They shall come into force with effect from the 1st day of April, 2019....

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Category : CBDT | Comments : 0 | Hits : 2018

RBI/2018-19/158 FIDD.CO.LBS.BC.No.17/02.08.001/2018-19 April 1, 2019 The Chairmen & Managing Directors/Chief Executive Officers All Lead Banks Madam/ Dear Sir, Assignment of Lead Bank Responsibility Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda has been notified vide Gazette of India Notification G.S.R. 2(E) dated January 2, 2019. The Notification called the ‘Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019’ has come into...

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Category : RBI | Comments : 0 | Hits : 1542

RBI/2018-19/157 DBR.BP.BC.No.32/21.04.018/2018-19 April 1, 2019 All Commercial Banks (Excluding Regional Rural Banks) Madam / Dear Sir, Disclosure in the "Notes to Accounts" to the Financial Statements - Divergence in the asset classification and provisioning Please refer to ourcircular DBR.BP.BC.No.63/21.04.018/2016-17 dated April 18, 2017, on the captioned subject, requiring discl...

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Category : RBI | Comments : 0 | Hits : 1632

RBI/2018-19/156 DBR.No.BP.BC.31/21.01.003/2018-19 April 1, 2019 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Large Exposures Framework (LEF) Please refer to thecircular DBR.No.BP.BC.43/21.01.003/2016-17 dated December 01, 2016on the subject. After due consideration of the representations received from stakeholders, it has been decided as under: Non-centrally cleared derivatives exposures will be outside the purview of exposure limits t...

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Category : RBI | Comments : 0 | Hits : 1309

RBI/2018-19/155 A.P.(DIR Series) Circular No.28 March 28, 2019 To All Category - I Authorised Dealers and Authorised Banks Sir / Madam Foreign Exchange Management (Deposit) Regulations, 2016 - Opening of NRO Accounts by Long Term Visa (LTV) holders, changes related to Special Non-Resident Rupee (SNRR) Account and Escrow Account Attention of Authorised Dealers (ADs) is invited to the Foreign Exchange Management (Deposit) Regulations, 2016 notified videNotification No. FEMA 5(R)...

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Category : FEMA | Comments : 0 | Hits : 1295

RBI/2018-19/154 A.P. (DIR Series) Circular No. 27 March 28, 2019 To, All Category - I Authorized Dealer Banks Madam / Sir Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign entities Attention of the Authorised Dealer (AD - Category I) banks is invited to the Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any Other Place of Business)...

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Category : FEMA | Comments : 0 | Hits : 1337

RBI/2018-19/153 DPSS.CO.RPPD.No./2089/03.01.03/2018-19 March 28, 2019 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Local Area Banks Madam / Dear Sir, Special Clearing operations on March 30 and 31, 2019 A reference is invited to the circular issued by Department of Government and Bank Accounts (DGBA.GBD.No.2...

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Category : RBI | Comments : 0 | Hits : 1160

G.S.R… (E). - In pursuance of section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), and in supercession of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 78/2018- Central Tax, dated the 31st December 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide num...

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Category : GST | Comments : 0 | Hits : 1071

Doubts have been raised whether sub-section (3) of section 18 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as „CGST Act‟) provides for transfer of input tax credit which remains unutilized to the transferee in case of death of the sole proprietor. As per sub-rule (1) of rule 41 of the Central Goods and Services Rules, 2017 (hereinafter referred to as „CGST Rules‟), the registered person (transferor of business) can file FORM GST ITC-02 electronically o...

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Category : GST | Comments : 0 | Hits : 853

Doubts have been raised whether sub-section (3) of section 18 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as „CGST Act‟) provides for transfer of input tax credit which remains unutilized to the transferee in case of death of the sole proprietor. As per sub-rule (1) of rule 41 of the Central Goods and Services Rules, 2017 (hereinafter referred to as „CGST Rules‟), the registered person (transferor of business) can file FORM GST ITC-02 electronically o...

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Category : GST | Comments : 0 | Hits : 882