Reference: Reserve Bank Of India
Update:
Withdrawal of exemptions granted to Housing Finance Institutions:
RBI has withdrawn certain exemptions granted to Housing Finance Institutions from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934.
Like every NBFC, housing finances are too now mandated to create a reserve fund and transfer minimum 20% of its net profit every year to the fund before any dividend is declared. Earlier, HFCs were exempted from this clause.
These entities are now barred from appropriating sum from the reserve fund, unless there is specific direction from RBI. Every such appropriation has to be reported to within 21 days from the date of such withdrawal.
This comes after the Finance Act, 2019 amended the National Housing Bank Act, 1987, conferring certain powers for regulation of HFCs with the Reserve Bank of India. Thus RBI can now inspect any HFC to verify the correctness or completeness of any statement, furnished to the central bank
Reference: Central Board of Indirect Taxes and Customs
Update:
Extension of Due date for furnishing Forms under GST by the registered person whoes principle place of business is in state of Jammu and Kashmir:
CBIC has made amendments in notification to extend the timeline for furnishings some forms required to be filed under GST act for the registered person whoes principle place of business is in state of Jammu and Kashmir.
CBIC has extended the due date for furnishing details of outward supply of goods or services or both in FORM GSTR-1 till 30th November 2019 for the quarter July- September 2019. This shall be deemed to come into force with effect from the 31st October, 2019
CBIC has extended the due date for furnishing details of outward supply of goods or services or both in FORM GSTR-1 till 15th November 2019 for for each of the months from July, 2019 to September, 2019 for the persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or current financial year.This shall be deemed to come into force with effect from the 11th day of August, 2019.
CBIC has extended due date for filing return in FORM GSTR 3B for the months of July to September, 2019 till 20th November 2019 for register person.This shall be deemed to come into force with effect from the 20th day of September, 2019.
CBIC has extended due date for furnishing return by a registered person, required to deduct tax at source in FORM GSTR-7 for the months of July to September, 2019 till 15th November 2019. This shall be deemed to come into force with effect from the 20th September, 2019.
Update:
Central Goods and Services Tax (Seventh Amendment) Rules, 2019
CBIC has notifed Central Goods and Services Tax (Seventh Amendment) Rules, 2019 in order to amdend Central Goods and Services Tax Rules, 2017 to siplyfy the Forms relating to Annual Return/ Reconcilication Statementby mkaing various fields of these forms as optional.
Implication:
With these changes, all the GST taxpayers would be able to file their Annual Returns along with Reconciliation Statement for the financial years 2017-18 and 2018-19 in time.
