Reference: Central Board of Indirect Taxes and Customs
Update:
E-Invoice System concept note, Standard, Schema and Template:
The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis. Since there was no standard for e-invoice existing in the country, standard for the same has been finalized after consultation with trade/industry bodies as well as ICAI after keeping the draft in public place.
Having a standard is a must to ensure complete inter-operability of e-invoices across the entire GST eco-system so that e-invoices generated by one software can be read by any other software, thereby eliminating the need of fresh data entry – which is a norm and standard expectation today. The machine readability and uniform interpretation is the key objective. This is also important for reporting the details to GST System as part of Return.
Apart from the GST System, adoption of a standard will also ensure that an e-invoice shared by a seller with his buyer or bank or agent or any other player in the whole business eco-system can be read by machines and obviate and hence eliminate data entry errors.
Implication:
The said concept shall have effect from 1st January 2020 on voluntary basis
Reference: Central Board of Direct Taxes
Update:
Income-tax (11th Amendment) Rules, 2019:
CBDT has made amendment in Rule 10CB of the Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under Section 92CE of the Income-tax Act, 1961 vide notification dated 30.9.2019
Reference: Reserve Bank of India
Update:
Extension of All Inclusive Directions to The Mudhol Co-operative Bank Ltd., Mudhol:
RBI vide exercising powers vested under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 has extended the direction period of the Directive dated April 2, 2019, issued to The Mudhol Co-operative Bank Limited, Mudhol, Dist. Bagalkot, Karnataka for a further period of six months from October 8, 2019 to April 7, 2020 subject to review.
Implication:
The Mudhol Co-operative bank shall follow the direction issued by RBI for further period of six months i.e., till 7th April 2020.
Update:
Monetary penalty on Toyota Financial Services India Limited:
The Reserve Bank of India (RBI) has, imposed a monetary penalty of Rs 5 lakh on M/s Toyota Financial Services India Limited (company), for non-compliance with directions issued by RBI on ‘Monitoring of Frauds in NBFCs’. The company had failed to comply with various directions issued by RBI, inter alia, in respect of monitoring of frauds in NBFCs.
Implication:
Toyota Financial Services India Limited will comply with the directions issued by RBI to avoid further penalties.
Reference: Ministry of Corporate Affairs
Update:
Monetary penalty on Balancehero India Private Limited:
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty of Rs. 12.88 lakhs on ‘Balancehero India Private Limited’ a Prepaid Payment Instrument (PPI) issuer for non-compliance of regulatory guidelines.
Implication:
Balancehero India Private limited will comply with regulatory guidelines to avoid further penalties.
