Reference: Central Board of Indirect Taxes and Customs
Update:
Blocking/ Unblocking of E-way Bills Generation:
CBIC has enabled a new feature in the E-Way Bill system of blocking/unblocking of the taxpayers from next month, as per the rule. That is, if the GST taxpayer has not filed Return 3B for GST the last two successive months in GST Common portal, then that GSTIN will be blocked for the generation of the e-way bill either as consignor or consignee.
On Filing of the Return-3B in the GST Common Portal, the GSTIN will get automatically updated as ‘Unblock’ within a day in the e-Waybill system and the taxpayer can continue with e-way bill generation without any cautionary message.
Implication:
GST Taxpayers will not be allowed to generate e-way bill if they had not filed Return in FORM GSTR 3B
Update:
Clarification regarding optional filing of annual return:
CBIC vide the said notification provided that the annual return shall be deemed to be furnished on the due date if it has not been furnished before the due date for the financial year 2017-18 and 2018-19, in respect of those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees and who have not furnished the annual return (Tax Payers).
With reference to above, CBIC has clarified that:
The tax payers under composition scheme may, at their own option file FORM GSTR-9A for the said financial years before the due date. After the due date of furnishing the annual return for the year 2017-18 and 2018-19, the common portal shall not permit furnishing of FORM GSTR-9A for the said period.
The CBIC also clarified that the taxpayers, may, at their own option file FORM GSTR-9 for the said financial years before the due date. After the due date of furnishing the annual return for the year 2017-18 and 2018-19, the common portal shall not permit furnishing of FORM GSTR-9 for the said period.
While concluding the Circular, the CBIC also said that, if any registered taxpayer, during the course of reconciliation of his accounts, notices any short payment of tax or ineligible availing of the input tax credit, he may pay the same through FORM GST DRC-03
Reference:Ministry of Corporate Affairs
Update:
For the purpose of the insolvency resolution and liquidation proceedings of Non-banking finance companies (which include housing finance companies) with asset size of Rs.500 crore or more, as per last audited balance sheet Reserve Bank of India shall be the Appropriate Regulator.
Update:
Insolvency Resolution Process for Personal Guarantors to Corporate Debtors:
MCA has notified Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.
The rule is applicable to insolvency resolution process for personal guarantors to corporate debtors.
Certain assets of the debtor are to be excluded while considering insolvency resolution.
The value of unencumbered personal ornaments shall not exceed one lakh rupees and the value of unencumbered single dwelling unit owned by the debtor shall not exceed twenty lakh rupees in the case of dwelling unit in an urban area and ten lakh rupees in the case of dwelling unit in rural area. READ MORE
The Central Government has notified the Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019 to prescribe fees of Rs. 2,000 for filing appeal against penalty order under the Prohibition of Benami Property Transactions Act, 1988.
Implication:
The said rule shall be effective from 1st December 2019
Reference: Reserve Bank of India
Update:
Extension of validity of directions The Mapusa Urban Co-Operative Bank of Goa Ltd.:–
The Reserve Bank of India had issued directions to The Mapusa Urban Co-Operative Bank of Goa Ltd., Goa vide Directive dated July 24, 2015, as modified from time to time which was last updated on August 13, 2019 which extended the Directions till November 18, 2019.
The Reserve Bank of India has extended the validity period of directives issued for a further period of three months till 18th February 2020.
Implication:
The said bank will follow the directions issued by RBI for further period of 3 months till 18th February 2020
Update:
Monetary penalty on The Konark Urban Co-operative Bank Limited:
The Reserve Bank of India has imposed a monetary penalty of Rs. 4.00 lakh on The Konark Urban Co-operative Bank Limited, Maharashtra for violations of the instructions / guidelines of the Reserve Bank of India relating to Director Related Loans.
Implication:
The said Bank will comply with all the directives issued by RBI to avoid further penalty.
