Reference: Central Board of Indirect Taxes and Customs
Update:
CBIC issues order to extend last date for filing of appeals before the GSTAT:
The CBIC vide Removal of Difficulties Order No. 09/2019 – Central Tax dated December 3rd, 2019 has clarified that –
For a person preferring appeal in section 112(1) of the CGST Act, the date shall be 3 months from the date on which the order that is sought to be appealed against is communicated to such a person.
Whereas for a person preferring appeal in Section 112(3), the date shall be 6 months from the date on which the said order has been passed.
And the start of 3 months/ 6 months shall be considered to be the later of the following dates :-
Date of communication of order; or
The date on which the President or the State President, as the case may be, of the Appellate Tribunal after its constitution under section 109, enters office.
Implication:
Last date for filing of appeals before the GST Appellate Tribunal against orders of Appellate Authority on account of non-constitution of benches of the Appellate Tribunal is extended.
Reference: General
Cabinet approves launch of Bharat Bond Exchange Traded Fund
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi has given its approval for creation and launch of Bharat Bond Exchange Traded Fund (ETF) to create an additional source of funding for Central Public Sector Undertakings (CPSUs) Central Public Sector Enterprises (CPSEs), Central Public Financial Institutions (CPFIs) and other Government organizations. Bharat Bond ETF would be the first corporate Bond ETF in the country.
Features of Bharat Bond ETF:
ETF will be a basket of bonds issued by CPSE/CPSU/CPFI/any other Government organization Bonds (Initially, all AAA rated bonds)
• Tradable on exchange
• Small unit size Rs 1,000
• Transparent NAV (Periodic live NAV during the day)
• Transparent Portfolio (Daily disclosure on website)
• Low cost (0.0005%)
Reference: Reserve Bank of India
Update:
Extension of Direction period- the Kerala Mercantile Cooperative Bank Ltd., Kozhikode, Kerala:
RBI had placed the Kerala Mercantile Cooperative Bank Ltd., Kozhikode, Kerala vide Directive DCBS.CO.PCC.D-15/12.26.058/2018-19 dated May 29, 2019, from close of business on June 04, 2019 for a period of six months.
RBI has decided that the said directives shall continue to apply to the bank for a further period of 6 months from 5th December 2019 to 4th June 2020.
Implication:
The said bank will follow the directions issued by RBI for further period of 6 months till 04 June 2020
