Reference: Central Board of Indirect Taxes and Customs
Update:
Filing of annual return under section 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers:
CBIC has made filing of annual return under section 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.
Update:
Due date for furnishing of return in FORM GSTR 3B for the months of October 2019 to March 2020:
CBIC has notified that due date for furnishing of return in FORM GSTR 3B for the months of October 2019 to March 2020 shall be furnished electronically through common portal, on or before 20th day of the month succeeding such month.
Update:
Time limit for furnishing details in FORM GSTR-1:
CBIC has notified the due date for furnishing details of outward supply of goods or services or both by registered persons having aggregate turnover of up to 1.5 crore rupees in FORM GSTR 1 for the quarters from october 2019 to March 2020has been prescribed:
October, 2019 to December, 2019- 31st January, 2020
January, 2020 to March, 2020- 30th April, 2020
Update:
Due date for furnishing return in FORM GSTR 1 for each of the months from October 2019 to Narch 2020:
CBIC has extended the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2019 to March, 2020 till the 11th day of the month succeeding such month.
Update:
Waiver of late fee payable for failure to furnish FORM GSTR 1, FORM GSTR 7, FORM GSTR 3B for the month July and August by the taxpayer whose principal place of business is Jammu and Kashmir:
CBIC has waived the amount of late fee payable for failure to furnish the FORM GSTR 1, FORM GSTR 7, FORM GSTR 3B by the due date if the said Forms are furnished before date specified:
FORM GSTR-1 for month of July, 2019,- 11th October 2019
FORM GSTR-1 for month of August, 2019,- 11th October 2019
FORM GSTR-7 for month of July, 2019,- 10th October 2019
FORM GSTR-7 for month of August, 2019,- 10th October 2019
FORM GSTR-3B for month of July, 2019- 20th October 2019
FORM GSTR-3B for month of August, 2019- 20th October 2019
Update:
The CBIC vide Notification No. 49/2019 – Central Tax dated October 09, 2019, has made certain important amendments in the CGST Rules, 2017
The CBIC vide Notification No. 49/2019 – Central Tax dated October 09, 2019, has, further extended due date to December 31, 2019 for submitting the declaration electronically in FORM GST TRAN-1.
Correspondingly, amendment has also been to extend the date of FORM GST TRAN-2 to January 31, 2020.
CBIC has also amended “Form and manner of submission of monthly return” and states that where the time limit for furnishing FORM GSTR-1 and FORM GSTR-2 has been extended, then the Commissioner may, by notification, specify the manner and conditions subject to which the return shall be furnished in FORM GSTR- 3B.
Also a proviso has been inserted which states that “where a return in FORM GSTR-3B is required to be furnished by a person referred to in sub-rule (1) then such person shall not be required to furnish the return in FORM GSTR-3.”
Our Comments:
The rule also states that Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers, shall not exceed 20 per cent. of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers.
Moreover, while most of the decisions of the 37th GST Council meeting were effective from October 1, 2019, the above changes are applicable from October 9, 2019.
Reference: Central Board of Direct Taxes
Update:
I-T dept identifies over 58,000 cases under e-assessment plan:
The income tax (I-T) department has identified 58,322 cases for scrutiny under the newly launched e-assessment scheme, which seeks to end the physical interface between the assessee and tax officials. This is part of the Narendra Modi administration’s efforts to make tax compliance easier for businesses and individual taxpayers.
Revenue secretary Ajay Bhushan Pandey, who inaugurated the national e-assessment ecosystem in the capital on 7th October 2019 said it was an important milestone in the history of the tax department.
Reference: Ministry of Corporate Affairs
Update:
Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis) notified vide the Nidhi (Amendment) Rules 2019 dated 1st July 2019 shall be available for filing w.e.f 11th October 2019’.
Implication:
Stakeholders may kindly note and plan accordingly.
Reference: Reserve Bank of India
Update:
Lakshmi Vilas Bank-Indiabulls Housing Finance merger plan shot down by RBI:
The Reserve Bank of India on 9th October, 2019 has rejected the proposed merger between Lakshmi Vilas Bank and Indiabulls Housing Finance Ltd, scuppering the first ever attempt by a non-bank lender to merge with a bank in the country.
“This is to inform that RBI vide their letter dated October 09, 2019, informed that the application for voluntary amalgamation of Indiabulls Housing Finance Ltd and Indiabulls Commercial Credit Ltd with The Lakshmi Vilas Bank Ltd cannot be approved,\” Lakshmi Vilas Bank said in a stock exchange filing. READ MORE
Implication:
The bank will now have to explore options for raising capital to help lift regulatory restrictions
Update:
Cancellation of Certificate of authorization:
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, on 30.9.2019 has cancelled the Certificate of Authorisation (CoA) of ‘Y-Cash Software Solutions Private Limited’- Payment System Operator (PSO) which was authorized for Issuance and Operation of Prepaid Payment Instruments.
Implication:
The company cannot transact the business of issuance and operation of Prepaid Payment Instruments. However, customers or merchants having a valid claim, if any, on the company as PSO, can approach the company for settlement of their claims within three years from the date of cancellation.
Reference: Fraud
Update:
PMC Bank Fraud Case: Full detail of the Bank fraud:
The crux of this bank fraud is that the higher management of the PMC bank has given huge loan to the Housing Development and Infrastructure Ltd (HDIL) and its group entities. This fraud case is related to transfer of 70% of the total credit facilities of the PMC bank to HDIL and its associated companies.
Update:
SFIO asks India’s top law firms to disclose all information related to IL&FS
The Serious Fraud Investigation Office (SFIO) has asked India’s top law firms and consultants to disclose all information they have on IL&FS, the country’s largest shadow bank which collapsed a year ago.
The central agency under the Ministry of Corporate Affairs (MCA) has sought information for the past 10 years when the firms had advised and represented IL&FS or its subsidiaries and group companies.
Reference: General
Update:
Govt sets up high-level 19-member inter-ministerial committee to prevent money laundering activities:
The government on 7 October set up a high-level inter-ministerial committee chaired by the revenue secretary for better coordination among various departments and law enforcement agencies to prevent money laundering activities.
The 19-member Inter-Ministerial Co-ordination Committee (IMCC) has five secretaries, including from ministries of finance and external affairs, and chiefs of various regulatory authorities, as well as probe agencies, according to a notification.
Besides ensuring operational cooperation among the government, law enforcement agencies, the Financial Intelligence Unit-India and the regulators or supervisors, the committee would also work on development and implementing policies on anti-money laundering and countering the financing of terrorism.
Update:
YES BANK Files Complaint with Mumbai Police and Cyber Cell Regarding Spread of Rumors and Fake News about the Bank:
YES BANK has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumors about the Bank\’s financial health on WhatsApp and other social media platforms.
YES BANK has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.
Over the past few days some miscreants have been spreading false information and malicious rumors about YES BANK on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the Bank in poor light and are intended to tarnish the image of the Bank in the eyes of its depositors, stakeholders and the general public.
