Reference: Central Board of Indirect Taxes and Customs
Update:
Changes in GST rates of Goods:
To give effect to the recommendations of the GST Council in its 38th Meeting, CBIC has amended the CGST, IGST & UTGST rates on the Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods and Flexible intermediate bulk containers. READ MORE
Implication:
The list of CGST Nodal Officers for IT Grievance Redressal cab be accessed at the link. CLICK HERE
Reference: Central Board of Direct Tax
Update:
Mandatory electronic mode of Payment:
Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person, namely:-
- Debit Card powered by RuPay;
- Unified Payments Interface (UPI) (BHIM-UPI); and
- Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)
Implication:
Businesses over Rs 50 crore must have electronic payment mode as prescribed above from 1st January 2020.
Update:
Extension of due date for Aadhaar-PAN linking:
CBDT has further extended the timeline for Linking PAN with Aadhaar from 31st December, 2019 to 31st March, 2020.
Implication:
Taxpayers will have more time for linking Aadhaar and PAN is extended till 31st March 2020.
Reference: Reserve Bank of India
Update:
Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) – UCBs
RBI has directed that Primary (Urban) Co-operative Banks (UCBs) having total assets of ₹500 crore and above as on 31st March of the previous financial year shall report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of ₹5 crore and above with them to Central Repository of Information on Large Credits (CRILC) maintained by the Reserve Bank.
Implication:
Aggregate exposure will include all fund-based and non-fund based exposure (like partial credit enhancement) including investment exposure on the borrower.
Update:
Draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs
RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs
RBI has released draft circular on limits on exposure to single and group borrowers/parties, large exposures and revision in priority sector lending targets for primary (urban) co-operative banks (UCBs) for feedback/ suggestions.
The circular stipulates that the prudential exposure limits for UCBs for a single borrower/party and a group of connected borrowers/parties shall be 10% and 25%, respectively, of their Tier I capital and that at least 50% of their loan portfolio shall comprise loans not more than ₹ 25 lakh per borrower/party. It further stipulates that the target for loans and advances to priority sector for UCBs shall stand increased to 75% of adjusted net bank credit or credit equivalent amount of off balance sheet exposure, whichever is higher, by March 31, 2023. An appropriate glide path is proposed to be provided to UCBs for compliance with the aforesaid norms/limits/targets.
Comments on the draft circular may be forwarded by January 20, 2020 at the registered office or by email.
Implication:
The above measures are expected to reduce credit concentration risk of the UCBs and promote financial inclusion.
Update:
Guidelines for filing of placement memorandum-InvITs proposed to be listed
SEBI has issued following guidelines for filing of placement memorandum.
infrastructure investment trusts (InvITs) to file draft papers with the regulator and exchanges 30 days prior to opening of the issue.
The draft placement memorandum shall be filed through a Sebi registered merchant banker.
The merchant banker to the issue, shall ensure that all comments are suitably incorporated in the draft placement memorandum prior to filing of the placement memorandum.
Implication:
The measures as referred above shall come into effect from January 01, 2020
