Reference: Central Board of Indirect Taxes and Customs
Update:
Transition plan under GST notified for J&K reorganization w.e.f October 31, 2019:
:-CBIC has notified special procedure in respect of transfer of ITC, payment of tax, period of return filing etc. It shall be followed till December 31, 2019 by those persons whose principal place of business or place of business lies in the erstwhile State of Jammu and Kashmir till October 30, 2019 and lies in the Union territory of Jammu and Kashmir or in the Union territory of Ladakh from October 31, 2019 onwards.
Update:
Extension of due date for FORM GSTR-1:
CBIC has extended time limit for furnishing details of outwad supplies in FORM GSTR- 1 for registered persons whose principal place of business is in the State of Jammu
and Kashmir by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or current financial year, for each of the months from July, 2019 to September, 2019 till 30th November, 2019.
Implication:
Last date for filing FORM GSTR 1for the months July 2019 to September 2019 for the registered person having principle business is in Jammu & Kashmir will be 30th November 2019. It shall be deemed to come into force with effect from the 15th November, 2019
Update:
Extension of due date for FORM GSTR-1:
CBIC has extended time limit for furnishing details of outwad supplies in FORM GSTR- 1 for registered persons whose principal place of business is in the State of Jammu
and Kashmir by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or current financial year, for the month of October, 2019 till 30th November, 2019. READ MORE
Implication:
Last date for filing FORM GSTR 1for the month October 2019 for the registered person having principle business is in Jammu & Kashmir will be 30th November 2019. It shall be deemed to come into force with effect from the 11th November, 2019
Update:
Extension of due date for FORM GSTR-7:
CBIC has extended time limit for filing retuurn in FORM GSTR- 7 by a registered person, required to deduct tax at source, for the months of July, 2019 to October 2019 till 30th November, 2019 whose principal place of business is in the State of Jammu and Kashmir till 30th November, 2019.
Implication:
Last date for filling GSTR 7 for the months of July to October 2019 shall be 30th November 2019.
Update:
Extension of due date for FORM GSTR-3B:
CBIC has extended time limit for filing return in FORM GSTR- 3B for the months of July to September, 2019 by a registered person, whose principal place of business is in the State of Jammu and Kashmir, till 30th November, 2019.
Implication:
Last date for filling GSTR 3B for the months of July to September 2019 shall be 30th November 2019. It shall be deemed to come into force with effect from the 20th November, 2019
Update:
Extension of due date for FORM GSTR-3B:
CBIC has extended time limit for filing return in FORM GSTR- 3B for the month of October, 2019 by a registered person, whose principal place of business is in the State of Jammu and Kashmir, till 30th November, 2019.
Implication:
Last date for filling GSTR 3B for the month October 2019 shall be 30th November 2019. It shall be deemed to come into force with effect from the 20th November, 2019
Reference: Reserve Bank of India
Update:
RBI revises framework on currency swap arrangement for SAARC nations
With an objective to strengthen financial stability and economic cooperation, the Reserve Bank of India on 26th November 2019 revised the framework on currency swap arrangement for SAARC countries till 2022.
Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka are part of SAARC grouping.
Under the framework for 2019-22, the central bank will continue to offer swap arrangement within the overall corpus of $2 billion.
The drawals can be made in US dollar, euro or Indian rupee. The framework provides certain concessions for swap drawals in Indian Rupee. The currency swap facility will be available to all SAARC member countries, subject to their signing the bilateral swap agreements.
Implication:
The framework is valid from November 14, 2019 to November 13, 2022.
Reference: Securities and Exchange board of India
Update:
Monetary penalty on Stepan Commotrade Private Limited:
SEBI has imposed monetary penalty of Rs. 5 lakhs on Stepan Commotrade Private Limited for engaging in non-genuine transactions, creating a misleading impression of trading in respective contracts while dealing in Stock Options contracts in a fraudulent manner, thus violating the provisions of regulations 3(a),(b),(c)&(d), 4(1) and 4(2)(a) of the PFUTP Regulations.
Implication:
The Company shall pay the amount mentioned in order within a period of 45 days from the date of service of this order.
