👉GST Network informs that businesses registered under GST can now compare the Tax Liability declared as well as Input Tax Credit claimed in their Final and Summary Sales Returns Forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (Final Sales Return) and as declared and paid in their return filed in form GSTR-3B (Summary Sales Return).
👉Staring at a shortfall in Direct Tax Collection, CBDT Chairman P C Mody took a meeting of Senior Tax Officials in Mumbai to review collection figures ahead of the deadline of advance tax payment. So far the Tax Department has collected a little less than Rs 8 Lakh Crores against the target of Rs 12 Lakh Crores for the Current Financial Year.
👉SEBI lifts & withdraws the 20% limit on Investments by Foreign Portfolio Investors in Corporate Bonds of an entity, in accordance with a circular issued by the RBI
👉SEBI revises the Disclosure Requirements for Significant Beneficial Ownership(SBO) for Various Listed Entities. The move comes weeks after the MCA amended the rules pertaining to SBO under the Companies Act, 2013. A revised format for reporting companies to disclose details such as name, PAN and nationality of the SBO as well as registered owner, among others, would be put in place by SEBI
👉SEBI tightens screws on Listed Companies continuing with directors aged over 75. From April 1, Listed Companies may no longer be able to continue having directors aged 75 years and above, per a SEBI order, unless they pass a Special Resolution and Seek Shareholder Permission.
👉Securities and Appellate Tribunal (SAT) directs SEBI to use its powers to pass an “Ex Parte Interim Order” sparingly and only in “Extreme Urgent Cases.”
👉RBI will infuse Rs 12,500 Crore into the system through Open Market Operations (OMOs) on Thursday i.e. March 14. The purchase will happen through Multi-Security Auction using the Multiple Price Method.
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UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS.
You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases:
All Certification done by Practising CAs w.e.f. 1st Feb., 2019.
All GST & Tax Audit Reports w.e.f. 1st April, 2019.
All other attest functions w.e.f. 1st July, 2019.
Since 1st February 2019 all certificates issued by Chartered Accountants had been made mandatory. Now in 2nd phase, w.e.f 1st April, 2019, UDIN is being made mandatory for GST & Tax Audit Reports. Members are requested to make a note of above schedule of mandating UDIN and also adhere to the same while conducting Bank Audits.
Practising CAs have to register at UDIN portal (udin.icai.org) to obtain UDIN. To authenticate the documents by various Regulators/Banks/Authorities/Other Stakeholders, practicing CAs have to provide some financial figures and details which are found in the certificate issued.
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GST department has started sending Notice for Not Display of GST Certificate ar proper place at registered business address and Not Displaying GSTIN on Name Board
As per CGST rules, It mandatory for every GST registered person to display his registration certificate at proper place at registered business address location.
It is also mandatory to display GST number on the name board of Business. In case of failure and failure got noticed to GST officer, GST officer shall issue notice to pay penalty upto Rs. 50,000.
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👉Central Government notifies creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi, vide Notification No. S.O. 1359(E) 13th March, 2019
👉ICAI mandates UDIN for GST & Tax Audit Reports from 1st April 2019 in the second phase. Members are requested to make a note of above schedule of mandating UDIN and also adhere to the same while conducting Bank Audits.
👉RBI said the State Bank of India, ICICI Bank and HDFC Bank will continue to be identified as Domestic Systemically Important Banks (D-SIBs). D-SIB means that a bank is 'Too Big To Fail'. Rbi had issued the framework for dealing with D-SIBs on July 22, 2014.
👉RBI categorises IDBI as a Private Bank, with effect from January 21, 2019. The move comes following the acquisition by Life Insurance Corporation of India (LIC) acquiring 51% of the Total Paid-Up Equity Share Capital of the bank.
👉RBI Governor Shaktikanta Das will held a meeting with heads of Small Finance Banks (SFBs) on March 15 to discuss their participation in Priority Sector Lending and Financial Inclusion. There are 10 Small Finance Banks in India currently.
👉SEBI asks Religare Finvest (RFL) and Religare Enterprises (REL) to recall loans amounting to Rs 2,315 Crore given to Malvinder Singh, Shivinder Singh and other 21 entities. SEBI also ordered Malvinder Singh and Shivinder Singh to disassociate themselves from affairs of REL and its unit RFL in any manner until further directions.
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AAR Ruling:- Liquidated damages qualify as supply; attract GST
Advance Ruling Authority (AAR) Maharashtra in case of North American Coal Corporation India (P.) Ltd vide its Appeal NO.GST-ARA-07/2018-19/B-63 has held that liquidated damages awarded by ICC qualify as supply; attract GST
