"23 November 2022" Archive

Changes and Compliances in GSTR 9 & 9C-FY 2021-22

Article aims to provide clarity on filing of annual returns (Form GSTR 9) and reconciliation statement (Form GSTR 9C) along with required reconciliations, best practices, advanced issues & solutions and tips as applicable for financial year (FY) 2021-22....

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Points To Be Remembered While Facing Audit Under Section 65 of GST Law

1. Check authenticity of the communication by verifying DIN number Ref – Circular no 122/41/2019-GST dt 05.11.2019 2. check the designation and jurisdiction of the officer issuing letter / notice / communication etc as displayed on site while verifying DIN. 3. If the communication is issued without DIN, then check whether reasons for do...

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GST Doctor Web Application for holistic analysis of GST-Returns

Sh. Milan Tiwari, Inspector of Chennai GST Zone had developed a Web-Application named as GST Doctor which is useful for efficient and holistic analysis of GST-Returns, Invoice-wise data etc. for the purpose of Audit; scrutiny of GST returns; and processing of GST Refunds....

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Schemes of AIFs which have adopted priority in distribution among investors

Circular No. SEBI/HO/AFD-1/PoD/P/CIR/2022/157 23/11/2022

While it has not been explicitly restricted in AIF Regulations that the sharing of loss by a class of investors shall not be less than pro rata to their holding in the AIF vis-à-vis other classes of investors/unit holders, it has been brought to SEBI’s attention that certain schemes of AIFs have adopted a distribution waterfall in such...

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Interest Subvention Scheme with modification for short term loans for agriculture & allied activities

RBI/2022-23/139 FIDD.CO.FSD.BC.No.13/05.02.001/2022-23 23/11/2022

Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24...

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Inclusion of GSTN as a Financial Information Provider under Account Aggregator Framework

Notification No. RBI/2022-23/140 DoR.FIN.REC.82/03.10.123/2022-23 23/11/2022

With a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework. Department of Revenue shall be the regulator of GSTN for this specific purpose and Goods and Services Tax (GST) Returns, viz...

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Basel III Framework on Liquidity Standards – Standing Deposit Facility

RBI/2022-23/141 DOR.LRG.REC.83/03.10.001/2022-23 23/11/2022

It is advised that the overnight balances held by banks with RBI under SDF shall be eligible as ‘Level 1 High Quality Liquid Assets (HQLA)’ for computation of LCR....

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Startup India launches Startup applications for MAARG Portal

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has launched a call for startup applications for registration on the MAARG portal, the National Mentorship Platform by Startup India. To further boost the Indian startup ecosystem, currently ranked 3rd largest globally, Startu...

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Action against Guarantors under Insolvency and Bankruptcy Code, 2016

Provisions to enforce guarantees, given to creditors/lenders either by individuals (generally promoters, directors, partners of LLP with their Spouse / relatives) or by corporate for credit facilities extended to borrowers, are governed by IBC 2016...

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CBIC amends rules related to National Anti-Profiteering Authority

Notification No. 24/2022-Central Tax [G.S.R. 843(E)] 23/11/2022

Central Goods and Services Tax (Fourth Amendment) Rules, 2022 – CBIC omitted following GST Rules 122,124,125,134 and 137 vide Notification No. 24/2022 – Central Tax Dated 23rd November, 2022 which are related to National Anti-Profiteering Authority. It ameds rule 127 (Duties of the Authority) and inserts and an explanation below ...

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November 2022