CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers During the recent review of the performance of the Central Board of Indirect Taxes & Customs (CBIC), Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman had given directions to roll out an Automated Return Scrutiny […]
Banks/FIs are advised to ensure that no new transaction undertaken by them or their customers rely on or are priced using the US$ LIBOR or the MIFOR. Banks/FIs are also advised to take all necessary steps to ensure insertion of fallbacks in all remaining legacy financial contracts that reference US$ LIBOR (including transactions that reference MIFOR).
The DC takes note of regulation 3(4) of Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017, which provides that a grievance or complaint has to be filed within 45 days of occurrence of cause of action for the grievance or complaint which can be further extended by 30 days with […]
Basel III reforms are the response of Basel Committee on Banking Supervision (BCBS) to improve the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the source, thus reducing the risk of spill over from the financial sector to the real economy.
HC held that Rule 89 (4)(c) of CGST Rules which restricts exports made without payment of tax (i.e., under Letter of Undertaking model (LUT Model)) to 1.5 times value of like goods supplied domestically is unconstitutional and ultra vires of the provisions of the GST law
E-invoicing is a process of electronically generating invoices and reporting them to the government’s GST portal for record-keeping and compliance purposes. Threshold limit for the applicability of E-invoice reduced from INR 10 Crores to INR 5 Crores. When aggregate turnover exceeds 5 crore in any of the previous 5 years, for the purpose of the aggregate turnover limit, even the exempted turnover would be considered.
A tokenised card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing.
Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are four types of cards (a) debit, (b) credit, (c) prepaid, and (d) electronic.
Discover the challenges faced by early birds in complying with the 80G registration procedures under the new scheme of exemption for charitable institutions. Get insights into the transition from provisional to regular registration, timelines for Form 10A and Form 10AB, and the doctrine of impossibility.
AL Hatim Tours And Travels Pvt. Ltd. Vs Union of India (Delhi High Court) The petitioners are private Haj Operators (HGO). They arrange tours to the holy shrines of Mecca/Madina in Kingdom of Saudi Arabia. The Government of India has an agreement with the Kingdom of Saudi Arabia, per which, quotas are allotted to India […]
