GST and Central Excise Department, Chennai Outer has arrested a 56 year old person from Kodungaiyur area of Chennai city for committing a GST credit fraud of Rs. 107 Crore. The arrest was made after carrying out detailed investigation and conducting searches to gather evidence.
As PASSED BY LOK SABHA ON 16.9.2020 Bill No. 114-C of 2020 THE BANKING REGULATION (AMENDMENT) BILL, 2020 A BILL further to amend the Banking Regulation Act, 1949. BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:— 1. Short title and commencement. (1) This Act may be called […]
Background The GST Council, in its 37th meeting on 20th September 2019, has recommended introduction of electronic invoice (‘e-invoice’) in GST in a phased manner. (While the initial date for roll out was 1st April, 2020, the Government had notified 1st October, 2020, as revised date for implementation of e-invoicing.) GST e-invoice System is a path-breaking […]
Tariff Notification No. 87/2000-Customs (N.T.), Dated: 15.09.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 15th September, 2020 Notification No. 87/2000-CUSTOMS (N.T.) S.O. 3148(E).—In exercise of the […]
Notwithstanding anything contained in this section, a company, which has been incorporated under the provisions of the Companies Act, 2013, after the date of commencement of the Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Act, 2020, shall at the time of its incorporation, obtain the certificate of enrollment and certificate of registration under this Act.
Banking Regulation (Amendment) Bill, 2020 which seeks to replace the Banking Regulation (Amendment) Ordinance, 2020 (Ord. 12 of 2020) provides for the following, namely:— (i) substitution of section 3 to provide that the Act shall not apply to— (a) a primary agricultural credit society; or (b) a co-operative society whose primary object and principal business […]
Based on data analytics, the CGST Commissionerate, Shillong, detected ineligible availment of ITC by some Units primarily engaged in supply of electrical energy during the period July 2017 to March 2020. The exercise led to recovery of Rs. 44.80 crore against the detection of GST evasion of Rs. 96.06 crore.
In order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, banks are advised to put in place / upgrade their systems to conform to the following guidelines latest by June 30, 2021.
The Bilateral Netting of Qualified Financial Contracts Bill, 2020, inter alia, seeks to provide for— (a) designation of any bilateral agreement or contract or transaction, or type of contract, as qualified financial contract by the Central Government or any of the regulatory authorities as specified in the First Schedule; (b) enforceability of netting of a […]
No new authorizations mentioning Non-standard units such as BoU, packs, Boxes cartons and bottles etc would be issued by RAs. For this necessary changes are being carried out in the DGFT EDI system also.
