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Weekly newsletter from Chairman, CBIC dated 04/10/2021

October 4, 2021 600 Views 0 comment Print

The month of October has started off on a positive note, with the gross GST revenue collection achieved being Rs. 1,17,010 crores for the month of September, 2021. This is higher by 23% compared to the corresponding period of the previous year.

Advisory regarding absconding & escape prisoners- use of ePrisons to leverage technology

October 4, 2021 837 Views 0 comment Print

Considering the importance of taking timely action in the event of any inmate absconding/ escaping from custody/prison, it is considered necessary to have recent photographs of prisoners updated in the system and also generate immediate alerts which would enable tracking of such inmates by the law enforcement agencies.

Clarification regarding Entry 11A of Schedule B’ under Maharashtra VAT

October 4, 2021 825 Views 0 comment Print

It is clarified that, this benefit is available for RCS flights on both – origin as well as departure airports. This benefit is available for operating all RCS-UDAN flights by Fixed Wing Aircraft, Helicopters and Seaplanes at any Airport/ Heliport/ Helipad/ Water Aerodrome located within the State of Maharashtra subject to the conditions stated in Notification cited at reference (2). This clarification is with effect from the date of introduction of the entry i.e. w.e.f. 01/04/2017.

Service tax under RCM cannot be levied on GTO/GTA services

October 4, 2021 4266 Views 0 comment Print

Raymond Limited Vs Commissioner, Central Excise Customs & Service Tax (CESTAT Delhi) Whether show cause notice dated 28.09.2001 has been validly issued, for raising demand of service tax on GTO/GTA services received by the appellant for the disputed period, in terms of the prevailing Section 73 under reverse charge, and Hon‟ble Bombay High Court in […]

Consultation Paper Review of Price Band and Book Building Framework for public issues

October 4, 2021 1893 Views 0 comment Print

Objective of Consultation Paper Review of Price Band and Book Building Framework for public issues is to seek comments from public on SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 relating to framework of book building

Enhancement in family pension of employees of banks – Treatment of additional liability

October 4, 2021 597 Views 0 comment Print

RESERVE BANK OF INDIA RBI/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22 October 4, 2021 All Member Banks of the Indian Banks’ Association covered under the 11th Bipartite Settlement and Joint Note dated November 11, 2020 Madam / Sir, Enhancement in family pension of employees of banks – Treatment of additional liability The Indian Banks’ Association (IBA) has approached us for […]

RBI clarifies on amount of capital funds that can be raised overseas

October 4, 2021 459 Views 0 comment Print

Several banks have approached RBI to clarify the amount of capital funds that can be raised overseas. It is clarified that eligible amount for purpose of issue of PDIs in foreign currency would mean the higher of (a) 1.5% of Risk Weighted Assets (RWAs) and (b) Total Additional Tier 1 capital as on March 31 of the previous financial year.

Interest on refund of Service Tax Paid under protest payable from date of deposit till its realization

October 4, 2021 5097 Views 0 comment Print

Shahi Exports Ltd. Vs Commissioner of CE & ST (CESTAT Chandigarh) I find that it is an amount paid by the appellant as service tax under protest during the course of investigation. This fact is not in dispute. When any amount paid under protest, it is neither pre-deposit nor service tax; it is only a […]

Online exit process for NPS subscribers under Government Sector

October 4, 2021 432 Views 0 comment Print

PFRDA is pleased to extend the online and paperless process of exit to the Subscribers of Government Sector as an option in addition to the existing physical mode of exit. The online exit would be integrated with Instant Bank Account Verification as per the existing guidelines as part of enhanced due diligence in the interest of Subscribers. The facility would also be available to the employees of Autonomous Bodies of Central/State Government who are covered in NPS.

Requirements of issue of FORM GST DRC-01 & DRC-01A is not a mere Procedural Requirement

October 3, 2021 49515 Views 0 comment Print

A careful perusal of Section 73 of the CG&ST Act in conjunction with Rule 142 makes it clear that non adherence to Rule 142 had caused prejudice to the writ petitioner qua impugned order and therefore it is a rule which necessarily needs to be adhered to,if prejudice is to be eliminated in the case on hand. In other words, it is not a mere procedural requirement but on the facts and circumstances of this case, it becomes clear that it tantamount to trampling the rights of writ petitioner.

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