Press Releases

All States except Jharkhand choose Option-1 to meet GST implementation shortfall

Release ID: 1677891 (03/12/2020)

Government of Chhattisgarh has communicated its acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have favoured Option-1 has gone up to 27. All States except Jharkhand and all the 3 Union Territories with Legislative Assembly have decided in favour of Option-1....

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India, USA sign MoU on Intellectual Property cooperation

Release ID: 1678004 (03/12/2020)

Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and Industry has signed a Memorandum of Understanding (MoU) on 2nd December 2020, in the field of Intellectual Property Cooperation with the United States Patent and Trademark Office (USPTO), Department of Commerce of the United States of America....

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Rs 1,04,963 crore of gross GST Revenue collected in November 2020

Release ID: 1677332 (01/12/2020)

The gross GST revenue collected in the month of November, 2020 is ₹ 1,04,963 crore of which CGST is ₹ 19,189 crore, SGST is ₹ 25,540 crore, IGST is ₹ 51,992 crore (including ₹ 22,078 crore collected on import of goods) and Cess is ₹ 8,242crore (including ₹ 809 crore collected on import of goods). The total number of GSTR-3B ...

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Delay in auto-population of e-invoice details into GSTR-1: GSTN

NA (30/11/2020)

Certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from such e-invoices are be auto-populated in respective tables of GSTR-1....

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Detection of undisclosed income of more than Rs. 450 crore in searches in Tamil Nadu

Release ID: 1676945 (29/11/2020)

The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs.50 crore. The searches, so far, have resulted in the detection of undisclosed in...

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Punjab chooses Option-1 to meet the GST implementation shortfall

Release ID: 1676701 (28/11/2020)

Governments of Punjab has communicated acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have chosen this option has gone up to 26. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in favour of Option-1....

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Form GST EWB-05 filing to un-block E-Way Bill generation facility

NA (28/11/2020)

In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is to be blocked, in case the taxpayer fails to file their returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. For unblocking of this facility, taxpayer need to apply to jurisdictional...

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DGGI Gurugram arrests one for illegally manufacturing cigarettes & tax evasion

Release ID: 1676579 (27/11/2020)

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Sh. Satyender Sharma resident of Haryana on charges of manufacturing and supplying illegally manufactured cigarettes without the requisite tax paying documents and without payment of applicable GST and cess....

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DG, GST arrests 3 in massive GST frauds of more than Rs 2350 crores

Release ID: 1675829 (25/11/2020)

The Mumbai Zonal Unit of the Directorate General of GST Intelligence, [DGGI-MZU], Central Board of Indirect Taxes & Customs (CBIC), today (November 25, 2020), arrested three persons for having indulged in massive frauds involving the availment & utilization, as well as passing on of ineligible Input Tax Credit (ITC) on the strength of bog...

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CBDT to validate ICAI UDIN during upload of Tax Audit Reports

Release ID: 1676103 (26/11/2020)

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications ...

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SEBI revises regulatory measures introduced on March 20, 2020

Press Release No. 59/2020 (25/11/2020)

SEBI vide Press Release dated March 20, 2020 had introduced certain regulatory measures as per Annexure A of the said Press Release, in view of the then ongoing market volatility and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity. The...

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SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 (25/11/2020)

Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended the launch function. The individuals wh...

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MHA Order with Guidelines on Surveilance- containment & caution

Notification No. 40-3/2020-DM-I(A) (25/11/2020)

The country is at a critical juncture in its fight against COVID-19. The number of active cases has declined steadily over the last two months, from over 10 lakhs, on September 18, 2020, to less than 4.5 lakhs now....

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Kerala & West Bengal also chooses Option-1 to meet GST implementation shortfall

Release ID: 1675673 (25/11/2020)

Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation.  The number of States who have chosen this option has gone up to 25. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in ...

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DGGI Rohtak arrests one more in Hisar for issuing fake invoices of ITC

Release ID: 1675359 (24/11/2020)

In pursuance of ongoing investigation of fraudulent passing of Input Tax Credit (ITC)wherein one person namely Sh. Satender Kumar Singla of Hisar was arrested on 12.11.2020,the Directorate General of GST Intelligence (DGGI), Regional Unit, Rohtak falling under Gurugram Zonal Unit has arrested one more person namely, Sh. Vikas Jain, of Jin...

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RBI releases Report of Internal Working Group

Press Release: 2020-2021/667

RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks....

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One arrested for availing ITC of Rs. 3.51 Crore on fake invoices

Release ID: 1674495 (20/11/2020)

On the basis of specific information regarding availment of ITC on fake invoices, searches were conducted on 19.11.2020 by the officers of DGGI, Nagpur Zonal Unit at the premises of a Nagpur based trading firm dealing in Paint, Cement and Iron & Steel products....

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Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

NA (20/11/2020)

Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qtr., RP will become in-eligible for the S...

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DGGI arrests Nashik builder for availing fraudulent ITC under GST

Release ID: 1673994 (19/11/2020)

The officials of DGGI, Nashik Regional Unit of DGGI, Nagpur Zonal Unit arrested a prominent builder of Nashik in an ongoing investigation regarding availment of fraudulent Input Tax Credit on fake invoices....

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DGGI busted Inter State Fake Invoice racket

Release ID: 1673705 (18/11/2020)

Inter State Fake Invoice racket with fake transactions valued at over Rs. 131 Crore value busted by DGGI involving fraudulent Input Tax credit of Rs. 26.09 Crore...

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Updates on e-invoicing under GST WEF 01.01.2021

NA (18/11/2020)

From 1-1-2021, Government has mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards). 1. Certain set of taxpayers had started e-invoicing from 1st October, 2020. In the month of October, 2020, about 4.95 Crore invoices were generated by 27400 GSTINs. 2. T...

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Telangana opts Option-1 to meet GST implementation shortfall

Release ID: 1673501 (17/11/2020)

The Government of Telangana has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation.  The State has now joined 22 other States and 3 Union Territories (Delhi, Jammu & Kashmir and Puducherry) who have opted for Option-1. ...

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Lakshmi Vilas Bank: RBI announces Draft Scheme of Amalgamation

Press Release: 2020-2021/647 (17/11/2020)

Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi....

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RBI superseded Board of Directors of Lakshmi Vilas Bank

Press Release: 2020-2021/646, Order No. DOR.PSBD.No. 1407/16.01.067/2020-2021, Order No. DOR.PSBD No.1408/16.01.067/2020-2021 (17/11/2020)

RBI superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the bank. This has been done to protect the depositors’ interest....

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RBI places Lakshmi Vilas Bank under Moratorium

Press Release: 2020-2021/645, Notification No. S.O. 4127(E), Order No. DOR/PSBD.No.1406/16.01.067/2020-21 (17/11/2020)

Reserve Bank of India Date : Nov 17, 2020 The Lakshmi Vilas Bank Ltd. placed under Moratorium The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining [&helli...

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E-Way Bill generation blocking after 01.12.2020 applies to all

NA (16/11/2020)

Update on Blocking of E-Way Bill (EWB) generation facility, after 1st December, 2020 1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is liable to be restricted, in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in […]...

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SVLDRS 2019 due date extended for UT of J&K & Ladakh

Order No. 1/2020-SVLDRS, 2019 (13/11/2020)

Last date for filing applications under Sabka Vishwas (Legacy Dispute Resolution) Scheme extended to 31st December, 2020 for UT of Jammu & Kashmir and UT of Ladakh...

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Income Tax relief for Real-estate Developers and Home Buyers

Release ID: 1672636 (13/11/2020)

In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from...

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Finance Ministry seeks Suggestions for Annual Budget 2021-22

Release ID: 1672634 (13/11/2020)

Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a differ...

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IBBI amends Regulations relating to corporate insolvency proceedings

Press Release No. IBBI/PR/2020/16 (13/11/2020)

The resolution plan usually provides payment of debts to the creditors of the CD. In the interest of transparency, the IBBI amended the Regulations to require the RP to intimate each claimant the principle or formulae for payment of debts under a resolution plan, within 15 days of the order of the AA approving such resolution plan....

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Auto-population of e-invoice details into GSTR-1

NA (13/11/2020)

1. Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). 2. Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The details of e-invoices...

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One held for fraudulently passing ITC of Rs 13.08 crore

Release ID: 1672747 (13/11/2020)

DGGI, Rohtak Regional Unit, has arrested one person namely, Sh. Satinder Kumar Singla, of Hisar who was found involved in issuing fake invoices from various firms without actual movement of goods having taxable value of Rs. 75 crore (approx.) and fraudulently passing ITC amounting to Rs. 13.08 crore....

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12 key announcements under AatmaNirbhar Bharat 3.0

Release ID: 1672321 (12/11/2020)

Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Ø Production Linked Incentive wor...

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DGGI, Mumbai, arrests 2 persons in fictitious ITC case

Release ID: 1672299 (12/11/2020)

Mumbai Zonal Unit of the Directorate General of GST Intelligence, CBIC has arrested Mr. Sunil Ratnakar Gutte, Director of M/s. Sunil Hitech Engineering Ltd., on charges of having fraudulently availed, utilized, as well as passed on fictitious Input Tax Credit, today, 12th November 2020....

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Firm busted for availing benefit from bogus invoices of around Rs 685 crore

Release ID: 1672143 (12/11/2020)

On the basis of specific intelligence as well as further data mining/analysis on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices/E-way bills issued on the GSTIN of fake/dummy firms and getting Refund of IGST on the strength of such fake Invoices....

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Undisclosed income of more than Rs. 500 crore unearthed

Release ID: 1672235 (12/11/2020)

The Income Tax Department conducted searches on 10/11/2020 in the case of a leading wholesale bullion and Gold Jewellery dealer doing business from Chennai. The search operation was carried out at 32 premises located in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli....

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Atmanirbhar Bharat Package 3.0

Release ID: 1672260 (12/11/2020)

Ministry of Finance Presentation of details under Aatmanirbhar Bharat Package 3.0 to support Indian economy in fight against COVID-19 as announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman Posted On: 12 NOV 2020 12th November 2020 Ministry of Finance State of Economy – Strong Recovery COVID active cases d...

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DGGI Mumbai arrests 4 for passing on & availing fictitious ITC

Release ID: 1672040 (11/11/2020)

Four persons have been arrested by the Mumbai Zonal Unit of Directorate General of GST Intelligence (DGGI-MZU), under CBIC, on Tuesday (November 10, 2020)....

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Auto-populated Form GSTR 3B (PDF) from October 2020 onwards

GSTN Advisory (11/11/2020)

Auto-populated Form GSTR 3B (PDF) for the taxpayers, from the month of October 2020 onwards 1. GSTN has earlier introduced Form GSTR-2B, a static statement with details of ITC available for a tax period, for the benefit of taxpayers. GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis [&...

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Income Tax Department searches at Chennai based IT Infra group

Release ID: 1670941 (07/11/2020)

The Income Tax Department has carried out searches at 5 locations in Chennai and Madurai on 4.11.2020 in the case of a Chennai based group operating in IT Infra sector....

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Income Tax Department conducts searches in Kerala

Release ID: 1670628 (06/11/2020)

The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts....

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Income Tax Department conducts searches in West Bengal

Release ID: 1670627 (06/11/2020)

The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purposes....

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Rajasthan opts Option-1 to meet GST implementation shortfall

Release ID: 1670379 (05/11/2020)

The Government of Rajasthan has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation.  The State has now joined 21 other States and 3 Union Territories (Delhi, Jammu & Kashmir and Puducherry) who have opted for Option-1. ...

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GST e-Invoice completes one month on 31st October

Release ID: 1669430 (02/11/2020)

e-Invoice – A path breaking initiative completes one month on 31st October. More than 495 Lakh e-invoices have been generated on the NIC portal by 27,400 tax payers within the first month of introduction. 641 Lakh e-way bills generated  during month of October, 2020, highest in a month during two and half years of journey of e-way bill...

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GST compensation: Govt facilitated loans of Rs 12,000 crore to States/UTs

Release ID: 1669467 (02/11/2020)

Central Government releases Rs 6,000 crore as second tranche to 16 states and 3 Union Territories on account of GST compensation under Special Borrowing Window. Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/UTs...

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Loans of more than Rs. 2 lakh crore sanctioned under ECLGS

Release ID: 1669449 (02/11/2020)

The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the expected increase in demand during the on...

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Rs 1,05,155 crore of gross GST revenue collected in October 2020

Release ID: 1669239 (01/11/2020)

The gross GST revenue collected in the month of October, 2020 is ₹ 1,05,155crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375crore collected on import of goods) and Cess is ₹ 8,011crore (including ₹932 crore collected on import of goods). The total number of GSTR-3B Retur...

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CGST officials bust racket for generating fraudulent ITC via fake billing

Release ID: 1668567 (29/10/2020)

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx)....

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DGGI Gurugram arrests man for forging ITC of around Rs 392 crore

Release ID: 1668645 (29/10/2020)

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or services....

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SEBI Chairman interacts with investors and other stakeholders from USA

Press Releases No. 57/2020 (28/10/2020)

Securities and Exchange Board of India Press Releases No. 57/2020 SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations Shri Ajay Tyagi, Chairman, SEBI along with other ...

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GST E-Invoice system enabled for taxpayers having turnover exceeding Rs. 100 cr

NA (29/10/2020)

1. e-Invoice System is enabled on Trial sites ( for APIs & Offline tools) for taxpayers with PAN based turnover more than Rs. 100 Cr. in a financial year (https://einv-apisandbox.nic.in ,    https://einvoice1-trial.nic.in). e-Invoice API Access Mechanism Tax Payers with Aggregate Turnover of Company more than Rs. 500 Crores Tax Paye...

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Payment Date Extended for Vivad se Vishwas Scheme

NA (27/10/2020)

In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declaration under the Scheme has also been notified as 31st Decemb...

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MHA extends the Guidelines for Re-opening

D.O. No. 40-3/2020-DM-I(A), (27/10/2020)

Since the issuance of the first Order on lockdown measures by MHA on 24thMarch 2020, almost all activities have been gradually opened up in areas outside the Containment Zones. While most of the activities have been permitted, some activities involving large number of people, have been allowed with some restrictions and subject to SOPs be...

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Due date of furnishing of ITR & Tax Audit Reports extended

Release ID: 1667281 (24/10/2020)

The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021....

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GSTR 9, GSTR 9A, GSTR 9C due date extended to 31st Dec 2020

NA (24/10/2020)

it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020....

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Regulatory measures to continue till November 26, 2020

Press Releases No. 56/2020 (22/10/2020)

It has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 shall continue to be in force till November 26, 2020....

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Student arrested in alleged Fake Input Tax Credit case

F. No. GEXCOWAE/INV/GST/575/2020 (21/10/2020)

The kingpin, who hails from Ahmedabad, by floating these large number of fake firms, had issued fake invoices to generate fake Input Tax Credit amounting to Rs 50.24 Crores. This fake illegal credit was eventually passed on in chain to other fake identities by issuing fake invoices and without actual supply of goods and services....

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SEBI steps up efforts for ‘Data Culture’ through ‘Data Democratization’

Press Releases No. 55/2020 (19/10/2020)

Thus, MDAC is part of SEBI’s initiatives to make shareable data on the Indian securities market, available for researchers, policy makers, general public alike and to enhance the quality of such data. Some of the other initiatives taken by SEBI, through its Department of Economic and Policy Analysis (DEPA), include:...

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Mr. Santosh Kumar Shukla takes charge as Executive Director, IBBI

Press Releases No. IBBI/PR/2020/15 (19/10/2020)

Mr. Santosh Kumar Shukla took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Chief General Manager in the Enforcement Department of the Securities and Exchange Board of India (SEBI)....

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Report on suitability of offering of Surety Bond by Indian Insurance Industry

Ref. No:IRDAI/NL/WG/SB/375/2020-21 (19/10/2020)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG-SB/95/2020-21 dated 24.07.2020 to study...

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Income Tax Department carries out searches in Delhi, NCR & Haryana

Release ID: 1664884 (15/10/2020)

Ministry of Finance Income Tax Department carries out searches in Delhi, NCR and Haryana Posted On: 15 OCT 2020 The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to [&hell...

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Special Window to States for meeting GST Compensation Cess shortfall

Release ID: 1664833 (15/10/2020)

Under Option-I States were to be provided a Special Window of Borrowing of ₹1.1 lakh cr, and over and above that, an authorisation for additional Open Market Borrowings of 0.5% of their GSDP....

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Ministry of Finance clarification on Vodafone arbitration appeal

Release ID: 1664705 (15/10/2020)

A speculative news story being circulated in some section of media claiming that Attorney General has  given opinion  in favour of  not appealing in the Vodafone Arbitration award is totally incorrect and without any factual basis....

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GoI borrowing calendar modified to meet GST Compensation Cess shortfall

Release ID: 1664946 (15/10/2020)

To operationalize the Special Window to States for meeting the GST Compensation Cess shortfall of` ₹1,10,000 crore the GoI borrowing calendar is being modified in consultation with RBI. For the remaining period of the fiscal year 2020-21 (October 19, 2020 to March 31, 2021) GoI will  borrowan aggregate amount of  ₹ 4,88,000 crore. T...

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SEBI Caution Investors against unsolicited investment tips

Press Releases No. 53/2020 (14/10/2020)

It has come to the notice of SEBI that unsolicited messages containing stock tips/ investment advice with respect to listed companies are increasingly being circulated through bulk SMS, websites and social media platforms like WhatsApp, Telegram,etc....

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Shortfall due to GST implementation – Tamil Nadu goes for Option-1

Release ID: 1664365 (14/10/2020)

Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of Rs 9,627 crore. 21 States now allowed to mobilize Rs.78,452 crore in addition to Rs 1.1 lakh crore to meet the shortfall arising out of GST implementation...

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Misinterpretation of LTC stimulus and its benefits

NA (13/10/2020)

A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works....

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FM announces measures of Rs 73,000 crore to stimulate consumer spending

Release ID: 1663722 (12/10/2020)

Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted em...

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FM announces Stimulus to boost Demand in Economy: Highlights

(Release ID: 1663675 (12/10/2020)

Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given....

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Sovereign Gold Bond Scheme (SGB) 2020-21- Series VII, VIII, IX, X, XI, XII

RBI/2020-2021/52 IDMD.CDD.No.730/14.04.050/2020-21 / Press Release: 2020-2021/462, Notification No. G.S.R. 627(E) (09/10/2020)

Reserve Bank of India RBI/2020-2021/52 IDMD.CDD.No.730/14.04.050/2020-21 October 9, 2020 The Chairman& Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereig...

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DGGI arrest a person for passing fake GST ITC of Rs 190 crore

Release ID: 1663176 (09/10/2020)

DGGI Gurugram Zonal Unit arrest one person on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit of Rs 190 crore...

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Not to report values pertaining to FY 2017-18 in GSTR-9 for 2018-19

Release ID: 1663175 (09/10/2020)

Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY 2017-18. However, this information for FY 2017-18 has already been furnished by the taxpayers in the annual return (GSTR9) filed for FY 2017-18 and there is no mechanism to show the sp...

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DGGI busts companies claiming fraudulent ITC & refund of Rs. 61 crore

Release ID: 1662983 (09/10/2020)

An intelligence was developed by the officers of DGGI that few exporter companies were engaged in fraudulent availment of Input Tax Credit (ITC) on the invoices of non-existing and fictitious firms or such firms which apparently do not have any purchases themselves....

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RBI kept policy repo rate unchanged at 4.0 per cent (Read Policy & Statement)

Press Release: 2020-2021/453 & Press Release No. 2020-2021/453-454 (09/10/2020)

On the basis of an assessment of the current and evolving macroeconomic situation, Monetary Policy Committee (MPC) at its meeting today (October 9, 2020) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent....

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Income Tax Department conducts searches in Bihar & UP

Release ID: 1662309 (07/10/2020)

The Income Tax Department, on the basis of actionable intelligence received, conducted search and seizure actions on 06-10-2020 in Patna, Sasaram and Varanasi in the case of a person, who is in the business of mining and hotel industry. Search was also conducted in the case of a Chairman of a large cooperative bank....

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8 Recommendations of the 42nd GST Council Meeting

Release ID: 1661827 (05/10/2020)

Ministry of Finance Recommendations of the 42nd GST Council Meeting Posted On: 05 OCT 2020 The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affa...

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GST Revenue collection for September, 2020

Release ID: 1660608 (01/10/2020)

The gross GST revenue collected in the month of September, 2020 is ₹ 95,480 crore of which CGST is ₹ 17,741 crore, SGST is ₹ 23,131 crore, IGST is ₹ 47,484 crore (including ₹ 22,442 crore collected on import of goods) and Cess is ₹7,124 crore (including ₹ 788 crore collected on import of goods)....

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Relaxation in E-Invoice Provisions Implementation for Oct 2020

NA (30/09/2020)

The Government had in December 2019 prescribed that the GST Taxpayers having aggregate annual turnover more than Rs. 100 crores in any preceding Financial Year will be required to issue e-invoice for all the Business to Business (B2B) supplies, in the manner prescribed under rule 48(4) of the CGST Rules, 2017 w.e.f. 1st April 2020....

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CBDT clarifies doubts on account of new TCS provisions

Release ID: 1660392 (30/09/2020)

Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year....

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Limited Insolvency Examination w.e.f 1st January 2021

Press Release No. IBBI/PR/2020/13 (30/09/2020)

Insolvency and Bankruptcy Board of India (Press Release) No. IBBI/PR/2020/13 30th September 2020 Limited Insolvency Examination w.e.f 1st January 2021 The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankr...

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7 Important decision in SEBI Board Meeting held on 29.09.2020

Press Release No. 52/2020-SEBI (29/09/2020)

SEBI Board, inter-alia, took the following decisions: I. Amendments to SEBI (Debenture Trustee) Regulations, 1993, SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Listing Obligations and Disclosure Requirements), 2015...

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No requirement of scrip wise reporting for listed shares in ITR

Release ID: 1659412 (26/09/2020)

There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in case of stock traders or day traders is generally categorised as short-term capital gains or business income....

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CBDT Launches Faceless Income Tax Appeals

NA (25/09/2020)

The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. Necessary G...

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Rationalization of Eligibility criteria & Disclosure requirements for Rights Issues

Press Release No. 51/2020-SEBI (23/09/2020)

Securities and Exchange Board of India Press Release No. 51/2020 Rationalization of Eligibility criteria and Disclosure requirements for Rights Issues SEBI has decided to amend SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 to rationalise eligibility criteria and disclosure requirements for Rights Issues’ with an ...

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Relief in Late Fees of GSTR-4 or 10 & Change in ITC navigation

GSTN Press Release (23/09/2020)

Relief in late fees to Taxpayers filing Form GSTR-4 or 10 and change in navigation of Comparison of liability declared and ITC claimed report I. Relief to Composition Taxpayers in late fees for delayed filing of Form GSTR-4 (Quarterly Return): a. Vide Notification No 67/2020 dated 21.09.2020, the taxpayers who were under Composition Schem...

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SEBI constitutes Technical group on Social Stock Exchange

Press Releases No. 50/2020-SEBI (21/09/2020)

The Working Group (WG) on Social Stock Exchange (SSE), chaired by Shri Ishaat Hussain submitted its report1 on June 01, 2020. The WG has outlined its vision and made high level recommendations which include participation of Non-profit organizations (NPOs) and For-profit enterprises (FPEs) on SSE subject to committing to minimum reporting ...

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Regulatory measures to continue till October 29, 2020

Press Release No. 48/2020-SEBI (18/09/2020)

On review of the COVID-19 pandemic related situation, it has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 shall continue to be in force till October 29, 2020....

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SEBI to empanel SMARTs for enhancing Investor Education activities

Press Release No. 47/2020-SEBI (18/09/2020)

Securities and Exchange Board of India (SEBI) has invited applications from eligible candidates to be empanelled as Securities Market Trainers (SMARTs) for enhancing the Investor Education activities of SEBI....

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Income Tax Department carries out searches in Jammu & Kashmir

Release ID: 1655515 (17/09/2020)

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh....

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Clarification on Asset Allocation of Multi Cap Schemes of Mutual Funds

Press Releases No. 46/2020-SEBI (13/09/2020)

SEBI has issued a circular dated September 11,2020 on Multi Cap schemes of Mutual Funds, requiring them to invest a minimum of 25% each in Large, Mid and Small Cap stocks, with the balance 25% giving flexibility to the fund manager....

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Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

NA (11/09/2020)

Securities and Exchange Board of India Consultation Paper dated 11th September 2020 on review of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 for Public Comments Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 A. Objective To solicit public comments / views on the proposed amen...

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Governance Issues in Insolvency Professional Agencies (IPAs)

NA (10/09/2020)

The insolvency profession has a two-tier regulatory architecture with Insolvency and Bankruptcy Board of India (IBBI or Board) as the principal regulator, and the three Insolvency Professional Agencies as frontline regulators....

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Re-lodgement of Transfer Requests of Shares

Press Release No. 45/2020 (09/09/2020)

It has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, the shares that are re-lodged for transfer (including those request that are pending with the listed company / RTA, as on date) shall henceforth be issued only in demat mode....

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RBI Releases Revised Priority Sector Lending Guidelines

RBI/FIDD/2020-21/72 Master Directions FIDD.CO.Plan.BC.5/04.09.01/2020-21, Press Release No. 2020-2021/284 (04/09/2020)

Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring sharper focus on inclusive development, after having wide ranging discussions with all stakeholders....

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Income Tax Department carries out searches in Srinagar & Kupwara

Release ID: 1650758 (02/09/2020)

The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srinagar and Kupwara. These operations have, prima facie, led to the detection of huge amount of undisclosed income, seizure of unaccounted assets and incriminating evidence and involvem...

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ITR Filing Compliance Check Functionality for Scheduled Commercial Banks

Release ID: 1650735 (02/09/2020)

The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, ...

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Government Blocks 118 Mobile Apps

Release ID: 1650669 (02/09/2020)

The Ministry of Electronics and Information Technology, Government of India invoking it’s power under section 69A of the Information Technology Act read with the relevant provisions of the Information Technology (Procedure and Safeguards for Blocking of Access of Information by Public) Rules 2009 and in view of the emergent nature of th...

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GST Revenue collection for August, 2020

Release ID: 1650411 (01/09/2020)

The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21,064 crore, IGST is ₹ 42,264 crore (including ₹ 19,179 crore collected on import of goods) and Cess is ₹7,215 crore (including ₹ 673 crore collected on import of goods)....

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Tamil Nadu CM rejects GST Compensation Options suggested by Center

Press Rel No. 635 (31/08/2020)

As you are aware one of the most crucial fiscal issues facing the nation currently is the payment of compensation on account of the short fall in revenue post implementation of GST. Most States, and in particular Tamil Nadu, agreed to the implementation of GST and to support the legislation on the basis of the unequivocal commitment given...

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