The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council. The remaining 5 States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.
Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date.
India’s commitment to reforms is evident from the width and scale of reforms undertaken at pan- India level since 2014 under the visionary leadership of Hon. Prime Minister. This is reflected in the meteoric rise of India’s rank in World Bank’s Ease of Doing Business Report from 142nd in 2014 to 63rd in 2019.
Consultation paper on Role of KYC Registration Agencies (KRAs) / Market Infrastructure Institutions (MIIs) in performing KYC (Know Your Client) of clients in securities market
11th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.66,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States.
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shri Sanjay Goel, resident of New Delhi on charges of illegally availing and passing on input tax credit (ITC) on goods-less invoices.
The Indian securities market has witnessed dominance in trading and depository space, raising concerns on possibility of excessive concentration and institutional tardiness in quickly responding to the changing market dynamics which may have an adverse bearing on efficiency in trading, record-keeping, supervision and risk management practices.
1. An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who have opted for quarterly filing frequency under the scheme can file their details of outward supplies […]
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs, contained in the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company
As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.
