Clarification on procedure to claim refund in FORM GST RFD-01
Doubts have been raised on the procedure to be followed by a registered person to claim refund subsequent to a favourable order in appeal or any other forum against rejection of a refund claim in FORM GST RFD-06. CBIC has issued a notification dated 03.10.2019, in order to clarify the doubts.
GST Portal enables Online Processing of Refund Applications and Single Authority Disbursement
Goods and Services Tax Network (GSTN) on 25th September 2019, has implemented online processing for refund applications and single authority disbursement, which will facilitate taxpayers to file refund application online and help the tax officers to process the application there itself.
An advisory note on the same has been issued under “news and update section “on the GSTN portal.
Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2019
Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2019 has included the definition of Depository Receipt. It has also amended the formalities in relation to verification of certain beneficial owners.
Registration and Licensing of Industrial Undertaking (Amendment) Rules, 2019
As per recent amendment made to the Registration and Licensing of Industrial Undertaking Rules, 1952, the time duration taken by the Ministry to convey its decision to accept or reject an application has been increased from 3 months to 5 months.
RBI Harmonised Turn Around Time (TAT) and customer compensation for failed transactions
The Reserve Bank of India vide notification dated 20th September, 2019 has finalised the framework on Harmonisation of turnaround time for resolution of customer complaints related to failed transactions across all authorised payment system and compensation for such transactions.
In case if the failed amount is not reverted back to the account, then the bank is required to credit Rs.100 per day as compensation for the delay.
Customers, who do not get the benefit of redress of the failure as defined in the TAT, can register a complaint to the Banking Ombudsman of Reserve Bank of India.
RBI released Internal Working Group Report to review the Liquidity Management Framework
The Reserve Bank of India in its notification dated 28 September, 2019 released a report on liquidity management framework submitted by an internal working group that was set up to help the central bank manage system liquidity more effectively. The RBI has invited public feedback, suggestions and comments on the report by October 31, 2019 through email.
CBIC Withdraws clarification issued on treatment of secondary or Post-Sales discounts
The Central Board of Indirect Taxes and Customs in its circular dated 3rd October 2019 has withdrawn the circular No.105/24/2019-GST dated 28th June, 2019 wherein clarification were made on various doubts related to treatment of secondary or post sales discounts under GST. Following statement has been released in the circular: “Whereas CBIC has received numerous […]
CBIC notifies place of supply of Research and Development services related to Pharmaceutical
Central Board of Indirect Taxes and Customs (CBIC) on 30th September 2019 has notified that the place of supply for research and development services related to pharmaceutical sector shall be the place the recipient of services subject to certain conditions.
Companies (Appointment and qualification of Directors) Fourth Amendment Rules, 2019
The Ministry of Corporate Affairs in its notification dated 30th September, 2019 has issued The Companies (Appointment and qualification of Directors) Fourth Amendment Rules, 2019. Under rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, every individual who holds a direct identification Number (DIN) as on 31st March of the financial year […]
No fee payable for DIR-3KYC filed through web service till 14th October 2019
The Ministry of Corporate Affairs in its notification dated 30th September 2019 has issued the Companies (Registration Offices and Fees) Fifth Amendment Rules, 2019. The MCA has specified that for the financial year ended on 31st March 2019, no fee will be payable in respect of e-form DIR-3 KYC or DIR-3WEB through web service till […]
