CBIC notifies the Central Goods and Services Tax (Eighth Amendment) Rules, 2020
A registered person who is required to furnish a Nil return under section 39 in FORM GSTR-3B or a Nil details of outward supplies under section 37 in FORM GSTR-1 for a tax period, any reference to electronic furnishing shall include the furnishing of the said return or the details of outward supplies through a short messaging service using the registered mobile number and the said return or the details of outward supplies shall be verified by a registered mobile number based One Time Password facility.
SEBI notifies Substantial Acquisition of Shares and Takeovers third Amendment Regulations, 2020
In case the acquirer is unable to make payment to the
shareholders who have accepted the open offer within such period, the acquirer shall pay interest for
the period of delay to all such shareholders whose shares have been accepted in the open offer, at the rate of ten per cent per annum.
Provided that in case the delay was not attributable to any act of omission or commission
of the acquirer, or due to the reasons or circumstances beyond the control of acquirer, the Board may grant waiver from the payment of interest.
Provided further that the payment of interest would be without prejudice to the Board
taking any action under regulation 32 of these regulation or under the Act.
SEBI issues Standard Operating Procedure for stock exchanges to deal with defaults by trading/clearing members
The SOP lays down the actions to be initiated by the SEs / CCs / Depositories within a time frame after detection of the early warning signals as laid out in the Circular dated December 17, 2018 and once the TM is declared defaulter, the proceedings shall be in compliance with the bye laws, rules and regulations of SE / CC respectively.
SEBI further extends the due date for regulatory filings and compliance for REIT and InvIT by 1 Month
Due to the continuous lockdown, SEBI has now decided to further extended the due date for regulatory filings and compliances for REIT and InvIT till the period ending March 31, 2020, by one month.
Delhi Goods and Service Tax (Fifth Amendment) Rules, 2019
A person registered under Delhi Goods and Service Rules can surrender enrollment by electronically filing FORM GST PCT-06 through the common portal. The enrollment shall be cancelled by the commissioner by an order in FORM GST PCT-07.
RBI declares Distressed Assets Fund to be Subordinate Debt for Stressed MSMEs
The Reserve Bank of India vide circular dated 1 July, 2020, has allowed banks to consider the funds infused by the promoters in their MSME units through loans availed under the distressed assets fund as equity.
CBIC waives late fee for non-filing of GSTR-3B between May 2020-July 2020
The Central Board of Indirect Taxes and Customs on 30th June 2020 has notified waiver of late fees for non filing of GSTR-3B with Nill Liabilities between May 2020 to July 2020 if the registered person furnish the said return till the 30th day of September, 2020.
DGFT Extends the validity of Pre-shipment Inspection Agencies till 30th September 2020
The DGFT has extended the validity of recognition of the Pre-shipment Inspection Agencies (PSIAs) who have completed their tenure of three years as on date or whose validity was extended up to 30th June 2019 up to 30th September 2019.
The government of Bihar provides 40% tax rebate for commercial passenger and goods vehicles
The Bihar Transport Department vide its notification dated 30th June 2020 has provides a 40% tax rebate and exempts penalty charges on payment of quarterly taxes applicable for the period 21st March 2020 to – 30th June 2020 for commercial passenger and goods vehicles registered in the State of Bihar.
Ministry of Finance notifies section 4 of Banking regulation amendment ordinance to be in force from 29th June 2020
The Ministry of Finance on 29th June 2020 has notified that Section 4 of Banking Regulation (Amendment) Ordinance, 2020, will be enforced from June 29, 2020, on primary co-operative banks.
