Notifications & Circulars
Ministry of Finance
09.10.2019
Goods and Services Tax
The return in FORM GSTR-3B of Central Goods and Services Tax Rules, 2017 for each of the months from October, 2019 to March, 2020 shall be furnished electronically
MANU/CGST/0046/2019
In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from October, 2019 to March, 2020 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month.
Payment of taxes for discharge of tax liability as per FORM GSTR-3B. - Every registered person furnishing the return in FORM GSTR-3B of the said rules shall, subject to the provisions of section 49 of the said Act, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the said Act by debiting the electronic cash ledger or electronic credit ledger, as the case may be, not later than the last date, as specified in the first paragraph, on which he is required to furnish the said return.
Tags : Return Furnishing of Electronically
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Ministry of Finance
09.10.2019
Goods and Services Tax
Extension of time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017
MANU/CGST/0048/2019
In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2019 to March, 2020 till the eleventh day of the month succeeding such month. The time limit for furnishing the details or return, as the case may be, under sub-section (2) of section 38 of the said Act, for the months of October, 2019 to March, 2020 shall be subsequently notified in the Official Gazette.
Tags : Extension Time limit Details Outward supplies
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Ministry of Commerce and Industry
09.10.2019
Commercial
Issue of Late Cut being imposed by the system while applying MEIS on reactivated shipping bills
MANU/DGFT/0165/2019
The Directorate has been receiving multiple representations from the members of the trade and the EPCs regarding the difficulties being faced by exporters, when a claim is being made by the exporters for shipping bills, which have been re-activated in the E com module. The trade has reported that under the current online MEIS application mechanism, the system is applying late cut based on the second submission date and not counting the date of first online submission of the applied shipping bills. Many such cases have also been decided in the PRC waiving late cut when exporter applies for the second time on the basis of the re-activated shipping bills.
In order to address this issue of imposition of higher late cut by the system for re-activated shipping bills, members of the trade and the RAs may take note of the steps as mentioned in the sequence below:
i. The applicant firm will create a new Ecom application number for the re-activated shipping bills for which MEIS is intended to be claimed. Exporters may note that at the time of generation of the new Ecom number, the online system may show the applicable late cut as on the date of generation of new number (100%, 10%, 5% and 2%, as the case may be for each shipping bills).
ii. The firm would not submit this new/revised application after building the Ecom application and getting the new Ecom number and instead is required to register a request at contact@DGFT (under a newly created dropdown "MEIS for reactivated shipping bills") to remove late cut for the shipping bills and mention the E com application number.
iii. On receipt of such request, the NIC technical team at DGFT HQs would a) edit the late cut fields in the application at the back end; b) convert the application to 'Manual' mode and thereafter inform the firm to submit the file to the concerned RA online without making any other change in the application. The communication from/to the exporter would be through the mechanism of contact@dgft only and no separate instructions would be sent to the applicant firm.
iv. The applicant may then a) submit the MEIS application online for the relevant Ecom after submission of fees online and b) thereafter, also submit a manual/paper request to the concerned RA quoting the new File number (corresponding to the submitted Ecom number) along with a list of Shipping Bills and the corresponding rejection/deficiency letters issued by the RA mentioning the File no(s) in which the relevant shipping bills were disallowed earlier.
v. RA would then examine and process the application received manually, and imposes appropriate cut percentage in the E-com module's relevant field for each shipping bill. This late cut imposed by the RA will be based on the date of submission of each shipping bill(s) in its first submission file (earlier file). RAs must not allow MEIS benefits under this mechanism for shipping bills, in which MEIS was earlier rejected/dis-allowed on account of "mis-classification" or where "Declaration of Intent" was missing in the shipping bills.
vi. RAs would then issue the scrip online as per the current procedure.
Tags : Late Cut Imposition Meis Shipping bills
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Telecom Regulatory Authority of India
09.10.2019
Media and Communication
DPOs to allow their subscribers to view their subscription and modify the same through the TRAI's APP/Portal by sharing APIs with TRAI
MANU/TRAI/0100/2019
Regulatory Authority of India (TRAI) has issued the Telecommunication (Broadcasting and Cable) Services Standards of Quality of Service and Consumer Protection (Addressable Systems) (Second Amendment) Regulations, 2019 (6 of 2019). TRAI's prevailing regulations/orders for the television and broadcasting sector gave freedom to consumers to select television channels they want to watch. To ensure proper implementation of the new framework, TRAI has made number of efforts such as series of meetings with Distribution Platform Operators (DPOs), publicity in electronic and news media, interactions with customer groups etc. Despite this, TRAI was in receipt of several complaints from the consumers that they are not able to choose the TV channels conveniently on the web portal/apps of the DPOs.
In order to address above issue, TRAI issued Draft Regulation (Second Amendment) to The Telecommunication (Broadcasting and Cable) Services Standards of Quality of Service and Consumer Protection (Addressable Systems) Regulations 2017 on 9th August 2019, inviting written comments from stakeholders by 29th August 2019. During consultative process, stakeholders were generally of the view that they have no objection/hesitation in sharing their APIs with TRAI as their data is secure with the regulator and there will not be issues like leakage/misuse of consumer information and privacy of data.
Through this second amendment, Authority is mandating the DPOs to allow the consumers to access channels/bouquets available on its platform and have ease in selection of channels and bouquets (addition/deletion) of their choice, view their subscription and modify the same through the TRAI's APP/Portal by sharing APIs with TRAI. The Authority is also in the process of finalising the API Specifications which will be communicated separately to the DPOs. DPOs are to share/exchange the information through API with the TRAI whenever the Authority asks for the same for ensuring integration with the TRAI's APP or Portal.
Tags : Subscription View TRAI's APP/Portal
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Ministry of Finance
09.10.2019
Goods and Services Tax
Central Government notifies those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees
MANU/CGST/0049/2019
In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees and who have not furnished the annual return under sub-section (1) of section 44 of the said Act read with sub-rule (1) of rule 80 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules) before the due date, as the class of registered persons who shall, in respect of financial years 2017-18 and 2018-19, follow the special procedure such that the said persons shall have the option to furnish the annual return under sub-section (1) of section 44 of the said Act read with sub-rule (1) of rule 80 of the said rules.
Provided that the said return shall be deemed to be furnished on the due date if it has not been furnished before the due date.
Tags : Registered persons Turnover Financial year
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Securities and Exchange Board of India
07.10.2019
Capital Market
SEBI Chairman meets investors and other stakeholders in USA
MANU/SPRL/0025/2019
Shri Ajay Tyagi, Chairman, SEBI led a delegation of SEBI Officials to USA and met with various stakeholders in the Indian securities markets including industry and investor associations. The interactions were held in New York, Boston and Washington DC during the week from September 30 to October 4, 2019.
Commenting on the meetings, Shri Ajay Tyagi said, "We met various stakeholders during the meetings. The participants welcomed various initiatives taken by SEBI. We found the interactive sessions quite useful in terms of new ideas for further improving the ease of doing business. I had a separate meeting with Shri Harsh Vardhan Shringla, Indian Ambassador to the USA and apprised him of the recent developments in capital markets in India as also gist of the discussions in various meetings held in USA during the tour. I thank the Embassy of India at Washington D.C. and the Indian Consulate at New York who helped in facilitating the meetings. I also thank the US India Strategic Partnership Forum (USISPF), US India Business Council (USIBC) and the Business Council for International Understanding (BCIU), who coordinated the meetings."
Chairman, SEBI during the meetings briefed the participants on the key aspects, trends and recent developments in the India economy from a broader perspective and on Indian capital markets, in particular. The achievements of both Indian primary markets and secondary markets were brought out in the meetings. The achievements which were emphasized included more than $120 bn raised through equity and debt in each of the last two years, market capitalization of Indian listed companies being in the top 10 global markets, Indian stock exchanges ranked in top 10 in number of contracts in equity derivatives, etc.
Discussions were also held on recent policy measures taken by SEBI relating to various areas such as FPIs, Primary Market, Secondary Market, Mutual Funds, Corporate Bond Market, etc. The participants were keen on emerging areas such as REITs and InvITs which have more than $10 bn asset size as on today. Several participants also showed interest in the Alternative Investment Fund space with its relaxed foreign investment norms wherein the investments had multiplied by more than 15 times in the last 5 years.
Investment opportunities for foreign investors in the aforesaid areas as well as Infrastructure projects, stressed assets, CPSEs proposed for divestment by Government, GIFT IFSC, etc. were brought out. There were also detailed discussions on upcoming regulatory measures relating to Frameworks for issuing Depository Receipts, direct listing of Indian equities abroad, Regulatory Sandbox, etc. The increasing number of registrations of FPIs every year signify the sustained interest of the foreign investors in the Indian capital markets. Considering that about one third of the total assets of around $450 bn under custody of FPIs in India are from USA based FPIs, the importance of US investments into India was emphasized especially taking into account the growing partnership between the two countries.
Tags : Meetings SEBI Official Delegation
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Press Information Bureau
07.10.2019
MRTP/ Competition Laws
CCI receives first green channel combination
MANU/PIBU/1478/2019
The Competition Commission of India (CCI) received the first green channel combination filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulations 5 and 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations), 3rd October, 2019. The notification relates to the acquisition of the Essel Mutual Fund (Essel MF), a mutual fund registered under the SEBI (Mutual Funds) Regulations, 1996 (MF Regulations) by an entity forming a part of the Sachin Bansal Group.
Essel Finance AMC Limited acts as an investment manager to Essel MF. Essel MF Trustee Limited is the trustee of Essel MF. It ensures that the transactions entered into by Essel AMC are in accordance with the MF Regulations and also reviews the activities carried on by Essel AMC. Essel Finance Wealth Zone Private Limited is the sponsor entity for Essel MF and the parent entity of both Essel AMC and Essel Trustee. The Proposed Combination filed in terms of Regulation 5A of the Combination Regulations (i.e. notice for approval of Combinations under Green Channel) shall be deemed to have been approved upon filing and acknowledgement thereof.
Tags : Green channel Combination Regulation
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Reserve Bank of India
07.10.2019
Banking
Expanding and Deepening of Digital Payments Ecosystem
MANU/RMIC/0138/2019
With a view to expanding and deepening the digital payments ecosystem, it has been decided that all State/UT Level Bankers Committees (SLBCs/UTLBCs) shall identify one district in their respective States/UTs on a pilot basis in consultation with banks and stakeholders. The identified district shall be allotted to a bank having significant footprint which will endeavour to make the district 100% digitally enabled within one year, in order to enable every individual in the district to make/receive payments digitally in a safe, secure, quick, affordable and convenient manner. This would, inter alia, include providing the necessary infrastructure and literacy to handle such transactions.
SLBCs/UTLBCs shall endeavour to ensure that to the extent possible, districts identified are converged with the 'Transformation of Aspirational Districts' programme of the Government of India. The allotment of the identified district to a bank should be done, as far as possible, through mutual consultation and voluntary acceptance by the bank. Further, SLBC/UTLBC Convenor Banks are advised to monitor the progress made in this regard on a quarterly basis and report the same to concerned Regional Offices/Sub-Offices of the Reserve Bank of India.
Tags : Expanding Digital Payments Ecosystem
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