#BulletinBoard (May 31, 2018)

CBITC Issues Clarification on GST Refund

The Central Board of Indirect Taxes and Customs (“CBITC”) has issued a circular on May 30, 2015, which clarifies certain issues regarding refund of Goods and Service Tax (“GST”). This circular clarifies refund related issues including – the claim for refund filed by an Input Service Distributor or a non- resident taxable person; application for refund of integrated tax paid on export of services and supplies made to a Special Economic Zone (“SEZ”) developer or a SEX unit, and refund of unutilized input tax credit of compensation cess availed on inputs in cases where the final product is not subject to levy of compensation cess. The circular also clarified that a Letter of Undertaking or bond is not required for refund claims on account of export of non-GST and exempted goods without payment of integrated GST.

SEBI Issues Guidelines to Increase Transparency in Credit Rating Agencies

The Securities Exchange Board of India has published a circular on May 30, 2018, which provides guidelines to enhance the governance, accountability and functioning of Credit Rating Agencies (“CRAs”). This circular was issued in exercise of the powers conferred by the Section 11(1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of SEBI (Credit Rating Agencies) Regulations, 1999 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market. Specifically, these guidelines prescribe that a rating committee consisting of majority of independent members shall review the requests by issuers for review of the rating provided by CRAs. Further, all non-accepted ratings shall have to be disclosed on the respective CRA’s website for 2 months from the date of such publication of such rating.

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