Due Date for filing GST Annual Return extended till 31st March 2019
Central Board of Indirect Taxes and Customs (“CBIC”) decided to extend the due date for filing GST returns (GST annual returns are required to be in the format prescribed in forms GSTR-9, GSTR-9A and GSTR-9C) till 31st March 2019 from the previous due date, 31st December 2018.
CBIC stated that the process is relatively new and even large taxpayers are finding it difficult to file their GST annual returns by December 31, 2018. Extended timeline would help the taxpayers to understand and resolve the issue faced by them in tax payment process.
Quick Views:
- We believe that this is a good step taken by the CBIC. GST compliance, ever since it has been implemented has been a tough concept for taxpayers to understand. By spreading awareness about the procedures and extending the time limit, the Government is ensuring that the targeted tax collection is not hindered and at the same time the taxpayers understand the complex system.
RBI considering introduction of Live Video Authentication as an alternative to AADHAAR e-KYC
The Reserve Bank of India (“RBI”) in a bid to replace the AADHAAR electronic-Know Your Customer (“e-KYC”) is considering to introduce live video verification for the customer authentication process done by the payment companies.
The live video verification process will use a common information format like XML internet format to get a limited user information from the AADHAAR database. This process will not include the biometric information of users stored in the AADHAAR database.
Quick Views:
- We believe that the Live Video Authentication method for user KYC would be a better solution than the offline method of verification. Not only would this method would prove to be cost effective, it would also save time and human resource required to physically verify the users.
SEBI is planning to relax certain Listing Norms for Start-ups
Securities and Exchange Board of India (“SEBI”) is planning to relax certain listing criteria for the start-ups to get more start-ups access the public market. This move includes renaming of “Institutional Trading Platform” to “Innovators Growth Platform”.
Major changes proposed by SEBI are to reduce the waiting period of listed start ups to move up to the main board of the stock exchange, from three years to one year, fix the minimum offer size at INR 10 Crores, reduce the minimum trading lot from INR 10 Lakh to INR 2 Lakh, reduce the minimum number of allottees from 200 to 50.
Currently these proposed changes are examined by a sub-group within SEBI’s Primary Market Advisory Committee.
Quick Views:
- We believe that this is a welcome step taken by SEBI. The reason why the earlier “Institutional Trading Platform” did not prove to be successful was because of strict regulatory terms imposed on the start-ups. Relaxation of those terms would definitely result in more start-ups opting for public access.
Disclaimer: This post has been prepared for informational purposes only. The information/or observations contained in this post does not constitute legal advice and should not be acted upon in any specific situation without seeking proper legal advice from a practicing attorney.