SEBI Expands Scope of ‘Liquid Assets’ to Include Units of Overnight/Liquid Mutual Fund Schemes & Repo on Corporate Bonds
Notification No. SEBI/LAD-NRO/GN/2024/191, Dated 08.07.2024 SEBI has notified an amendment in clause (i) of explanation to Regulation 28B(1)(d) of SEBI (Credit Rating Agencies) Regulations, 1999, redefining ‘liquid assets’. Now, liquid assets shall also include units of overnight/liquid mutual fund schemes & repo on corporate bonds. Earlier, it was defined as a low-risk asset that can […]
RBI Permits Banks to Use Ratings of ‘Brickwork Ratings India Private Limited’ for Bank Loans Up to Rs 250 Crore
Circular No. RBI/2024-25/50 DOR.STR.REC.26/21.06.008/2024-25; Dated: 10.07.2024 The RBI has permitted banks to use the ratings of the ‘Brickwork Ratings India Private Limited (the CRA) to risk weight their claims for capital adequacy purposes subject to certain conditions. One condition is that, for fresh rating mandates, ratings may be obtained from the CRA for bank loans […]
CBIC Issued Central Goods and Services Tax (Amendment) Rules, 2024
Notification No.12/2024–Central Tax dated July 10th, 2024 The CBIC has issued notification to notify Central Goods and Services Tax (Amendment) Rules, 2024 as per the recommendations of GST Council. The key changes are: Insertion of new Form GSTR-1A for furnishing additional details or amendments of the details of outward supply and corresponding changes have been […]
Analysis of Circulars Issued Post 53rd GST Council Meeting – Taxability | Place of Supply | ITC
During the 53rd GST Council Meeting on June 22, 2024, led by Union Finance Minister Nirmala Sitharaman, multiple key recommendations were made to streamline the GST framework and reduce compliance challenges across different industries. CBIC issued various tax circulars, detailing important clarifications and guidelines on various tax-related issues. It encompasses circulars on the taxability of […]
[Opinion] Tax Residency Certificates | Another Litigious Issue Brewing?
Kunal Singhal – [2024] 164 taxmann.com 215 (Article) Tax Residency Certificate (“TRC”) is an official document granted by a country’s tax authorities, certifying the tax residency status of a tax payer, for a tax year. In the context of Indian domestic income-tax regulations, tax treaties generally contain beneficial provisions in relation to taxation of business […]
[Opinion] The Rise and Fall of Most Favored Nation Clause in Indian Tax Treaties
Priyanka Jain – [2024] 164 taxmann.com 130 (Article) What is Most Favored Nation (MFN) clause The underlying principle of a MFN clause is that the contracting states agree to extend equal tax benefit to one country as extended by it to another country. By virtue of a MFN clause in a tax treaty, one state […]
[Analysis] SEBI Board Meeting Highlights [June 2024] – Curbs on Unregistered Advisors | Flexible Delisting | Enhanced Cybersecurity
On June 27, 2024, the Securities and Exchange Board of India (SEBI) announced significant regulatory changes to enhance market transparency, investor protection, and operational efficiency. Key reforms include: – Restrictions on SEBI-regulated persons from associating with unregistered investment advisors, specifically targeting the influence of unregistered financial influencers (‘finfluencers’) by allowing only educational collaborations without financial […]
Matter to Be Remanded for Reconsideration After Giving Assessee Another Opportunity to Explain Mismatch in GST Returns | HC
Case Details: Arupadai Infrastructure v. Deputy State Tax Officer – [2024] 162 taxmann.com 717 (Madras) Judiciary and Counsel Details Senthilkumar Ramamoorthy, J. Ms S.P. Sri Harini for the Petitioner. V. Prashanth Kiran, GA (T) for the Respondent. Facts of the Case The petitioner was engaged in construction business. The department issued an assessment order on the ground […]
GSTN Update | Enhancements to Address-Related Fields in GST Registration Functionalities
GSTN Update dated July 4th, 2024 The GSTN has an issued advisory to inform taxpayers that several enhancements have been made to address-related fields in the registration functionalities i.e. New Registration, Amendment Application (Core & Non-Core), and Geocoding Business Addresses. These enhancements are based on the analysis of tickets and user feedback. It is also […]
[Global Financial Insights] International Finance Corporation Joins Hands with IFRS Foundation to Improve Sustainability Reporting in Emerging Markets and More
Global Financial Insights is a weekly feature for the users wherein we aim to provide the latest updates on financial reporting, and auditing practices from across the globe. This week we have covered updates of International Financial Reporting Standard (IFRS), and Security and Exchange Commission (SEC). 1. International Finance Corporation joins hands with IFRS Foundation […]