CBDT issues Guidelines for TDS/ TCS by E-Commerce Operators and Sellers of Goods valued at more than INR 50 lakh
The Guidelines clarify that the TDS and TCS provisions will not apply to transactions involving securities and commodities that are traded through recognised stock exchanges (SEs) or cleared and settled through recognised clearing corporations (CCs), including those in the International Financial Service Centre (IFSC). They will also not apply to transactions in electricity or renewable energy and energy saving certificates that are traded through registered power exchanges. Moreover, to eliminate the duplication of tax liability, the Guidelines clarify that if the e-commerce operators deduct TDS on such a transaction, the payment gateway will not be required to deduct TDS on the same transaction. In order to ensure a smooth implementation of this, the e-commerce operator is required to make an undertaking to the payment gateway that it will deduct the TDS itself.
FSSAI extends the deadline for mandatory food safety audits of specified food businesses
By virtue of an order dated 13th August 2019, FSSAI mandated audits of six categories of food businesses that hold Central Licences. These businesses must also fall under high-risk categories to attract the mandatory audits. The previous deadline for completing these audits was fixed on 30th September 2020. However, on account of the COVID-19 pandemic, FSSAI has extended the last date for conducting the mandatory audits to 31st December 2020. Hence the specified food businesses are required to complete the mandatory audits of their premises by 31st December 2020.
FSSAI re-operationalises the FSS (Licensing and Registration of Food Business) Amendment Regulations, 2020
The Amendment Regulations state that the fees and other charges under the Regulations will be levied as prescribed by the FSSAI and their non-payment will result in suitable action against the FBO. Furthermore, a manufacturing and processing licence holder must implement and maintain a quality control plan of testing so as to comply with prescribed standards. The periodicity of such tests and the type of tests to be carried out in-house will also be specified by the FSSAI. Moreover, the FBO is required to obtain a hygiene rating for his food business as per the terms determined by the FSSAI. Additionally, FBOs must ensure training of Food Safety Supervisor under training programmes of FSSAI. These Food Safety Supervisors will supervise the food handlers and also ensure their training.
The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has been published on the 29th September, 2020 and shall be deemed to have come into force on the 31st day of March, 2020.
RBI extends the interim relaxation in WMA limits for 6 months.
RBI has extended interim relaxation in Ways and Means Advances (WMA) limits and OD regulations with a view to provide greater comfort to state governments in undertaking COVID-19 containment and mitigation measures, and to enable them to plan their market borrowings.
RBI extends the due date for completion of audit and submission of accounts till 31st December 2020.
The Reserve Bank of India vide its notification dated 29th September 2020 has extended the time limit for submission of accounts and balance-sheet together with the auditor’s report till 31st December 2020. Under section 31 of the Banking Regulation Act, 1949 read with Section 56 the Act, accounts, and balance-sheet referred to in section 29 of the […]
RBI extends the implementation of NSFR guidelines by six months.
The NSFR guidelines will ensure reduction in funding risk over a longer time horizon by requiring banks to fund their activities with sufficiently stable sources of funding in order to mitigate the risk of future funding stress.
RBI defers the implementation of Capital Conservation Buffer to1st April 2021.
RBI has decided to defer the implementation of the last tranche of 0.625 percent of the Capital Conservation Buffer (CCB) from 30th September 2020 to 1st April, 2021.
