Key Announcements in RBI Monetary Policy – 6th Aug 2020

Key Announcements in RBI Monetary Policy

  1. No change in the rate of interest
  2. MSMEs stressed accounts restructuring if they are standard as on 1st March 2020 and restructuring to be completed by 31st March 2021.
  3. Loan to value ratio for gold loans increased from 75% 90% till 31st March 2021
  4. Lending to startups given Priority lending status
  5. National Housing Bank provided with an additional fund of Rs 5k Crores to shield the housing sector from liquidity disruptions
  6. NABARD to be provided with additional funds of Rs 5K cores to reduce the stress being faced by smaller non-bank finance companies (NBFCs) and micro-finance institutions in obtaining access to liquidity.

Click here for the full speech of the RBI Governor

Cancellation of Registration Extended to 30th Sep 2017

To address the concerns of taxpayers arising from Transition to the GST regime, the Government decides to extend the time limit for filing intimation for Composition Levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017; The period of applying for Cancellation of Registration is being extended up to 30th September, 2017.

The Government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from 1st of July, 2017.

With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the Composition scheme, it has been decided to extend the time limit for filing intimation for Composition levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017.

Similarly, the taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is being extended up to 30th September, 2017. Relevant notifications are being issued.

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(Release ID :168858)

GST Tip – 220

As per the Composition Rules, any taxpayer who has been provided provisional registration, have to file an intimation in FORM GST CMP-01 if he opts to pay tax under composition scheme on the common portal or through GST facilitation center notified by the commissioner prior to appointed day or within 30 days from appointed day.