As we have discussed in our previous article,  GST authorities can seize properties belonging to the defaulter to recover any due amount. To avoid such seizure, the defaulter often creates a charge on his property or immediately transfers it through sale, mortgage, exchange AFTER the amount has become due. The intention is to defraud the government by not paying taxes. In such cases, the transfer of property will become void. However, the transfer will NOT be void when- It is […]

If the taxpayer cannot pay all the GST dues (tax/interest/penalty) in a lump sum or within the stipulated date, then he can file an application to the Commissioner requesting to pay in installments. The Commissioner can extend the due date for payment or allow the taxpayer to pay in installments. The reasons for accepting/rejection of such application have to be provided in writing. When paying in installments, the taxpayer has to remember that: Installments are payable every […]

Leading Stock Exchanges Bombay Stock Exchange Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”) have put in place a mechanism that will generate automated alerts for Stock Brokers & Trading Members whenever suspicious transactions are detected in their clients‟ accounts. The alerts will be generated in case of unusual changes in the trading pattern of the clients, sudden trading in dormant accounts as also in suspected cases of circular trading, ‘pump- and-dump’, „front […]

The Reserve Bank of India said the new valuation norms for the perpetual additional tier 1 (AT-1) bonds of banks has led to distortions in the market. The market regulator Securities & Exchange Board of India introduced a standardised valuation regime for such perpetual bonds from April this year after concerns were raised on the pricing of AT-1 bonds. Following this, RBI analysed the bond prices of one large public sector bank and one large […]

The Reserve Bank of India has formalised the framework for payment companies outsourcing payment and settlement related activities to third party operators. The central bank’s fresh guidelines come at a time when India’s tech ecosystem has seen several high-profile cyber attacks such as those at Juspay, Upstox and Mobikwik over last year targeting customers’ payments data. As per the new rules, licensed non-bank Payment System Operators (PSOs), cannot outsource core management functions, including internal audits, […]