Instances of Delay in registration reported

In accordance with Rule 9 of the Central Goods and Services Tax (CGST) Rules, 2017, pertaining to the verification and approval of registration applications, following is informed: Where a person has undergone Aadhaar authentication as per sub-rule (4A) of rule 8 but has been identified in terms of Rule 9(aa) by the common portal for detailed verification based on risk profile, your application for registration would be processed within thirty days of application submission. Necessary changes would also be made to reflect the same in the online tracking module vis-à-vis processing of registration application.

Enhanced E-Invoicing Initiatives & Launch of Enhanced https://einvoice.gst.gov.in portal

GSTN on occasion of one year of the successful going live with the additional five new IRP portals, the e-invoice master information portal, and the e-invoice QR Code Verifier app, announces the launch of the revamped e-invoice master information portal https://einvoice.gst.gov.in . This enhancement is part of ongoing effort to further improve taxpayer services.

Advisory on Payment through Credit Card (CC)/Debit Card (DC) and Unified Payments Interface (UPI)

To facilitate the taxpayer registered under GST with more methods of payment, two new facilities of payment have now been provided under e-payment in addition to net-banking. The two new methods are Cards and Unified Payments Interface (UPI). Cards facility includes Credit Card (CC) and Debit Card (DC) namely Mastercard, Visa, RuPay, Diners(CC only) issued by any Indian bank

Remission and Extinguishment of Demands

Eligible outstanding direct tax demands have been remitted and extinguished. Please log into your account and follow the path Pending Action > Response to Outstanding Demand to check the status of ‘Extinguished Demands’ in your case.

Attention Tax Deductors/ Collectors having PAN status as 'Inoperative'

Deductees/Collectees having PAN status as 'Inoperative' attract higher TDS/TCS rates applicable as per provisions of Section 206AA/ 206CC of Income Tax Act. Please refer CBDT Notification no 15/2023 and Circular no 3/2023 dated 28th March 2023. The status of PAN can be checked by clicking the link ‘Verify PAN Status’ available under the quick links.

E-filing of Form 15CD

E-filing of Form 15CD for F.Y. 2023-24 has been enabled through online mode. Please note that Form 15CD has been notified Vide CBDT notification no. 89/2023 dated Oct 16, 2023.

Revised 2024 Edition of the Guidance Note on Audit of Banks

The Institute of Chartered Accountants of India (ICAI) has released the revised 2024 edition of the Guidance Note on Audit of Banks. This updated version comprises two sections: Section A, covering Statutory Central Audit, and Section B, focusing on Bank Branch Audit. In addition to these sections, the Guidance Note includes several appendices containing illustrative formats such as engagement letters, auditor’s reports for nationalized banks and banking companies, management representation letters, as well as relevant texts of master directions, master circulars, and other circulars issued by the Reserve Bank of India (RBI).

NFRA Initiates First Annual Inspection of Key Audit Firms by April 2024

The National Financial Reporting Authority (NFRA) is set to embark on its inaugural annual review of prominent auditing organizations, including the industry's behemoths known as the Big Five. Scheduled to commence by April, this comprehensive evaluation signifies a pivotal stride towards bolstering regulatory oversight within the auditing sector, aiming to enhance transparency and accountability.