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The Reserve Bank of India ( RBI) has said banks might be exposing themselves to undue risk by back- loading most of their repayments for infrastructure projects refinanced under the ‘5/ 25 scheme’. According to RBI Deputy Governor H R Khan, following the issuance of the guidelines for the 5/ 25 scheme, banks had taken up flexible structuring of a few projects. However, there have been some reports that banks have incorporated long moratorium periods in their revised loan amortisation schedules and they are not clear on the methodology to compute the net present value of these loans. Under the 5/ 25 scheme, banks were allowed to fix longer amortisation period for loans to projects in infrastructure or core industries sector for, say, 25 years. This would be based on the economic life or concession period of the project with periodic refinancing, say, every five years. This scheme was announced for addressing the loan maturity mismatches in financing the infra projects. Khan, w

An online petition, signed by over 15,000 people, including some of the top industrialists of India, that had appealed to the Congress- led Opposition to end the disruptions in the Rajya Sabha to pass the Goods and Services Tax ( GST) Constitutional Amendment Bill led to more protests in the Upper House on Wednesday and effectively jettisoned, in what was the penultimate day of the session, any hope of the ongoing monsoon session of Parliament passing the all- important Bill. The events also put a question mark on the planned rollout of the GST regime by the appointed date of April 1, 2016. According to a government strategist, the Cabinet Committee on Political Affairs could meet on Thursday to take a decision not to prorogue the House. This could enable the government to extend the current session after a break. The government might even call a special session, sources said. But any such decision will need to have the Opposition, particularly the Congress, on board and will nee

The Reserve Bank of India (RBI) has asked income tax assesses to pay their income tax dues in advance at the RBI or any authorised bank branches including that of SBI, ICICI, HDFC Bank, PNB and Axis Bank. Hindustan Times, New Delhi, 13th August 2015

1.  The CBDT has issued a stern office memorandum to hauls up officers and staff for leaving early, coming late and harassing taxpayers. 2.  Extension to 17.08.2015 of last date to file D-VAT return for Q1 of 2015-2016 in Forms DVAT-16, DVAT-17 and DVAT-48.Circular No.18 of 2015-2016 dated 07.08.2015. 3.  Mandatory pre-deposit of tax for filing appeals under Service Tax, Excise and Customs – The Dilemma Continues: Honourable High Court of Allahabad in the case of Ganesh Yadav vs. UOI. 4.  Secondment / expatriation of staff does not amount to 'manpower supply services'. [Samsung India Electronics (P.) Ltd. vs. CCE, (New Delhi- CESTAT)]. 5.  SEBI has amended SEBI (ICDR) Regulations, 2009 and notified the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2015. 6.  Office of the Commissioner of Service Tax is coming up with empanelment of CA/ICWA for audit of Service Tax Assesses. Apply at The Commissioner Service Tax Audit - I Comm, 17-B