CA Online

  CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said. Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain. The biometric authentication of authorised representatives or directors or partners of a company will be made for new registration applications and existing businesses registered under Goods and Services Tax (GST) if tax officers have a suspicion that the entities are being set up only to fraudulently claim ITC.   Also, geo-tagging of all entiti

  Sebi had banned the Karvy and its promoters from the market for seven years through its order in April this year. Securities and Exchange Board of India (Sebi), India's market regulator, has cancelled the certificate of registration of Karvy Stock Broking (KSBL). Sebi issued this order on May 31, Wednesday. "Irrespective of the cancellation of the Certificate of Registration, the Noticee shall continue to be liable for anything done or omitted to be done as a Stock Broker and continue to be responsible for payment of outstanding fees and dues, if any, payable to Sebi," the Sebi order stated. “This Order shall come into force with immediate effect,” it added. Sebi had banned the Karvy and its promoters from the market for seven years through its order issued on April 28, 2023. This was done for various violations including misappropriation of clients’ securities and diverting the proceeds from pledging them to the stock broker’s associate companies. "The Depositorie

  Outsourcing, lack of succession planning and staff skilling also areas of concern, Jain says High attrition and employee turnover pose significant operational risks, including disruption in customer services, as well as ethical issues for banks, Reserve Bank of India (RBI) Deputy Governor M K Jain said. These issues could have an adverse financial impact on banks, Jain added while addressing board members of banks on Monday. Among the risk factors that he listed were high attrition, lack of succession planning, (particularly for critical roles) and skilling of staff, besides outsourcing.   Attrition and high employee turnover lead to loss of institutional knowledge and increase recruitment costs. Banks, Jain said, need to ensure that employees have the necessary skills and knowledge to adapt to new technologies and business practices. Referring to the challenges from outsourcing, the RBI deputy governor said its risks include potential loss of control over critical operations, data s

  Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal- HDFC Bank, Punjab & Sind Bank and State Bank of India have been migrated from OLTAS e-Payment of Taxes at NSDL to e-Pay Tax facility at the e-Filing portal for payment of taxes wef 01.04.2023 and RBL Bank is added to the list wef 28.04.2023 henceforth. No. Bank Name New/Migrated Bank Date of enablement at e-Pay Tax Service at e-Filing Portal 1. Axis Bank Migrated Bank 01-Nov-22 2. Bank of Baroda Migrated Bank 01-Feb-23 3. Bank of India Migrated Bank 01-Sep-22 4. Bank of Maharashtra Migrated Bank 01-Oct-22 5. Canara Bank Migrated Bank 01-Oct-22 6. Central Bank of India Migrated Bank 01-Nov-22 7. City Union Bank New Bank 01-Jan-23 8. Federal Bank New Bank 01-Jul-22 9. HDFC Bank Migrated Bank 01-Apr-23 10. ICICI Bank Migrated Bank 01-Nov-22 11. IDBI Bank Migrated Bank 01-Jan-23 12. Indian Bank Migrated Bank 01-Nov-22 13. Indian Overseas Bank Migrated Bank 01-Oct-22 14. IndusInd Bank New Bank 07

  Fixed-income investors are in for another treat. The interest rate of RBI Floating Rate Savings Bonds 2020 (Taxable) (FRSBs) is all set to hit 8 per cent for the first time since its inception. Popularly known as RBI 7.15% Bonds, it currently offers an interest rate of 7.35 per cent. The interest rate on these bonds is reset every six months and is due on July 1, 2023, next. How interest rate of RBI Floating Rate Savings is calculated Unlike other bonds, the interest rate of these bonds is not fixed. It is linked to the interest rate of the National Savings Certificate (NSC), a small savings scheme offered by the Union government. RBI Floating Rate Savings Bonds will pay 0.35 per cent higher than what NSC offers. The interest rate of NSC is reviewed every quarter along with other small savings schemes. If the interest rate on NSC goes up, then the RBI Floating Rate Savings Bonds 2020 (Taxable) will offer a higher interest rate accordingly. Similarly, if the interest rate of NSC goes