Statutory updates

OTP based Authentication for paperless NPS on-boarding

40th GST Council Meeting

Cost Inflation Index for Financial Year 2020-21

The Central Board of Direct Taxes specifies the Cost Inflation Index value of 301 for the financial year 2020-21.

Guidelines on Standardization of General Terms and Clauses in Health Insura

Norms on Proportionate Deductions in Health Insurance Product Filing

The Insurance Regulatory and Development Authority of India specifies additional norms for proportionate deductions in health insurance product designs when policyholders choose…

Clarification on Refund of Accumulated ITC and Invoices

The Central Board of Indirect Taxes and Customs clarifies that the restriction on refund of accumulated input tax credit for invoices not reflected in FORM GSTR-2A does not apply…

Clarification on Levy of GST on Director's Remuneration

This circular clarifies the goods and services tax levy on director remuneration paid by companies.

Hospital Network Quality Parameters Disclosure Standards

Insurers and third party administrators must disclose specific medical infrastructure and quality parameters for network hospitals that provide cashless services.

45/2020-Central Tax : Seeks to extend the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli.

Extension of Time Limit to Pass Order under Section 54(7) of CGST Act

The Government extends the time limit to issue an order for a refund claim under section 54 of the Central Goods and Services Tax Act.

Extension of E-Way Bill Validity up to June 30, 2020

The Central Board of Indirect Taxes and Customs amends Notification No. 35/2020-Central Tax to extend the validity period of specific e-way bills.

Master Circular on Recent Developments in Motor Insurance products bearing

Withdrawal of Long Term Package Covers for Motor Insurance

The Insurance Regulatory and Development Authority of India withdraws long-term package covers that offer both motor third-party insurance and own damage insurance for three or…

Central Tax Notification 44/2020: Enforcement of Rule 67A for Nil Return by SMS

The Central Board of Indirect Taxes and Customs appoints the 8th day of June, 2020, as the date for the enforcement of the provisions of the rules.

Aadhaar Based Offline Paperless KYC for NPS Onboarding

The authority enables the online functionality of National Pension System onboarding through the Aadhaar based offline paperless KYC verification process.

Insurance Claims Guidelines for Cyclone Nisarga Victims

General insurance companies and standalone health insurance companies must take immediate steps for quick registration and disposal of insurance claims for victims of Cyclone…

Legal Entity Identifier Code Requirements for Insurers and Borrowers

Insurers must obtain a Legal Entity Identifier code on or before 31st July 2020.

Extension of Time Limit for Public Disclosures on Websites

The Insurance Regulatory and Development Authority of India extends the time limit for public disclosures on websites by insurers for the period ending on 31 March 2020.