Corporate Updates 16 May 2014

DVAT: 

DVAT authorities has issued instructions to all Dealers who are selling goods to Embassies / High Commission / International Organisations that the department is going to issue refund online to Embassies / High Commission/International Organisations by matching DVAT-23 with 2B of selling dealers. Therefore, while issuing retail / tax invoices to such organisation, selling dealers are required to mention TIN No(s) on retail/tax invoices issued to them and failing which there will be mismatch and selling dealers shall be liable to pay tax, interest and penalty for mismatch.

RBI: 

While proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in any inoperative accounts it was advised to banks that no charge should be levied for non-operation/activation of Basic Savings Bank Deposit Accounts. It is further advised that henceforth banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account. To view and download and notification, please Click Here.

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