Corporate Updates – 27-07-2015


RBI with an intent to Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders has developed a Framework for Revitalising Distressed Assets in the Economy. On Review of the Guidelines, it has been decided that the modifications in the Framework made shall also be, mutatis mutandis, applicable to NBFCs. Now all NBFC’s are also required to comply with the necessary procedure and guidelines to safeguard their interest.


The Delhi Government has amended Delhi VAT Act and released The Delhi Value Added Tax (Second Amendment) Act, 2015. which shall come into force on such date as the Government may appoint by notification in the official Gazette. Subject to sub-sections (1) and (2) of section 8, where any purchaser has been issued with a credit note or debit note in terms of section 51 of this Act or if he returns or rejects goods purchased, as a consequence of which the tax credit claimed by him in any tax period in respect of which the purchase of goods relates, becomes short or excess, he shall compensate such short or excess by adjusting the amount of the tax credit allowed to him in respect of the tax period in which the credit note or debit note has been issued or goods are returned. Further, the time period with which, the Commissioner may, as a condition of the payment of a refund, demand security from the person has been increased to 45 days from 15 days.

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