Corporate Updates – 30-04-2015


Delhi VAT Authorities have extended the last date of filing of online/hard copy of fourth quarter return for the year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexure / enclosures to 15-05-2015 from 30-04-2015. However, the tax due shall continue to be paid in the usual manner as per the provisions of section 3(4) of the Delhi Value Added Tax Act, 2004. The dealers filing the returns through digital signature need not be required to file hard copy of the return/Form DVAT-56.


RBI has issued revised guidelines in supersession of guidelines on Priority Sector Lending –Targets and Classification. In addition to the existing categories, Medium Enterprises, Social Infrastructure and Renewable Energy will form part of priority sector and the distinction between direct and indirect agriculture is now dispensed with. Further, Bank loans to food and agro processing units will form part of Agriculture and the loan limits for housing loans and MFI loans qualifying under priority sector have been revised. The priority sector non-achievement will be assessed on quarterly average basis at the end of the respective year from 2016-17 onwards, instead of annual basis as at present. The revised guidelines are operational with effect from the date of this circular. The priority sector loans sanctioned under the guidelines issued prior to this date will continue to be classified under priority sector till repayment / maturity / renewal.

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