For taxpayers in the QRMP Scheme, updates to Forms GSTR-1, GSTR-3B, and the Matching Offline Tool
With effect from 1st January 2021, all taxpayers with Annual Aggregate turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option of filing B2B invoice details in the Invoice Furnishing Facility (IFF).
The Matching Offline Tool has been updated for taxpayers under the QRMP Scheme. Quarters Apr-Jun, Jul-Sep, Oct-Dec, and Jan-Mar have been added to the tax periods. The system generated Form GSTR-2B can be used for matching details with their purchase register. Taxpayers can now navigate Services > Returns > Returns Dashboard, select the Financial Year and Return Filing Period.
RBI imposed fine on the Bihar Awami Co-operative Bank Ltd
The RBI has imposed a monetary fine of Rs.5,00,000 on The Bihar Co-Operative Bank Ltd. under section 47, 46(4), and 56 of Banking Regulations Act, 1949 for violating the Reserve Bank of India’s Know Your Customer (KYC) directives and instructions on the exchanging of Specified Bank Notes.
The Reserve Bank of India had issued a show-cause notice and also provided an opportunity for a personal hearing to the bank. After considering the facts of the case and the bank’s reply in the matter, the RBI comes to a conclusion of this case by imposing a penalty.
Section 47: Under Section 47 of the Banking Regulation Act, 1949, the Reserve Bank of India has the authority to charge fines if there has been a default or contravention.
Section 46 (4): If any other provision of this Act is contravened or if any default is made in accordance with this Act, a fine of up to one crore rupees will be imposed. A further fine may extend to one lakh rupees for every day for which the contravention or default continues.
Section 56: Cooperative societies are covered by this act.