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Finance minister Arun Jaitley hints at further trimming of GST
Posted Date : 14-Nov-2017 , 07:55:09 am | Posted By CASANSAAR

Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi. "Rationalisation process i...

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Category : GST | Comments : 0 | Hits : 393

SC sends bizman to two-day ED custody in bank fraud case
Posted Date : 14-Nov-2017 , 07:48:50 am | Posted By CASANSAAR

The Supreme Court today sent Delhi-based businessman to two-day custody of the Enforcement Directorate (ED) in a Rs 5,000 crore money laundering case. A bench comprising Chief Justice Dipak Misra and justices A M Khanwilkar and D Y Chandrachud allowed the ED to quiz Gagan Dhawan till November 15 ...

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Category : Banking | Comments : 0 | Hits : 372

Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies
Posted Date : 13-Nov-2017 , 05:59:18 pm | Posted By CASANSAAR

Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to...

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Category : GST | Comments : 0 | Hits : 120

August surplus clinched GST rate cut, talks on for shift to two-rate regime
Posted Date : 13-Nov-2017 , 10:25:09 am | Posted By CASANSAAR

The Centre and the states have been debating changes in goods and services tax (GST) rates, especially in the top bracket, but it was a surplus earned during August that appears to have finally given both the confidence to move ahead and slash rates on over 175 products in the top slab. Sources t...

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Category : GST | Comments : 0 | Hits : 400

IPPB Bank to become operational in 650 districts by April 2018
Posted Date : 11-Nov-2017 , 03:42:30 pm | Posted By CASANSAAR

The government today said India Post Payments Bank will become operational in all 650 districts of the country by April next year.  They will facilitate financial inclusion. In reply to a question, Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1....

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Category : Banking | Comments : 0 | Hits : 240

Changes in GST Rates as recommended by GST Council
Posted Date : 11-Nov-2017 , 09:03:44 am | Posted By CASANSAAR

Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati      In the meeting held today, that is 10th November, 2017, the Council has recommended major relief in GST rates on certain g...

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Category : GST | Comments : 0 | Hits : 775

Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017
Posted Date : 11-Nov-2017 , 09:01:52 am | Posted By CASANSAAR

The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the followingfacilitative measuresfortaxpayers: Return Filing The return filing process is to be further simplified in the following manner: All taxpayers would file return in FORM GST...

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Category : GST | Comments : 0 | Hits : 821

GST Changes recommended in Composition Scheme
Posted Date : 11-Nov-2017 , 08:55:10 am | Posted By CASANSAAR

The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today.   i. Uniform rate of tax @ 1% under composition scheme for manufacturers andtraders (for traders, turnover will be counted only for ...

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Category : GST | Comments : 0 | Hits : 562

Businesses can revise GST transition claim form now
Posted Date : 10-Nov-2017 , 07:29:33 pm | Posted By CASANSAAR

GST Network today said businesses can now make changes to the forms uploaded on the portal to claim transition credit. "The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017," GSTN said i...

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Category : GST | Comments : 0 | Hits : 285

GST rate on mass consumption items cut to 18% from highest slab of 28%
Posted Date : 10-Nov-2017 , 07:28:18 pm | Posted By CASANSAAR

The GST Council today decided to reduce tax rate on a wide range of mass use items from chewing gums to detergents to 18 per cent from current 28 per cent. Bihar Deputy Chief Minister Sushil Kumar Modi said this in Guwahati, where the full GST council meeting headed by Union Finance minister Aru...

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Category : GST | Comments : 0 | Hits : 374

GST Council to give across the board relief today
Posted Date : 10-Nov-2017 , 09:12:30 am | Posted By CASANSAAR

Hounded from all sides over the shoddy implementation of the newly-introduced goods and services tax (GST), the decision making body for the new indirect tax GST Council that will be meeting today in Guwahati could look at further raising the threshold for composition scheme, move a large number of ...

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Category : GST | Comments : 0 | Hits : 471

Now, link all your insurance policies to Aadhaar and PAN
Posted Date : 10-Nov-2017 , 08:49:24 am | Posted By CASANSAAR

In a directive that is likely to pose a huge logistical challenge to insurance providers, the regulator has made it mandatory for companies to link Aadhaar with every individual policy. The move comes even as the Supreme Court has asked banks not to spread panic through text messages on deadlines fo...

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Category : PAN | Comments : 0 | Hits : 676

RBI release new outsourcing norms for NBFCs
Posted Date : 10-Nov-2017 , 08:32:43 am | Posted By CASANSAAR

Non-banking financial companies (NBFCs) cannot outsource core management functions like internal audit, strategic and compliance functions for know your customer (KYC) norms, sanction of loans and management of investment portfolio.  In a notification on its website on Thursday RBI issued fr...

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Category : RBI | Comments : 0 | Hits : 327

Global regulators want to limit accountants' say on audit rules
Posted Date : 10-Nov-2017 , 08:28:58 am | Posted By CASANSAAR

Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest. Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession ...

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Category : Auditing | Comments : 0 | Hits : 584

High Court annuls 6 ICDS provisions, upholds its overall validity
Posted Date : 10-Nov-2017 , 08:25:46 am | Posted By CASANSAAR

The Delhi High Court has struck down six of the 10 provision under the Income Computation and Disclosure Standards (ICDS) as they overrode past judicial precedents. It, however, upheld the overall premise of this accounting principle for computing taxable income.  The introduction of ICDS ha...

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Category : Income Tax | Comments : 0 | Hits : 428

RBI asks banks to provide doorstep banking facilities to senior citizens & divyangs
Posted Date : 10-Nov-2017 , 08:17:58 am | Posted By CASANSAAR

The RBI has asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year.  Banks have been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided ...

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Category : RBI | Comments : 0 | Hits : 187

23rd GST Council Meet to begin in Guwahati today
Posted Date : 09-Nov-2017 , 07:39:10 am | Posted By CASANSAAR

The 23rd meeting of the Goods and Services Tax (GST) Council will begin in Guwahati today. The two-day meeting will review the impact of the new tax regime in the first quarter of its implementation.  In an interview to All India Radio, Union Finance Minister Arun Jaitley said, the Council i...

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Category : GST | Comments : 0 | Hits : 191

GST Council meeting likely to deliberate on bringing Real Estate under GST - FM
Posted Date : 08-Nov-2017 , 09:58:24 pm | Posted By CASANSAAR

The Finance Minister Mr. Arun Jaitley says, the positive indications have started emerging in the formal economy after a year of demonetisation. He said, the tax base has increased, more money is available now in the banks, mutual funds and capital market.  In an exclusive interview to Al...

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Category : GST | Comments : 0 | Hits : 80

All GST issues to be resolved on November 10 - PM
Posted Date : 08-Nov-2017 , 08:31:30 am | Posted By CASANSAAR

Almost all the woes being faced by businesses and traders under the four-month-old Goods and Services Tax (GST) regime would likely be resolved by the GST Council at its November 10 meeting, Prime Minister Narendra Modi said. India’s 100th rank in the World Bank’s latest ease of doing...

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Category : GST | Comments : 0 | Hits : 325

Income Tax to issue 1Lakh notices for huge deposits post demonetisation
Posted Date : 08-Nov-2017 , 08:27:03 am | Posted By CASANSAAR

The Income Tax Department is set to issue notices to about one lakh entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for detailed probe into suspected discrepancies, official sources said.  Issue of notices will begin this ...

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Category : Income Tax | Comments : 0 | Hits : 484

Bitcoins not to be used for payments and settlements for now - RBI
Posted Date : 07-Nov-2017 , 08:33:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) today reiterated its stand on cryptocurencies saying the bitcoins will not be used for making payments and settlements for now. Answering a query from the audience at the FIBAC banking event, S Ganesh Kumar, Executive Director of RBI said, "Our current positio...

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Category : RBI | Comments : 0 | Hits : 646

Govt may review monthly GST return filing process
Posted Date : 06-Nov-2017 , 09:47:05 pm | Posted By CASANSAAR

The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said.  Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail...

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Category : GST | Comments : 0 | Hits : 438

20572 Income Tax Returns under scanner for Detailed Investigation
Posted Date : 06-Nov-2017 , 09:44:24 pm | Posted By CASANSAAR

The Income Tax Department has picked 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation , official sources said today. Separately, they said, the department has identified one lakh "high risk" cases of alleged tax eva...

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Category : ITR | Comments : 0 | Hits : 1416

Investigations in cases of Paradise Papers to be monitored through reconstituted Multi Agency Group
Posted Date : 06-Nov-2017 , 09:38:22 pm | Posted By CASANSAAR

Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationa...

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Category : Income Tax | Comments : 0 | Hits : 106

Revenue Secretary Hasmukh Adhia designated Finance Secretary
Posted Date : 06-Nov-2017 , 09:36:22 pm | Posted By CASANSAAR

Revenue secretary Hasmukh Adhia was on Monday appointed as finance secretary in the union ministry of finance. He replaces Ashok Lavasa who achieved superannuation last month. The Appointments Committee of the Cabinet has approved designating Adhia as the finance secretary, the order issued by th...

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Category : Income Tax | Comments : 0 | Hits : 109

GSTN eases process for exporters to claim refunds
Posted Date : 06-Nov-2017 , 02:07:50 pm | Posted By CASANSAAR

The Goods and Services Tax Network (GSTN) has said that it has introduced a utility Table 6A in the Form GSTR-1 used by exporters to claim refunds. In a statement yesterday, it said Table 6A of Form GSTR1 has been introduced on the GST portal. Table 6A of Form GSTR1 allows taxpayers to file expor...

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Category : GST | Comments : 0 | Hits : 212

Govt freezes 58,000 bank accounts of 35K shell Cos
Posted Date : 06-Nov-2017 , 08:34:50 am | Posted By CASANSAAR

The noose around shell companies has tightened as the government has banned 58,000 bank accounts of 35,000 alleged shell companies who have deposited and withdrawn over Rs 17,000 crore during since demonetization. The move is part of a massive ongoing drive during which 2.24 lakh companies have s...

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Category : Accounts | Comments : 0 | Hits : 384

GST Council to consider slashing GST on common use goods
Posted Date : 06-Nov-2017 , 08:32:05 am | Posted By CASANSAAR

The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week. The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on N...

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Category : GST | Comments : 0 | Hits : 244

Offline version for GSTR-4 preparation launched on GST portal
Posted Date : 05-Nov-2017 , 10:03:41 am | Posted By CASANSAAR

Flagging off preparation for the filing of GSTR-4, the quarterly return for taxpayers who have opted for Composition Levy, the Goods and Services Tax Network (GSTN) introduced an offline tool on the GST Portal for the same. “GSTR-4 return can be prepared only using the Offline Tool. This ha...

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Category : GST | Comments : 0 | Hits : 131

PM hints at more measures for businesses on GST
Posted Date : 05-Nov-2017 , 10:00:11 am | Posted By CASANSAAR

Promising more measures to ease problems faced by small businesses due to GST, Prime Minister Narendra Modi on Saturday said a committee of state ministers has accepted most of the suggestions made by them and an announcement is likely in the GST Council meet next week. The GST Council had announ...

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Category : GST | Comments : 0 | Hits : 103

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