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No GST on housing society RWA with Rs 5K/month subscription
Posted Date : 14-Jul-2017 , 07:31:59 am | Posted By CASANSAAR

Services provided by housing societies resident welfare association will not become expensive under the Goods and Services Tax (GST) regime, the finance ministry said today. Resident welfare association will be required to pay GST on monthly subscription/contribution charged from its members if s...

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Category : GST | Comments : 0 | Hits : 689

Services by educational institution to students, faculty and staff are exempt from GST
Posted Date : 13-Jul-2017 , 10:39:02 pm | Posted By CASANSAAR

No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation;  Services provided by an educational institution to students, faculty and staff are fully exempt from GST.    There are some reports th...

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Category : GST | Comments : 0 | Hits : 595

GST - No Reverse Charge on Sale of old jewellery by an individual to a jeweller
Posted Date : 13-Jul-2017 , 10:17:47 pm | Posted By CASANSAAR

Further clarification on tax in reverse charge on gold ornaments;  Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered ...

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Category : GST | Comments : 0 | Hits : 482

Sensex breaches 32,000 mark for first time
Posted Date : 13-Jul-2017 , 10:04:57 pm | Posted By CASANSAAR

The Sensex at the Bombay Stock Exchange breached the 32,000 mark for the first time ever in morning trade.  Later, the Sensex remained strong, and had surged 236 points, or 0.7 percent, to 32,041 a short while ago.  The Nifty at the the National Stock Exchange also touched a new intr...

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Category : Shares & Stock | Comments : 0 | Hits : 111

Rs 3.5 crore cash, 5 kg gold recovered from Income Tax official
Posted Date : 13-Jul-2017 , 07:12:29 am | Posted By CASANSAAR

The CBI recovered Rs 3.5 crore cash and 5 kg gold during searches at the Kolkata residence of Jharkhand's Principal Commissioner of Income Tax in connection with a corruption case, the agency said. The recoveries were made during simultaneous searches launched by the agency in the morning at ...

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Category : Income Tax | Comments : 0 | Hits : 255

Bombay High Court dismisses plea on GST
Posted Date : 12-Jul-2017 , 09:30:13 am | Posted By CASANSAAR

The Bombay High Court on Tuesday dismissed a public interest litigation seeking deferring the implementation of the Goods and Services Tax (GST) till the beginning of the next financial year. The petition, filed by retired professor K S Pillai, had challenged the Union government’s decision...

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Category : GST | Comments : 0 | Hits : 280

SEBI amends guidelines for foreign investors looking to operate at IFSC
Posted Date : 12-Jul-2017 , 09:11:43 am | Posted By CASANSAAR

Markets regulator sebi has amended the guidelines for eligible foreign investors looking to operate at the International Financial Services Centre, IFSC. According to the new guidelines, a trading member of a stock exchange in the IFSC can now carry out the due diligence for an eligible foreign i...

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Category : SEBI | Comments : 0 | Hits : 88

No GST is applicable on free food supplied in anna kshetras run by religious institutions
Posted Date : 11-Jul-2017 , 06:55:39 pm | Posted By CASANSAAR

  No GST is applicable on free food supplied in anna kshetras run by religious institutions; prasadam supplied by religious places like temples, mosques, churches, gurudwaras, dargahs, etc. attracts Nil CGST and SGST or IGST, as the case may be.          &...

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Category : GST | Comments : 0 | Hits : 154

Result of CA Final & CPT Exams held in May/June 2017 to be declared on 18th July 2017
Posted Date : 11-Jul-2017 , 06:37:04 pm | Posted By CASANSAAR

The result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 are likely to be declared on Tuesday, the 18th July 2017 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and up...

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Category : CA Results | Comments : 0 | Hits : 735

GST to apply on rental income beyond Rs 20 lakh - RS
Posted Date : 11-Jul-2017 , 07:09:55 am | Posted By CASANSAAR

Rental income from residential property has been exempt from the goods and services tax (GST) but any earning over Rs20 lakh annually from renting or leasing for commercial purposes would attract the levy. Revenue secretary Hasmukh Adhia said that if the house property is rent out for shop or off...

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Category : GST | Comments : 0 | Hits : 1498

Govt clarifies GST rate for Sanitary Napkins
Posted Date : 10-Jul-2017 , 10:38:02 pm | Posted By CASANSAAR

There are some remarks made by various column writers on GST rate on sanitary napkins. It may be mentioned that the tax incidence on this item before and after GST is the same or less.  Sanitary napkins are classifiable under heading 9619. In pre-GST, they attracted concessional excise duty ...

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Category : GST | Comments : 0 | Hits : 479

Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST
Posted Date : 10-Jul-2017 , 10:34:27 pm | Posted By CASANSAAR

It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subje...

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Category : GST | Comments : 0 | Hits : 836

FM Arun Jaitley launches new tax payer service module Aaykar Setu
Posted Date : 10-Jul-2017 , 10:29:19 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley today launched a new tax payer service module called Aaykar Setu. It compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module.  Speaking on the occasion, Mr Jait...

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Category : Income Tax | Comments : 0 | Hits : 618

FM launches a Mobile App GST Rates Finder to help users to find rates of GST for various goods and services
Posted Date : 08-Jul-2017 , 09:32:47 pm | Posted By CASANSAAR

The Central Board of Excise and Customs (CBEC) takes certain initiatives for Ease of Doing Business under the GST regime; Finance Minister Shri Arun Jaitley launches a Mobile App “GST Rates Finder” to help users to find rates of GST for various goods and services.    The ...

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Category : GST | Comments : 0 | Hits : 313

Clarification on Migration, New Registration, Opting for Composition Scheme and Issue of Bills of Supply
Posted Date : 08-Jul-2017 , 09:30:33 pm | Posted By CASANSAAR

The Rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These Rules have been brought into effect from 22nd June, 2017. The intent of notifying these rules is to start the process of issue of registration certificate, called Goods and Services Tax Identificati...

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Category : GST | Comments : 0 | Hits : 388

Print post-GST rates on items or go to jail, government warns traders
Posted Date : 08-Jul-2017 , 08:36:48 am | Posted By CASANSAAR

The government on Friday warned manufacturer, importer and sellers of pre-packaged goods of penalties ranging from fines of up to Rs 1 lakh or prison terms up to a year for repeat offence of not printing the post-GST rates on product labels. The consumer affairs ministry has come out with the new no...

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Category : GST | Comments : 0 | Hits : 508

RBI to guide banks on provisioning under Ind AS
Posted Date : 07-Jul-2017 , 08:28:41 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) plans to guide banks in their transition to Indian Accounting Standards (IndAS) from 1 April next year—particularly on bad-loan provisioning, which will be based on expected future losses. The transition will be challenging for banks in terms of the skills re...

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Category : RBI | Comments : 0 | Hits : 277

Multiple registrations in GST allowed under one PAN - Revenue Secretary
Posted Date : 07-Jul-2017 , 08:24:53 am | Posted By CASANSAAR

Enlisting the two exceptions for the condition of one registration in one state for one PAN (Permanent Account Number), revenue secretary Hasmukh Adhia clarified that firms with multiple business verticals can choose to apply for multiple registrations on the Goods and Services Tax (GST) Network. Du...

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Category : GST | Comments : 0 | Hits : 741

RBI fixes customer liability for unauthorised transactions
Posted Date : 07-Jul-2017 , 08:18:14 am | Posted By CASANSAAR

Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the Reserve Bank of India said on Thursday. In case the third party fraud is reported with a delay o...

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Category : RBI | Comments : 0 | Hits : 268

SC directs Centre to start filling up vacancies in ITAT
Posted Date : 06-Jul-2017 , 08:13:26 am | Posted By CASANSAAR

The Supreme Court today asked the Centre to initiate within three weeks the process of filling up vacancies of presidents, vice presidents and members in different benches of the Income Tax Appellate Tribunals (ITAT) across the country. A bench of Chief Justice J S Khehar and Justice D Y Chandrac...

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Category : Income Tax | Comments : 0 | Hits : 271

CGST won't apply on items not registered under trademark law
Posted Date : 06-Jul-2017 , 08:07:25 am | Posted By CASANSAAR

The government said 5 per cent Central GST will not apply to products that are not registered under the Trade Marks Act. Finance Ministry in a statement said CGST rate on supply of certain goods such as paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses is z...

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Category : GST | Comments : 0 | Hits : 503

J&K Assembly passes resolution to implement GST in the state
Posted Date : 05-Jul-2017 , 05:21:00 pm | Posted By CASANSAAR

The Jammu and Kashmir Legislative Assembly adopted the Goods and Services Tax (GST) resolution during a special session on Wednesday. The state assembly passed the landmark tax reform during a special session, after two days of heated exchanges and fiery debates between BJP members and the opposi...

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Category : GST | Comments : 0 | Hits : 262

Tax Audit Report form revised, new disclosures mandated
Posted Date : 05-Jul-2017 , 08:53:02 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has revised the tax audit form (3CD), stipulating more disclosures of information including those on monies received for immovable property and advances received in cash beyond specified limits. The revised form also specifically refers to information on u...

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Category : Tax Audit | Comments : 0 | Hits : 3041

Six Days GST Ki Master Classes on DD National - CBEC
Posted Date : 05-Jul-2017 , 08:38:28 am | Posted By CASANSAAR

GST-KI-Master Class to be held on six days covering issues relating to Registration & Migration Transition & Invoice Making, Composition and Record Keeping; To be telecast Live on DD National and other Channels.    Department of Revenue, Government of India and the Central ...

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Category : GST | Comments : 0 | Hits : 3875

Over 7.36 Crore PANs linked with Aadhaar - Income Tax Department
Posted Date : 05-Jul-2017 , 08:25:09 am | Posted By CASANSAAR

Nearly a quarter of 30 crore PAN holders have linked their unique alphanumeric number with Aadhaar, with over one crore such seedings happening last month. The jump in the number came after the government made it clear that the PAN-Aadhaar linking was mandatory from July 1 for filing of income ta...

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Category : PAN | Comments : 0 | Hits : 187

Another chance to exchange demonetized notes likely in 15 days
Posted Date : 05-Jul-2017 , 08:21:32 am | Posted By CASANSAAR

The Supreme Court on Tuesday sought to prevail on the Centre to open a fresh window for exchange of scrapped Rs 500 and Rs 1,000 notes+ for people who missed the December 30 deadline, if they could establish that the money was theirs and they had a genuine reason for not changing it. The court wa...

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Category : Bank | Comments : 0 | Hits : 548

GST rate for specified items for Physically Challenged Persons
Posted Date : 04-Jul-2017 , 04:45:26 pm | Posted By CASANSAAR

Some questions are raised about GST rates fixed for specific devices for physically challenged persons. This matter is explained here in below.   Assistive devices and rehabilitation aids for physically challenged persons, listed below, have been kept at the concessional 5% GST rate:   ...

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Category : GST | Comments : 0 | Hits : 262

Credit card bill payment exempt from cash dealing limit
Posted Date : 04-Jul-2017 , 04:42:03 pm | Posted By CASANSAAR

Restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue department has said. The Finance Act 2017 banned cash transaction of Rs 2 lakh or above with effect April 1, 2...

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Category : Income Tax | Comments : 0 | Hits : 309

CBDT sends names of 12 CAs indulging in tax evasion to ICAI
Posted Date : 04-Jul-2017 , 12:56:55 pm | Posted By CASANSAAR

In a move to crackdown on Chartered Accountants indulging in unethical tax evasion, Central Board of Direct Taxes (CBDT) has sent a list of 12 CAs to the Institute of Chartered Accountants of India (ICAI) for action. The move comes a day after Prime Minister Narendra Modi urged CAs to work against t...

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Category : CA | Comments : 0 | Hits : 3504

Cabinet Secy asks secretaries of various depts to ensure smooth implementation of GST
Posted Date : 04-Jul-2017 , 09:04:07 am | Posted By CASANSAAR

Cabinet Secretary P K Sinha held a review meeting to take stock of implementation of the GST. The Cabinet Secretary asked secretaries of various departments to give their feedback on the rollout of GST.  Mr. Sinha asked every Secretary to take-up the responsibility of addressing the GST rela...

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Category : GST | Comments : 0 | Hits : 150

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