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27th GST Council meet Highlights
Posted Date : 05-May-2018 , 11:04:35 am | Posted By CASANSAAR

The GST Council on Friday decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. In its 27th meeting, the GST Council also decided to take complete ownership of the go...

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Category : Income Tax | Comments : 0 | Hits : 512

Over 23000 bank fraud cases involving Rs 1 lakh crore in five years - RBI
Posted Date : 04-May-2018 , 11:47:32 pm | Posted By CASANSAAR

Over 23,000 cases of fraud involving ₹1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI). A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 201...

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Category : RBI | Comments : 0 | Hits : 263

No changes in Insolvency and Bankruptcy Code till Sept
Posted Date : 05-May-2018 , 10:07:37 am | Posted By CASANSAAR

  The confusion and ambiguity in the Insolvency and Bankruptcy Code (IBC) will continue for some more time, as the Central government is planning to wait for two more quarters before proposing any changes in the code, as it seeks more clarity on the issue. The government had formed...

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Category : Insolvent Professional | Comments : 0 | Hits : 335

SEBI allows exchanges to extend derivative trade till 11.55 pm
Posted Date : 05-May-2018 , 09:55:57 am | Posted By CASANSAAR

Markets regulator SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange.  This is similar to the trading hours for commodity de...

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Category : Income Tax | Comments : 0 | Hits : 167

Change in GST rate for digital transactions and imposition of Sugar Cess
Posted Date : 04-May-2018 , 11:23:25 pm | Posted By CASANSAAR

 Incentive to promote Digital Transactions:   1.        Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and...

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Category : GST | Comments : 0 | Hits : 671

​GST Council approves principles for filing of new return design
Posted Date : 04-May-2018 , 11:22:00 pm | Posted By CASANSAAR

GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows –  Onemonthly Return:All taxpayers excluding a few exceptions ...

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Category : GST | Comments : 0 | Hits : 935

Change in the shareholding pattern of GSTN
Posted Date : 04-May-2018 , 04:33:31 pm | Posted By CASANSAAR

The Goods and Services Tax Network - Special Purpose Vehicle (GSTN-SPV) was created as a private limited, not-for-profit company under Section 25 of the Companies Act, 1956 (Section 8 of the Companies Act, 2013) by Govt. of India on 28th March, 2013 with an objective to provide shared IT infrastruct...

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Category : GST | Comments : 0 | Hits : 399

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962
Posted Date : 04-May-2018 , 09:31:24 am | Posted By CASANSAAR

Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been prov...

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Category : CBDT | Comments : 0 | Hits : 318

GST Council meet to decide on easing return filing
Posted Date : 04-May-2018 , 09:29:22 am | Posted By CASANSAAR

The main item on the agenda for the GST Council meeting on Friday is likely to be the simplification of the return filing system into a single form and a decision on whether businesses can avail of provision credit or not, according to tax analysts. According to the GST law, the return filing pro...

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Category : GST | Comments : 0 | Hits : 487

Income Tax Dept detects Rs 1 lakh Cr unreported high value transactions
Posted Date : 04-May-2018 , 09:24:35 am | Posted By CASANSAAR

The Income Tax (IT) department has detected three lakh unreported transactions in the financial year 2017-18, sources revealed on Thursday. The value of these transactions detected is more that Rs. one lakh crore. These unreported transactions were detected by the Directorate of Intelligence and ...

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Category : Income Tax | Comments : 0 | Hits : 1000

CBDT achieves another milestone by signing its 200th UAPA in April, 2018
Posted Date : 04-May-2018 , 09:21:23 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has entered into one Unilateral Advance Pricing Agreement (UAPA) during the month of April, 2018. With the signing of this Agreement, the CBDT has achieved another milestone of having signed its 200th UAPA. The total number of APAs entered into by CBDT has go...

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Category : CBDT | Comments : 0 | Hits : 182

Applicability of GST on Transfer of Tenancy Rights - CBIC
Posted Date : 03-May-2018 , 10:07:41 am | Posted By CASANSAAR

In what has implications for commercial rental space and businesses in general, the government has said transfer of tenancy rights is a service liable to tax. A finance ministry circular has said such activity against consideration in the form of tenancy premium constitutes a “supply of servic...

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Category : GST | Comments : 0 | Hits : 362

High NPA ratio proves PSBs did not make enough provisions - RBI
Posted Date : 03-May-2018 , 09:58:38 am | Posted By CASANSAAR

Public sector banks did not make enough provisions as seen from their high net non-performing asset (NPA) ratio of 6.9 per cent (against 2.2 per cent and 0.6 per cent for private sector and foreign banks, respectively) at the end of March 2017, according to a Reserve Bank of India occasional paper. ...

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Category : RBI | Comments : 0 | Hits : 194

Digital copy of E-way bill enough to give transporters right of way - HC
Posted Date : 03-May-2018 , 09:53:00 am | Posted By CASANSAAR

Tax authorities cannot seize goods just because they-’re not accompanied by a physical copy of the electronic way bill (eway bill), the Allahabad High Court said in the first ruling on documents required to transport goods under the goods and services tax (GST) regime, thus setting a precedent...

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Category : GST | Comments : 0 | Hits : 300

SC Orders deletion of adverse remarks made by NCLAT against Resolution Professional
Posted Date : 03-May-2018 , 09:50:10 am | Posted By CASANSAAR

The Supreme Court has directed deletion of adverse remarks made against a Resolution Professional (RP) registered with the Insolvency and Bankruptcy Board of India by the National Company Law Appellate Tribunal (NCLAT) questioning his competence without any reasons and despite the Committee of Credi...

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Category : Insolvent Professional | Comments : 0 | Hits : 795

Cabinet approves Mutual Recognition Agreement between ICAI and SAICA
Posted Date : 03-May-2018 , 09:32:56 am | Posted By CASANSAAR

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has has approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA). Details:           Approval...

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Category : ICAI | Comments : 0 | Hits : 418

RBI allows FPIs to invest in treasury bills
Posted Date : 01-May-2018 , 09:51:42 pm | Posted By CASANSAAR

Easing foreign investment rules, the Reserve Bank today permitted FPIs to invest in treasury bills issued by the central government. However, the foreign portfolio investors (FPIs) will have to ensure that their exposure in government securities as well as corporate bonds of less than one year ma...

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Category : RBI | Comments : 0 | Hits : 137

GST Revenue collection for April 2018 exceeds Rs 1 lakh crore
Posted Date : 01-May-2018 , 12:12:23 pm | Posted By CASANSAAR

The revenue collection from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance said on Tuesday. This is the first occasion that the monthly revenue has breached the Rs 1 trillion milestone. GST Revenue collection for April 2018 exceeds Rs.1 lakh crore. &...

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Category : GST | Comments : 0 | Hits : 552

Banks start forensic audit of Potential NPA Accounts
Posted Date : 30-Apr-2018 , 10:19:00 am | Posted By CASANSAAR

With an aim to identify possible non performing assets (NPAs), public sector banks have started carrying out audits on accounts which have loans of above Rs 50 crore registered against them. This comes after a directive issued from the Finance Ministry. Once the audit is completed, the banks will de...

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Category : Auditing | Comments : 0 | Hits : 936

Govt to target 65 lakh people for not filing income tax returns
Posted Date : 30-Apr-2018 , 10:08:18 am | Posted By CASANSAAR

The Union government's drive towards higher compliance has already helped it garner additional Rs 1.5 lakh crore in direct taxes during 2017-18 and get a record number of new filers. But it is not done yet with the tax department chasing 65 lakh people who it suspects did not file returns last y...

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Category : ITR | Comments : 1 | Hits : 1317

RBI liberalises ECB norms; more access to cheaper funds
Posted Date : 28-Apr-2018 , 07:48:52 am | Posted By CASANSAAR

In a bid to facilitate cheaper access of overseas funds Reserve Bank of India (RBI) further liberalised External Commercial Borrowings (ECB) Policy by including more sectors in the window. "It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign e...

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Category : RBI | Comments : 0 | Hits : 1983

SEBI extends deadline for new FPI limits monitoring system
Posted Date : 28-Apr-2018 , 07:19:40 am | Posted By CASANSAAR

Markets regulator Sebi today extended deadline till May 18 for putting in place a new system for depositories to monitor the foreign investment limits in listed Indian companies.  The earlier deadline was May 1.  In a circular issued today, Securities and Exchange Board of India (Seb...

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Category : SEBI | Comments : 0 | Hits : 1835

Unique Identity Number (UIN) on GST invoice is mandatory
Posted Date : 28-Apr-2018 , 07:14:30 am | Posted By CASANSAAR

Quoting of the Unique Identity Number (UIN) allotted to diplomats and multilateral agency officials serving in India is necessary on the sale invoice, the government said on Friday.  A Finance Ministry release here said that complaints had come in from foreign diplomatic missions and UN bodi...

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Category : GST | Comments : 0 | Hits : 2775

Employers can validate e-challan offline with new tool - EPFO
Posted Date : 28-Apr-2018 , 07:08:13 am | Posted By CASANSAAR

Retirement fund body EPFO today said it has provided an offline tool for employers for validating the ECR or EPF return (electronic challan cum return) before uploading it at the unified portal. "In order to assist the employer to create the correct ECR file every month, EPFO has provided an...

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Category : Corporate Law | Comments : 0 | Hits : 1905

NCLAT stays CCI penalty of Rs 136 Cr on Google in search bias case
Posted Date : 28-Apr-2018 , 07:03:17 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) today stayed an order of the Competition Commission that imposed a penalty of Rs 136 crore on Google for unfair business practices in online search market. While admitting the plea of Google against the order, the NCLAT bench headed by Chairman ...

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Category : Corporate Law | Comments : 0 | Hits : 1906

Govt collects Rs 7.41 lakh Cr from GST in FY 17-18
Posted Date : 28-Apr-2018 , 07:01:42 am | Posted By CASANSAAR

The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry. The government rolled out the GST regime from July 1 last year. "During the year 2017-18, total revenue collections under GST in the period between August 2...

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Category : GST | Comments : 0 | Hits : 2203

Monthly payroll reporting for formal sector introduced for regular assessment of employment in sector
Posted Date : 27-Apr-2018 , 12:28:55 pm | Posted By CASANSAAR

India has introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment. It will put an end to all speculations and conjectures regarding job creation in the economy.  The payroll data from Employees’ Provident Fund Organisation (EPF...

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Category : General | Comments : 0 | Hits : 1892

IPs facing disciplinary proceedings cannot take up assignments - IBBI
Posted Date : 26-Apr-2018 , 10:11:54 am | Posted By CASANSAAR

Insolvency regulator IBBI has barred insolvency professionals from accepting fresh assignments if a show-cause notice is issued to them under a disciplinary proceeding. An insolvency professional (IP) who has been issued a show-cause notice should not accept any fresh assignment as interim resolu...

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Category : Insolvent Professional | Comments : 0 | Hits : 1933

Discounts by Flipkart are not taxable - ITAT
Posted Date : 26-Apr-2018 , 10:07:11 am | Posted By CASANSAAR

 Flipkart won respite from the Income-Tax Appellate Tribunal in Bengaluru, which rejected the revenue department’s contention that discounts doled out on India’s largest online retailing platform two years ago should be reclassified as capital expenditure and are not eligible for de...

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Category : Income Tax | Comments : 0 | Hits : 2110

20 million e-way bills generated in 24 days - GSTN
Posted Date : 25-Apr-2018 , 09:29:13 pm | Posted By CASANSAAR

More than 20 million (two crore) e-way bills have been generated since the beginning of this month, according to GSTN. The 'GST Systems' in a tweet said, "In a span of 24 days, over 2 crore E-Way Bills were generated for the movement of goods". The twitter handle of GST Syste...

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Category : GST | Comments : 0 | Hits : 2038

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