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Prime Minister Narendra Modi will launch a revised syllabus for Chartered Accountancy students from July 1 this year, according to the former president of Institute of Chartered Accountants of India (ICAI), G Ramaswamy, who claimed that the number of students pursuing CA will increase in the next fe...

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Category : CA | Comments : 0 | Hits : 1121

Chartered accountants, who get enrolled in the Indian chartered accountant institute after mid-July ’18 will not get a licence to practice chartered accountancy in Nepal. The Institute of Chartered Accountants of Nepal (ICAN), the regulatory body for chartered accountants, has taken a decis...

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Category : CA | Comments : 0 | Hits : 439

The Union Finance Minister Sh. Arun Jaitley today has written a letter to the Chief Minister of the State of Jammu and Kashmir, Membooba Mufti Sayeed urging for introduction of  the goods and services tax in Jammu and Kashmir from 1st July, 2017 along with the rest of the States. &...

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Category : GST | Comments : 0 | Hits : 209

With the objective of ensuring smooth rollout of GST and taking into account the feedback received from the trade and industry regarding the provisions of deduction of tax at Source under Section 51 of the CGST / SGST Act 2017 and collection of tax at source under Section 52 of the CGST / SGST Act 2...

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Category : GST | Comments : 0 | Hits : 449

Traders' body CAIT today demanded setting up of an 'impartial authority' like an ombudsman or Lokpal, whom businessmen can voice their grievances related to the Goods and Services Tax (GST) and seek redressal. "At present if I have a taxation-related grievance, the appellate auth...

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Category : GST | Comments : 0 | Hits : 165

Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration. Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sund...

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Category : GST | Comments : 0 | Hits : 735

Banks for the first time have been made accountable for misselling third-party products like insurance policies or mutual fund schemes. Customers can also file complaints against banks for problems with mobile and digital banking services.  The RBI on Friday said that it has widened the scop...

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Category : RBI | Comments : 0 | Hits : 171

The CBDT has notified revised income tax scrutiny notices that will allow taxpayers to conduct their business with the taxman over the Internet without needing to visit the I-T office, hence reducing physical interface between them. The new format pertains to three types of notices that are issue...

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Category : CBDT | Comments : 0 | Hits : 434

The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India....

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Category : RBI | Comments : 0 | Hits : 105

The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors. Currently, these companies can't appoint individual auditors for consecutive five years and auditor ...

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Category : Auditing | Comments : 0 | Hits : 1003

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has passed a resolution expressing gratitude to Chief Ministers of States and others for their cooperation in introduction of GST. “GST is the biggest tax reform in independent India. It is one of the most sweeping indirect ...

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Category : GST | Comments : 0 | Hits : 185

As the four-rate structure, Goods and Services Tax will come into force in all states across the country except Jammu & Kashmir from the midnight of June 30, the Reserve Bank of India Governor Mr. Urjit Patel today expressed optimistic view that GST would eventually reduce taxes and inefficienci...

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Category : RBI | Comments : 0 | Hits : 204

GST Network, the company providing IT backbone for the GST, will launch two call centres on Sunday to handle queries from taxpayers and tax officials. The Goods and Services Tax will be rolled out from July 1, and GSTN will have a major role to play as it will have to handle the huge traffic of i...

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Category : GST | Comments : 0 | Hits : 297

Government has said a new window for registration for Goods and Services Tax for excise, service tax and VAT payers will reopen on June 25th.  Talking to media, Revenue Secretary Hasmukh Adhia said traders and businessmen can enroll themselves on GSTN website. Two rounds of registration have...

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Category : GST | Comments : 0 | Hits : 374

As of today, all the States and Union Territories (having assemblies), except the State of Jammu & Kashmir, have approved the State Goods and Services Tax (SGST) Act. The State of Kerala issued an Ordinance today approving State GST Act while the State of West Bengal had issued an Ordinance in t...

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Category : GST | Comments : 0 | Hits : 997

The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period. After the November 8 shock demonetisation announ...

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Category : Banking | Comments : 0 | Hits : 329

Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do. In an interview to PTI, Revenue Secretary H...

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Category : GST | Comments : 0 | Hits : 1072

Capital markets regulator, SEBI on Wednesday relaxed take over norms for acquisition of stressed assets of listed companies to help the government and the RBI in their efforts to tackle bad loans. SEBI Chairman Ajay Tyagi said this after a board meeting in Mumbai, on Wednesday.  SEBI's b...

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Category : SEBI | Comments : 0 | Hits : 130

Union Finance Minister Arun Jaitley on Tuesday said, Goods and Services Tax (GST) will officially be launched on 30th June midnight.  Briefing media in New Delhi, Mr Jaitley said the launch function will be held exactly at midnight in the Central Hall of Parliament.  He said Presiden...

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Category : GST | Comments : 0 | Hits : 474

Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatri...

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Category : CBDT | Comments : 0 | Hits : 335

The Goods and Service Tax (GST) Council on Sunday decided to tax state-run lotteries and state authorised lotteries at 12 and 18 per cent respectively and to tax 28 per cent in hotels starting from Rs 7,500 and 18 per cent below Rs. 7,500. Union Finance Minister Arun Jaitley said the GST on resta...

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Category : GST | Comments : 0 | Hits : 432

The GST Council relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime. Briefing media at meeting of the council in New Delhi, Finance Minister Arun Jaitley said, to obviate any lack of preparedness, a slight relaxation of time for two month...

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Category : GST | Comments : 0 | Hits : 454

The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was taken by ...

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Category : Banking | Comments : 0 | Hits : 395

In a fresh development, Government has made Aadhaar mandatory for opening a bank account. It has also made it mandatory for financial transactions of Rs 50,000 and above. All the existing account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will bec...

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Category : Income Tax | Comments : 0 | Hits : 412

The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers. The 13-member task force has been asked to submit its report on the new tax assessment pr...

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Category : CBDT | Comments : 0 | Hits : 452

The Civil Aviation Ministry has requested the Finance Ministry to defer the rollout of the Goods and Services Tax to September, reports the Hindu. The airlines claim it will be difficult for them to make the switch to the new indirect tax regime by July, when the GST is set for a pan-India implement...

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Category : GST | Comments : 0 | Hits : 449

CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961    Finance Act, 2016, inter alia, introduced special provisions in respect of foreign company said to be res...

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Category : CBDT | Comments : 0 | Hits : 291

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to...

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Category : GST | Comments : 0 | Hits : 678

The new indirect tax regime in the country is to come into effect from 01.07.2017, wherein fixation of GST rates on the supplies is joint responsibility of the Central and State governments after the approval from the GST Council.             ...

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Category : GST | Comments : 0 | Hits : 356

The all powerful GST Council will meet on June 18 to finalise tax rates on lottery as well as rules relating to e-way bill and anti-profiteering measures. This will be the 17th meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts. The Counci...

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Category : GST | Comments : 0 | Hits : 315