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CBEC to Redistribute Cases in Jurisdictions to Reduce Pendency of cases with Commissioners (Appeal
Posted Date : 18-Oct-2017 , 08:33:40 am | Posted By CASANSAAR

In order to clear the pendency of cases as on 30th June 2017 before the Commissioners of Central Excise and Service Tax (Appeals), the CBEC will redistribute the cases pending in the jurisdiction of a Principal Chief Commissioner / Chief Commissioner of Central Excise and Service Tax, among other Co...

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Category : Service Tax | Comments : 0 | Hits : 444

FM launches Gold options trading on MCX
Posted Date : 17-Oct-2017 , 05:56:06 am | Posted By CASANSAAR

Finance Minister Arun Jaitley today launched gold options trading on the leading commodity bourse MCX and said this is one of the steps towards formalising trade in the yellow metal. Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or ...

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Category : Shares & Stock | Comments : 0 | Hits : 222

GST penalty imposed before deadline
Posted Date : 17-Oct-2017 , 12:33:33 am | Posted By CASANSAAR

Thanks to a technical glitch on the GST website, traders and chartered accountants found it difficult to file GST returns. The deadline for filing GST returns for September transactions is October 20. However, when returns were uploaded on the website, it erroneously issued penalties for late fil...

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Category : GST | Comments : 1 | Hits : 3024

SEBI sets norm for physical settlement in commodity derivative
Posted Date : 17-Oct-2017 , 08:36:36 am | Posted By CASANSAAR

Markets regulator Sebi asked exchanges to prefer physical settlement system for commodity derivatives contracts, a move that is expected to help hedgers manage risk better as well as curb excessive  manipulation.  "The first preference of settlement type shall always be by the way ...

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Category : SEBI | Comments : 0 | Hits : 271

Govt is open for further GST Amendments - PM
Posted Date : 17-Oct-2017 , 08:26:14 am | Posted By CASANSAAR

Prime Minister Narendra Modi on Monday said that his government was open to further amendments in the Goods and Services Tax (GST) and assured the business community in Gujarat that all GST hurdles will be solved. He was addressing a massive rally of supporters and BJP workers at Bhat village in ...

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Category : GST | Comments : 0 | Hits : 471

SC to hear petition against linking Aadhaar to bank accounts and mobile
Posted Date : 16-Oct-2017 , 03:06:15 pm | Posted By CASANSAAR

service, a petition has been filed in the Supreme Court challenging the government's directive to link the two with Aadhaar numbers. According to petition, filed by activist Dr. Kalyani Menon Sen, the government's rule on linking Aadhaar violates the fundamental right to privacy and equates ...

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Category : General | Comments : 0 | Hits : 260

High Court notice to government over disqualification of shell companies' directors
Posted Date : 13-Oct-2017 , 08:10:00 am | Posted By CASANSAAR

The Delhi High Court has issued notice to the Ministry of Corporate Affairs and Registrar of Companies (RoC) on a petition challenging the disqualification of more than one lakh directors of shell companies.  The Ministry of Corporate Affairs, last month, identified 1,06,578 directors of she...

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Category : Companies Act | Comments : 0 | Hits : 1079

Charitable trusts under Income tax scanner for cash donations
Posted Date : 13-Oct-2017 , 08:05:49 am | Posted By CASANSAAR

A number of charitable trusts are under scanner of income tax department for suspicious cash donations they have received after demonetization in the assessment year 2016-17. Top sources in I-T department said that the number of NGOs and trusts selected for income tax scrutiny have doubled compar...

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Category : Income Tax | Comments : 0 | Hits : 818

Govt to discuss bringing real estate under GST in Nov - FM
Posted Date : 13-Oct-2017 , 08:03:19 am | Posted By CASANSAAR

Real estate, a sector prone to tax evasion, might soon come under the goods and services tax (GST) net.  The GST Council would consider this at its next meeting on November 10 in Guwahati, finance minister Arun Jaitley said on Wednesday — early Thursday morning in India — at Harv...

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Category : GST | Comments : 0 | Hits : 444

Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST
Posted Date : 13-Oct-2017 , 07:56:28 am | Posted By CASANSAAR

Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess).    In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th ...

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Category : GST | Comments : 0 | Hits : 809

Will new benami law be given retrospective effect - Delhi High Court
Posted Date : 11-Oct-2017 , 09:38:55 pm | Posted By CASANSAAR

The Delhi High Court asked the Income Tax department whether it intended to examine under the new benami law all accommodation entries made prior to 2016 when it came into effect.  The process adopted by an individual or company to bring unaccounted money back to their business without ...

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Category : Income Tax | Comments : 0 | Hits : 480

RBI brings in fresh guidelines for mobile wallet players
Posted Date : 12-Oct-2017 , 07:24:51 am | Posted By CASANSAAR

In what could be a major change in the scope of operations for mobile wallets the Reserve Bank of India has introduced strict Know Your Customer norms for wallet users, allowed interoperability and also brought in fraud detection norms to prevent fake wallet transactions.  In a major move, n...

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Category : RBI | Comments : 0 | Hits : 350

GST - Nearly 70% file GSTR-1 for July
Posted Date : 12-Oct-2017 , 07:14:22 am | Posted By CASANSAAR

About 70 per cent of the assessees under the goods and services tax (GST) had filed detailed sales returns for July as on Tuesday, the official deadline. Low compliance, said officials. No further extension was given; the deadline had been extended twice earlier. About 4.59 million entities of th...

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Category : GST | Comments : 0 | Hits : 835

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017
Posted Date : 12-Oct-2017 , 07:05:22 am | Posted By CASANSAAR

The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total...

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Category : Income Tax | Comments : 0 | Hits : 197

GST rate structure for Petroleum and Oil Sector
Posted Date : 12-Oct-2017 , 07:04:03 am | Posted By CASANSAAR

To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made...

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Category : GST | Comments : 0 | Hits : 568

Cabinet approves MoU between SEBI and FSC
Posted Date : 12-Oct-2017 , 07:02:35 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance.  ...

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Category : SEBI | Comments : 0 | Hits : 205

ICAI seeks post graduation status for CA qualification
Posted Date : 10-Oct-2017 , 09:04:29 am | Posted By CASANSAAR

Chartered accountants’ apex body the Institute of Chartered Accountants of India (ICAI) on Monday said it has sought post graduation degree status for CA qualification. Besides, the CA intermediate programme should be accorded the graduation degree status, the grouping said in a release on ...

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Category : ICAI | Comments : 0 | Hits : 2598

Take action against foreign accounting firms violating law - SC
Posted Date : 10-Oct-2017 , 08:46:31 am | Posted By CASANSAAR

The Supreme Court asked the government to take action against those foreign accounting firms which are operating in India and found violating the law in any manner.  A bench, comprising Justices A K Goel and U U Lalit, was informed by the Centre that they were taking action against the firms...

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Category : ICAI | Comments : 0 | Hits : 770

No extension of last date for filing GSTR-1 for July, 2017
Posted Date : 10-Oct-2017 , 08:34:14 am | Posted By CASANSAAR

The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are ad...

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Category : GST | Comments : 0 | Hits : 597

Group of Ministers set up to make GST composition scheme more attractive
Posted Date : 09-Oct-2017 , 08:30:05 am | Posted By CASANSAAR

A group of ministers or GoM has been set up under Assam finance minister Himanta Biswa Sarma to make the composition scheme more attractive and to revisit the goods and services tax rates on restaurants.  The GST Council, chaired by finance minister Arun Jaitley and consisting of his state c...

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Category : Income Tax | Comments : 0 | Hits : 344

GST Composition scheme window open for six more months
Posted Date : 09-Oct-2017 , 08:27:11 am | Posted By CASANSAAR

The Goods and Services Tax (GST) Council has decided to keep open the composition scheme, an easier compliance and tax option, till March 31.  The second window of the scheme closed on September 30. It allows small taxpayers to pay a fixed rate of turnover as tax and eases GST formalities.&n...

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Category : GST | Comments : 0 | Hits : 621

ICAI should have powers to penalise audit firms - SEBI
Posted Date : 09-Oct-2017 , 08:18:58 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI should have powers to punish audit firms and impose a fine of up to Rs 1 crore on erring auditors, according to the suggestions made by a Sebi panel on corporate governance. At present, the Institute of Chartered Accountants of India (ICAI) can only impos...

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Category : ICAI | Comments : 0 | Hits : 853

Download online Admit Card for IPC and Final November 2017 Exam - ICAI
Posted Date : 09-Oct-2017 , 08:01:44 am | Posted By CASANSAAR

Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2017 examination, with their photographs and signatures on them, are hosted on http://icaiexam.icai.org No physical admit cards will be sent to any candidate. Candidates are required to download and print t...

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Category : CA Exams | Comments : 0 | Hits : 265

13 banks submit data on 13,140 suspicious accounts and 5800 companies
Posted Date : 06-Oct-2017 , 09:10:21 pm | Posted By CASANSAAR

Finance Ministry has received details of suspicious post-demonetisation transactions and bank account operations of 5,800 companies whose names were struck off by the Registrar of Companies earlier this year. From a balance of Rs 22 crore during the pre-demonetisation days, these accounts saw a cred...

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Category : Income Tax | Comments : 0 | Hits : 640

Govt announces major relief in GST for exporters, small & medium enterprises
Posted Date : 06-Oct-2017 , 09:04:05 pm | Posted By CASANSAAR

Government has announced major relief in GST for exporters and small and medium enterprises. The composition threshold limit under GST has been enhanced from 75 lak rupees to one crore.  Briefing reporters after a marathon 8-hour long GST Council meeting, Finance Minister Arun Jaitley said t...

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Category : GST | Comments : 0 | Hits : 618

Composition scheme extended to Rs. 1 cr, quarterly returns for taxpayers with turnover of Rs 1.5 cr
Posted Date : 06-Oct-2017 , 08:59:33 pm | Posted By CASANSAAR

To bring simplicity and to reduce the compliance cost for the small taxpayers, the GST Council in its 22nd meeting has decided to allow taxpayers with Rs 1.5 crore to file quarterly returns and at the same time increased the threshold for composition scheme to Rs. 1 crore from the present Rs. 75 lak...

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Category : GST | Comments : 0 | Hits : 438

PAN card not required for jewellery purchase above Rs 50,000
Posted Date : 06-Oct-2017 , 08:50:58 pm | Posted By CASANSAAR

Government on Friday revoked GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000. The decision was taken at the crucial meeting of the GST Council today. Offering further respite to Jewellers, the meeting furt...

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Category : PAN | Comments : 0 | Hits : 324

GST Council meeting today, MSMEs, exporters may get relief package
Posted Date : 06-Oct-2017 , 08:31:12 am | Posted By CASANSAAR

The Goods and Services Tax Council (GST Council) chaired by finance minister Arun Jaitley is likely to announce on Friday a special package for micro, small and medium enterprises (MSMEs) that will, among other things, address the concerns of exporters, as policymakers explore ways to fix an unexpec...

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Category : GST | Comments : 0 | Hits : 884

Double taxation happening under GST - ICAI
Posted Date : 06-Oct-2017 , 08:21:11 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has submitted suggestions to remove the instances of double taxation under goods and services tax (GST).  It claimed that provisions of reverse charge mechanism (RCM) and composition scheme are leading to cascading of taxes. Under GST, i...

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Category : ICAI | Comments : 0 | Hits : 1631

IBBI notifies the IBBI (Information Utilities) (Amendment) Regulations, 2017
Posted Date : 06-Oct-2017 , 08:08:41 am | Posted By CASANSAAR

IBBI had notified the IBBI (Information Utilities) Regulations, 2017 on 31st March, 2017. These regulations provided that ordinarily a person should not hold more than 10% of paid up equity share capital or voting power of an information utility, while allowing certain specified perso...

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Category : Finance | Comments : 0 | Hits : 343

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