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GST registrations for e-commerce, new companies to begin from today
Posted Date : 25-Jun-2017 , 10:08:20 am | Posted By CASANSAAR

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 : 367

RBI makes Banks responsible for misselling third party products
Posted Date : 25-Jun-2017 , 09:54:03 am | Posted By CASANSAAR

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 : 56

CBDT notifies new scrutiny notices with e-facility for taxpayers
Posted Date : 25-Jun-2017 , 09:44:00 am | Posted By CASANSAAR

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 : 158

RBI amends Banking Ombudsman Scheme
Posted Date : 25-Jun-2017 , 09:40:32 am | Posted By CASANSAAR

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 : 23

Govt loosens norms for auditor rotation for unlisted companies
Posted Date : 23-Jun-2017 , 07:07:55 am | Posted By CASANSAAR

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 : 831

Cabinet expresses Gratitude to State CMs and others for their cooperation in introduction of GST
Posted Date : 23-Jun-2017 , 07:00:54 am | Posted By CASANSAAR

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 : 109

GST to lower overall tax burden over time - RBI governor
Posted Date : 23-Jun-2017 , 06:57:49 am | Posted By CASANSAAR

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 : 139

GSTN to launch helpline for taxpayers, officials on Jun 25
Posted Date : 22-Jun-2017 , 10:33:55 pm | Posted By CASANSAAR

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 : 227

GST registration for existing Service Tax, Excise, VAT to reopen on June 25th
Posted Date : 22-Jun-2017 , 05:02:51 pm | Posted By CASANSAAR

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 : 313

All States/UTs except J&K approves the State GST Act
Posted Date : 22-Jun-2017 , 07:06:17 am | Posted By CASANSAAR

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 : 842

Govt asks banks to deposit junked notes with RBI by July 20
Posted Date : 22-Jun-2017 , 07:03:44 am | Posted By CASANSAAR

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 : 266

Retailers need to file single GST return every month
Posted Date : 22-Jun-2017 , 07:00:24 am | Posted By CASANSAAR

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 : 965

SEBI relaxes norms for banks to take over stressed assets of listed companies to recover bad loans
Posted Date : 22-Jun-2017 , 06:57:59 am | Posted By CASANSAAR

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 : 87

President to launch GST on midnight of 30th June
Posted Date : 20-Jun-2017 , 07:03:59 pm | Posted By CASANSAAR

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 : 409

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961
Posted Date : 20-Jun-2017 , 09:03:47 am | Posted By CASANSAAR

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 : 293

GST Council sets tax rates for lotteries, hotels
Posted Date : 19-Jun-2017 , 07:56:22 am | Posted By CASANSAAR

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 : 372

GST Council gives relaxation of 2 months for filing tax returns
Posted Date : 19-Jun-2017 , 07:47:50 am | Posted By CASANSAAR

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 : 389

Don't report frauds below Rs one lakh to police: CVC to banks
Posted Date : 17-Jun-2017 , 07:45:33 am | Posted By CASANSAAR

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 : 330

Aadhaar mandatory for opening bank account, transactions of Rs 50000 and above
Posted Date : 16-Jun-2017 , 05:05:10 pm | Posted By CASANSAAR

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 : 362

CBDT forms task force for a unified I-T assessment system
Posted Date : 16-Jun-2017 , 08:50:28 am | Posted By CASANSAAR

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 : 390

Aviation Ministry seeks GST roll out in September, writes to FinMin
Posted Date : 16-Jun-2017 , 08:44:35 am | Posted By CASANSAAR

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 : 395

CBDT invites comments on draft notification for foreign companies held as resident in India as per POEM
Posted Date : 16-Jun-2017 , 08:32:20 am | Posted By CASANSAAR

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 : 228

Reduced Liability of Tax on complex, building, flat etc. under GST
Posted Date : 15-Jun-2017 , 10:19:10 pm | Posted By CASANSAAR

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 : 599

Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates
Posted Date : 15-Jun-2017 , 10:16:56 pm | Posted By CASANSAAR

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 : 304

GST Council to vet e-way, anti-profiteering rules on Jun 18
Posted Date : 15-Jun-2017 , 10:14:41 pm | Posted By CASANSAAR

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 : 262

Govt to go soft on GST monitoring for a few months, let traders settle down
Posted Date : 15-Jun-2017 , 06:57:15 am | Posted By CASANSAAR

There will be some leniency in monitoring and implementation of the new goods and services tax in initial months to allow businesses to settle into the new tax regime, a review of GST preparations by a group of senior ministers was told. The discussions held on Wednesday saw the ministers being g...

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Category : GST | Comments : 0 | Hits : 346

Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017
Posted Date : 14-Jun-2017 , 09:06:58 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation...

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Category : Corporate Law | Comments : 0 | Hits : 94

GST registration for businesses to reopen on June 25
Posted Date : 14-Jun-2017 , 05:56:53 pm | Posted By CASANSAAR

If you have not been able to register on the GST Network within the deadline ending on Thursday, do not panic! There's one more chance coming your way as the registration for existing excise, service tax and VAT payers will reopen on June 25.  There are about 80 lakh excise, service tax ...

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Category : GST | Comments : 0 | Hits : 6386

CAs could be punished for money laundering if clients hide ill-gotten wealth
Posted Date : 14-Jun-2017 , 08:18:40 am | Posted By CASANSAAR

The Government has moved to punish Chartered Accountants if they help clients hide ill-gotten wealth through opaque bank transactions, or money laundering, two top officials said on Tuesday. The proposal to tweak the Prevention of Money Laundering Act (PMLA) came from the revenue department on th...

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Category : CA | Comments : 0 | Hits : 3978

RBI identifies 12 mega defaulters for insolvency, their total NPA Rs 175000 Cr
Posted Date : 14-Jun-2017 , 07:59:37 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is moving to resolve the bad loan crisis with an Internal Advisory Committee (IAC) of the RBI having identified 12 accounts of corporate borrowers who owe over Rs 5,000 crore each — and overall involve an amount of close to Rs 175,000 crore — for insolvenc...

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Category : RBI | Comments : 0 | Hits : 612

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