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Cabinet approves setting up of the 15th Finance Commission
Posted Date : 23-Nov-2017 , 09:17:18 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15thFinance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation. The Terms of Reference for the 15thFinance Commission will be notified in due course of time.  ...

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Category : Finance Bill | Comments : 0 | Hits : 1

Constitution of Task Force for drafting a New Direct Tax Legislation
Posted Date : 23-Nov-2017 , 09:15:33 am | Posted By CASANSAAR

During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be re-drafted. Accordingly, in order to review the Act and to draft a new Direct Tax Law i...

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

Govt sets up 14-member panel to identify issues in Insolvency law
Posted Date : 22-Nov-2017 , 09:35:40 am | Posted By CASANSAAR

With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take sto...

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Category : Corporate Law | Comments : 0 | Hits : 213

Govt refers 18 Shell Companies to SFIO for probe
Posted Date : 22-Nov-2017 , 09:29:52 am | Posted By CASANSAAR

The government has referred 18 "shell companies" to the Serious Frauds Investigation Office (SFIO) for depositing and withdrawing large sums during demonetisation in what appeared to be entities that existed largely on paper. At the same time, the ministry of corporate affairs has ordered ...

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Category : Companies Act | Comments : 0 | Hits : 364

43.67 lakh businesses file initial GST returns for October
Posted Date : 21-Nov-2017 , 09:54:52 pm | Posted By CASANSAAR

As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October -- the highest monthly return filing within due date, GST Network said. The last date of GSTR-3B filing, which is the initial sales return, for October was yesterday. Around 56 per cent of the regi...

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Category : GST | Comments : 0 | Hits : 225

Govt may seek cabinet nod to amend insolvency and bankruptcy code
Posted Date : 22-Nov-2017 , 09:22:34 am | Posted By CASANSAAR

e government is likely to seek cabinet approval for amending the insolvency and bankruptcy code (IBC) to streamline the process of selecting buyers of stressed assets. It is aimed at preventing promoters who are wilful defaulters or have a history of fraud from buying companies cheap. The amendme...

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Category : General | Comments : 0 | Hits : 48

CBEC asks FMCG to immediately revise MRP on all products in line with latest reduction in GST rates
Posted Date : 21-Nov-2017 , 08:27:53 am | Posted By CASANSAAR

Centre has appealed industry leaders to pass on the benefit of GST rate reduction to the consumers.  In a letter to all the major Fast-Moving Consumer Goods(FMCG) companies, Central Board of Excise and Customs (CBEC) Chairperson, Vanaja Sarna stressed on the need to immediately revise the MR...

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Category : GST | Comments : 0 | Hits : 225

Govt looks to cut GST on white goods
Posted Date : 20-Nov-2017 , 10:28:09 am | Posted By CASANSAAR

After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation. While the move is expected to help push ...

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Category : GST | Comments : 0 | Hits : 318

Government seeks Rs 13,000 crore surplus from RBI
Posted Date : 20-Nov-2017 , 10:19:00 am | Posted By CASANSAAR

The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017....

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Category : RBI | Comments : 0 | Hits : 191

CA S Ravi appointed as new ChairMan of BSE
Posted Date : 19-Nov-2017 , 02:19:46 am | Posted By CASANSAAR

Eminent chartered accountant Sethurathnam Ravi has been appointed as the chairman of the leading stock exchange BSE.  CA Ravi, who was a public interest director at the BSE, replaces Dhirendra Swarup.  In a regulatory filing, BSE said that Sebi has "approved the appointment of R...

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Category : CA | Comments : 0 | Hits : 323

GSTN will launch facility for businesses to make changes in Aug and Sept GSTR 3B
Posted Date : 19-Nov-2017 , 11:27:26 am | Posted By CASANSAAR

GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms. He said the facility will begin from tomorrow.  The chairman who is also Deputy Chief Minister o...

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Category : GST | Comments : 0 | Hits : 196

Complex GST process hitting ecommerce startups
Posted Date : 19-Nov-2017 , 11:17:35 am | Posted By CASANSAAR

Online sales of auto components have been hit by complex GST model for ecommerce players, online marketplace boodmo said. Exclusion of e-commerce businesses from the composite scheme, a higher tax rate of 28 per cent for auto components and for logistics of spare parts as well, and a complex GST ...

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Category : GST | Comments : 0 | Hits : 112

Draft notification on conversion of Indian Branch of Foreign Bank into Indian Subsidiary Co.
Posted Date : 18-Nov-2017 , 08:08:20 am | Posted By CASANSAAR

  Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017.    &...

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Category : Income Tax | Comments : 0 | Hits : 264

Union opposes government demand to get additional surplus from RBI
Posted Date : 17-Nov-2017 , 12:41:06 am | Posted By CASANSAAR

The Reserve Bank Employees Union has opposed the reported move by the finance ministry to ask the central bank to part with more surplus from the past year to aid the Rs 2.1-trillion bank recapitalization.  The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government ...

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Category : RBI | Comments : 0 | Hits : 156

Industry pitches for bringing natural gas under GST
Posted Date : 17-Nov-2017 , 10:26:47 am | Posted By CASANSAAR

More than four months after the launch of GST, the industry has pitched for inclusion of natural gas in the new indirect tax regime so as to help producers contain cost and aid in moving towards a gas-based economy. In letter to Finance Minister Arun Jaitley, industry body Ficci has said that kee...

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Category : GST | Comments : 0 | Hits : 209

Cabinet approves the establishment of the National Anti-profiteering Authority under GST
Posted Date : 16-Nov-2017 , 04:19:43 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday's sharp reduction in the GST rates of a large nu...

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Category : GST | Comments : 0 | Hits : 248

Benami assets: Registered properties valued above Rs 30 lakh under income tax scanner
Posted Date : 16-Nov-2017 , 10:24:22 am | Posted By CASANSAAR

In its fight against black money, the Income Tax Department is matching the tax history of people with property registrations valued above Rs 30 lakh under the provisions of the anti-benami Act. Any mismatch between the reported income and asset ownership will help tax department to identify any tax...

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Category : Income Tax | Comments : 0 | Hits : 565

No GST on advance taken by FMCG companies
Posted Date : 16-Nov-2017 , 10:14:36 am | Posted By CASANSAAR

In a big relief to all FMCG companies and others that take advance from dealers before they supply goods, no goods and services tax (GST) would be levied on such advance.  The department of revenue has issued a notification allowing the relaxation after the same was approved in the GST Counc...

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Category : GST | Comments : 0 | Hits : 334

High Court questions 12% GST on sanitary napkins
Posted Date : 16-Nov-2017 , 10:07:20 am | Posted By CASANSAAR

The Delhi High Court on Wednesday questioned the central government`s decision to impose 12 per cent tax on sanitary napkins under the GST regime, saying it has exempted "bindi, kajal, sindoor" which seem more essential than sanitary napkins. The court said the government needs to look ...

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Category : GST | Comments : 0 | Hits : 202

SC seeks centre's response on plea to regulate Bitcoin
Posted Date : 15-Nov-2017 , 08:19:04 am | Posted By CASANSAAR

A plea to regulate the flow of Bitcoin and ensure that this virtual currency be made accountable to the exchequer today led the Supreme Court to seek a response from the Centre. A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud issued notice to the ministries of...

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Category : General | Comments : 0 | Hits : 191

Third appeal in tax cases should be filed selectively - CBEC
Posted Date : 15-Nov-2017 , 08:14:39 am | Posted By CASANSAAR

The finance ministry has said the tax department should file a third appeal in a case, after losing the first two, only selectively and after a critical examination, a move aimed at cutting down litigations. The Tax Policy Research Unit (TPRU) had suggested that the revenue department should not ...

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Category : General | Comments : 0 | Hits : 144

300 pc jump in PAN applications post note ban - CBDT
Posted Date : 15-Nov-2017 , 08:10:52 am | Posted By CASANSAAR

There was a 300 per cent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the CBDT said. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the Centre announced to s...

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Category : CBDT | Comments : 0 | Hits : 171

GST: changes in the returns filing process
Posted Date : 14-Nov-2017 , 10:38:41 am | Posted By CASANSAAR

The Goods and Services Tax Council took a slew of decisions during its 23rd meeting in Guwahati on Friday to benefit consumers and businesses alike. While consumers will stand to benefit from a number of rate cuts, including the tax on restaurants, businesses stand to benefit from a significant easi...

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Category : GST | Comments : 0 | Hits : 1005

CBDT may shelve plan to seek corporate tax estimates in advance
Posted Date : 14-Nov-2017 , 08:02:20 am | Posted By CASANSAAR

Giving corporates and professionals a breather, the Central Board of Direct Taxes may junk its proposal directing them to submit their tax payment estimate for the next two quarters in advance. In September, the CBDT came up with a draft notification directing companies with an annual income of...

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Category : CBDT | Comments : 0 | Hits : 299

Finance minister Arun Jaitley hints at further trimming of GST
Posted Date : 14-Nov-2017 , 07:55:09 am | Posted By CASANSAAR

Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi. "Rationalisation process i...

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Category : GST | Comments : 0 | Hits : 387

SC sends bizman to two-day ED custody in bank fraud case
Posted Date : 14-Nov-2017 , 07:48:50 am | Posted By CASANSAAR

The Supreme Court today sent Delhi-based businessman to two-day custody of the Enforcement Directorate (ED) in a Rs 5,000 crore money laundering case. A bench comprising Chief Justice Dipak Misra and justices A M Khanwilkar and D Y Chandrachud allowed the ED to quiz Gagan Dhawan till November 15 ...

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Category : Banking | Comments : 0 | Hits : 371

Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies
Posted Date : 13-Nov-2017 , 05:59:18 pm | Posted By CASANSAAR

Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to...

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Category : GST | Comments : 0 | Hits : 118

August surplus clinched GST rate cut, talks on for shift to two-rate regime
Posted Date : 13-Nov-2017 , 10:25:09 am | Posted By CASANSAAR

The Centre and the states have been debating changes in goods and services tax (GST) rates, especially in the top bracket, but it was a surplus earned during August that appears to have finally given both the confidence to move ahead and slash rates on over 175 products in the top slab. Sources t...

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Category : GST | Comments : 0 | Hits : 397

IPPB Bank to become operational in 650 districts by April 2018
Posted Date : 11-Nov-2017 , 03:42:30 pm | Posted By CASANSAAR

The government today said India Post Payments Bank will become operational in all 650 districts of the country by April next year.  They will facilitate financial inclusion. In reply to a question, Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1....

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Category : Banking | Comments : 0 | Hits : 239

Changes in GST Rates as recommended by GST Council
Posted Date : 11-Nov-2017 , 09:03:44 am | Posted By CASANSAAR

Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati      In the meeting held today, that is 10th November, 2017, the Council has recommended major relief in GST rates on certain g...

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Category : GST | Comments : 0 | Hits : 771

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