Recommendations made during 31st Meeting of the GST Council - Rate changes
Posted Date : 22-Dec-2018 , 06:08:43 pm | Posted By CASANSAAR
GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through...
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GST |
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Decisions taken by the GST Council in the 31st meeting held regarding GST rate on services
Posted Date : 22-Dec-2018 , 06:07:26 pm | Posted By CASANSAAR
GST Council in the 31stmeeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions andclarificationson connected issues.The decisions of the GST Council have been presented in this note in simple languagefor ea...
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GST |
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Recommendations made during 31st Meeting of the GST Council
Posted Date : 22-Dec-2018 , 06:06:14 pm | Posted By CASANSAAR
The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations:
There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.
A scheme of ...
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GST |
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Certain important issues referred by GST Council to various Committees / GoM
Posted Date : 22-Dec-2018 , 06:05:30 pm | Posted By CASANSAAR
The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:
Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed - Law Committee...
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Auditors of 204 listed companies resigned during Jan-July period - Govt
Posted Date : 21-Dec-2018 , 11:05:25 am | Posted By CASANSAAR
Auditors of 204 listed companies put in their papers in little over seven months starting from January 1 this year, the government said Tuesday.
"Since January 1, 2018 to July 17, 2018, auditors of 204 listed companies have resigned as per filings in the MCA 21 registry," Minister...
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Auditing |
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Govt to set up panel to look into tax issues faced by startups
Posted Date : 21-Dec-2018 , 11:01:11 am | Posted By CASANSAAR
The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors, the CBDT said Thursday.
It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be take...
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Income Tax |
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284 companies may face prosecution for CSR non-compliance
Posted Date : 20-Dec-2018 , 10:19:24 pm | Posted By CASANSAAR
The government has sanctioned prosecution proceedings against 284 companies and sent 5,382 notices to companies that have not fulfilled the mandatory corporate social responsibility (CSR) expenditure norms, minister of state for corporate affairs P P Chaudhary has said.
Companies with a net...
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Corporate Law |
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Govt moves NCLT to appoint more directors on IL&FS board
Posted Date : 20-Dec-2018 , 10:15:12 pm | Posted By CASANSAAR
The government moved the Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday seeking to appoint Vijay Kumar and N. Srinivasan to the board of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS). However, the tribunal directed the government— represented b...
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Corporate Law |
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Lok Sabha passes Consumer Protection Bill
Posted Date : 20-Dec-2018 , 10:09:59 pm | Posted By CASANSAAR
Lok Sabha on Thursday passed the Consumer Protection Bill, 2018 that seeks to replace the Consumer Protection Act, 1986.
The Bill enforces consumer rights and provides a mechanism for redressal of complaints regarding deficiencies in goods and services. It seeks to establish Consumer Disput...
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General |
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RBI guidelines for agencies to deposit money in ATMs
Posted Date : 18-Dec-2018 , 09:36:00 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) vide its guidelines issued on 6.4.2018 on ‘Cash Management activities of the banks - Standards for engaging the Service Provider and its sub-contractor’, advised banks to put in place certain minimum standards in their arrangements with the service provi...
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RBI |
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Development of new return filing system by GSTN
Posted Date : 18-Dec-2018 , 04:04:31 pm | Posted By CASANSAAR
GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major changes are not expected. Improvement in User Interface on...
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GST |
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Supreme Court seeks role for operational creditors in IBC proceedings
Posted Date : 18-Dec-2018 , 10:11:30 am | Posted By CASANSAAR
The Supreme Court suggested that operational creditors of bankrupt companies be given a voice in the resolution proceedings in proportion to their debt, including voting rights.
In some cases, even the operational creditors’ debt is huge but at present they don’t have a say...
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Insolvent Professional |
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Govt plans to amend norms pertaining to incorporation of Companies
Posted Date : 18-Dec-2018 , 09:05:49 am | Posted By CASANSAAR
The Corporate Affairs Ministry plans to amend the rules for incorporation of companies as part of efforts to provide more clarity on norms related to availability of names.
The ministry, which is implementing the Companies Act, has sought comments from the public on the proposed changes to ...
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Companies Act |
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HC rejects plea against LIC move to acquire 51 pc stake in IDBI
Posted Date : 18-Dec-2018 , 08:54:41 am | Posted By CASANSAAR
The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI).
Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation...
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Banking |
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PSU Banks recover Rs 2.33 lakh cr worth of bad loans during 4 years
Posted Date : 18-Dec-2018 , 08:53:18 am | Posted By CASANSAAR
Minister of State for Finance Shiv Pratap Shukla informed Parliament that Public Sector Banks (PSBs) have recovered 2.33 lakh crore rupees worth of bad loans during the four years from financial year 2014-15 to fiscal 2017-18.
In a written reply to the Lok Sabha yesterday, Mr Shukla informe...
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Banking |
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PSU banks do not have any plan to shut down ATMs - Govt
Posted Date : 15-Dec-2018 , 01:50:07 pm | Posted By CASANSAAR
Minister of State for Finance Shiv Pratap Shukla has clarified that Public Sector Banks (PSBs) do not have any plans to shut down their ATMs. His statement assumes significance amidst a report by the Confederation of ATM industry warning that nearly half of the 2.38 lakh machines run the risk of clo...
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Banking |
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SEBI initiates adjudication against NSE
Posted Date : 13-Dec-2018 , 09:18:40 am | Posted By CASANSAAR
Markets regulator SEBI has initiated adjudication proceedings against NSE as well as around 30 entities in the exchange's co-location matter.
Speaking to reporters in Mumbai yesterday after its board meeting, SEBI Chairman Ajay Tyagi said adjudication has started against 28 to 30 indivi...
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SEBI |
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GST evasion worth Rs 12,000 crore detected between April-Nov
Posted Date : 12-Dec-2018 , 06:03:37 pm | Posted By CASANSAAR
The government has detected GST evasion worth Rs 12,000 crore in 8 months till November, a senior tax official said Wednesday.
Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said despite the electronic way or E-way bill mechanism there has been rampant evasion and the...
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GST |
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ICAI and IIM Ahmedabad sign MoU for training of Chartered Accountants
Posted Date : 12-Dec-2018 , 08:51:39 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MoU) with the Indian Institute of Management, Ahmedabad for open-enrolment and customized training programs exclusively for Chartered Accountants.
The MoU is likely to benefit the Chartered Accountant...
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ICAI |
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Shaktikanta Das appointed as the new RBI Governor
Posted Date : 11-Dec-2018 , 02:20:41 pm | Posted By CASANSAAR
Former bureaucrat Shaktikanta Das, who spearheaded the post-demonetisation normalisation of the economy, was Tuesday named the new governor of the Reserve Bank of India.
Das, 61, replaces Urjit Patel, who shocked the establishment and markets by announcing his exit from the central bank Monday.
...
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RBI |
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Govt makes NPS withdrawal 100% tax exempt
Posted Date : 11-Dec-2018 , 09:02:35 am | Posted By CASANSAAR
The government has made the National Pension System (NPS) more attractive for investors, with the biggest bonanza going to 18 lakh central government employees. The Centre will contribute 14% of basic salary to their pension corpus, up from 10%. The employee’s contribution will remain at 10%, ...
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Income Tax |
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Direct Tax Gross collections for 2018-19 upto November are at Rs 6.75 lakh Cr
Posted Date : 11-Dec-2018 , 08:53:56 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections for 2018-19 up to November this year show that Gross Collections are at 6.75 lakh crore rupees. This is 15.7 percent higher than the Gross Collections for the corresponding period of last year.
Finance Ministry said in a release that refunds amoun...
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Income Tax |
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RBI Governor Urjit Patel Resigns
Posted Date : 10-Dec-2018 , 05:48:40 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) Governor Urjit Patel on Monday resigned from his post with immediate effect, citing "personal reasons".
"On account of personal reasons, I have decided to step down from my current position effective immediately," he said in a brief statement releas...
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RBI |
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ICAI accuses 3 top audit firms of professional misconduct for IL&FS crisis
Posted Date : 10-Dec-2018 , 08:59:17 am | Posted By CASANSAAR
The statutory auditors of Infrastructure Leasing and Financial Services (IL&FS) Ltd – the parent company of debt-laden IL&FS Group - and two of its subsidiaries, IL&FS Transportation Networks Ltd (ITNL) and IL&FS Financial Services Ltd (IFIN), have been held “prima facie ...
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ICAI |
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Govt extends due dates for filing GST Annual returns, Audit reports to March 31 2019
Posted Date : 09-Dec-2018 , 01:13:56 pm | Posted By CASANSAAR
The government has extended the deadline for filing goods and services tax annual returns and the related audited reports by three months to March 31 next year. Previously the due date for the same was December 31, 2018.
"The competent authority has decided to extend the due date for f...
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GST |
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No TDS on interest income up to Rs 50,000 in case of senior citizens - CBDT
Posted Date : 09-Dec-2018 , 01:04:08 pm | Posted By CASANSAAR
Are you a senior citizen and your bank is still deducting TDS on your interest income which is less than Rs 50,000 in a financial year? Here’s good news for you. The Central Board of Direct Taxes has clarified that in the case of senior citizens, no TDS (tax deducted at source) is required to ...
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CBDT |
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RBI proposes new method to benchmark floating rate of loans for MSMEs
Posted Date : 09-Dec-2018 , 12:47:51 pm | Posted By CASANSAAR
In a bid to ensure greater transparency, Reserve Bank has proposed that floating interest rates on personal, home, auto and MSMEs loans be linked to external benchmarks like repo rate or treasury yields. In a statement issued from Mumbai yesterday, RBI said that the final guidelines to link the inte...
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RBI |
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GST - Effective tax rate on complex, building, flat etc
Posted Date : 09-Dec-2018 , 12:45:07 pm | Posted By CASANSAAR
It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. GST is applicable on sale of under construction property or re...
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GST |
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Humble Appeal for Vote & Support for KHURANA VIVEK - CC B.N.13
Posted Date : 07-Dec-2018 , 05:54:15 pm | Posted By CASANSAAR
Respected Professional Colleagues,
I seek your whole hearted support for my candidature for CENTRAL COUNCIL Election (Northern Region), BALLOT No. 13.
I would request You to talk to your near and dear CAs from Northern Region (Delhi, Haryana, Punjab, Himachal Pradesh, Chandigarh and Jammu...
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ICAI Election |
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SC appoints Grant Thornton as forensic auditor for Unitech, directs disbursal of Rs 174 crore
Posted Date : 07-Dec-2018 , 11:05:38 pm | Posted By CASANSAAR
The Supreme Court on Friday appointed Grant Thornton as the forensic auditor of Unitech. The company will look into the financials of group companies and 74 projects that Unitech has been working on from 1st January 2006.
The apex court has given Grant Thornton one weeks' time to draft terms ...
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Auditing |
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