18% GST on salary paid for services by a firm to its branch offices in other states
Posted Date : 17-Aug-2018 , 09:13:02 am | Posted By CASANSAAR
Salary for services like accounting, IT, human resource, provided by the head office of a company to its branch offices in other states will attract 18 per cent GST.
According to an order passed by the Karnataka bench of the Authority for Advance Ruling (AAR), the activities between two off...
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GST |
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Lenders can sell assets of personal guarantors under IBC - SC
Posted Date : 16-Aug-2018 , 08:55:53 am | Posted By CASANSAAR
The Supreme Court on Tuesday ruled that banks can sell off assets of personal guarantors even when corporate resolution proceedings are on against the corporate debtor under the Insolvency and Bankruptcy Code.
Setting aside the order of the NCLAT that held that the personal guarantors, who are ge...
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Insolvent Professional |
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RBI puts 200 stressed accounts under scanner
Posted Date : 16-Aug-2018 , 08:49:33 am | Posted By CASANSAAR
As part of its effort to contain rising non-performing assets (NPAs), the RBI has started scrutiny of 200 large accounts to assess level of stress and provisioning done against them by respective banks.
Reserve Bank of India (RBI) is examining as to whether banks have followed prudential norms in...
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RBI |
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SC upholds HC decision on Form C availability after GST
Posted Date : 16-Aug-2018 , 08:45:56 am | Posted By CASANSAAR
The Supreme Court has upheld the decision of the Punjab and Haryana High Court that Form – ‘C’ should be made available to an assessee even after implementation of the goods and services tax (GST).
A Bench led by justice Ranjan Gogoi, while dismissing a Haryana government’...
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GST |
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ICAI Election 2018 - Draft List of Voters as on 1.4.2018
Posted Date : 16-Aug-2018 , 08:26:15 am | Posted By CASANSAAR
ELECTION 2018
14th August, 2018
ANNOUNCEMENT
For Attention of the Prospective Candidates and Members at large
Sub: Election 2018 - Draft List of Voters as on 1.4.2018 - Views/Suggestions on proposed Polling Booths
I. Members may be aware that the next elections to the Council a...
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ICAI Election |
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Wishing You a Very Happy Independence Day
Posted Date : 15-Aug-2018 , 09:52:52 am | Posted By CASANSAAR
Freedom Of Speech;
Independence To Grow;
Equality Of Everybody;
Liberty Of Mind And Thought;
And Tolerance Towards Others.
Let's Thanks All The Great Souls
Who Made This India Possible For Us.
Happy Independence Day!!!
&...
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General |
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Govt notifies due date for filing GST returns from July 2018 - March 2019
Posted Date : 13-Aug-2018 , 12:11:47 pm | Posted By CASANSAAR
New Delhi: The government has modified the due date for filing of final Goods and Service Tax (GST) sales returns by businesses with turnover exceeding ₹1.5 crore to the 11th day of the succeeding month.
Currently, such businesses are required to file GSTR-1 or final sales return of a par...
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GST |
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RBI net sells USD 6.184 bn of US currency in June
Posted Date : 13-Aug-2018 , 11:51:15 am | Posted By CASANSAAR
According to data released by Reserve Bank, the apex bank continued to remain net seller of the US currency for the third consecutive month in June this year, after it sold USD 6.184 billion of the US dollar in the spot market.
In this month, RBI bought USD 4.020 billion of the US dollar, while s...
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RBI |
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Cabinet approves signing of MoU with India-Canada CA Institutions
Posted Date : 10-Aug-2018 , 07:43:01 am | Posted By CASANSAAR
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the signing of the "Memorandum of Understanding (MoU)" between "Institute of Chartered Accountants of India (ICAI)" and "Chartered Professional Accountants of Canada (CPA Canada)".
...
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CA |
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CBDT to scrutinise 0.35% Income Tax returns filed last year
Posted Date : 10-Aug-2018 , 02:06:12 am | Posted By CASANSAAR
Central Board of Direct Taxes Chairman Sushil Chandra said the income tax department picked only 0.35 per cent tax evasion cases for scrutiny of the 68.6-million returns filed for the 2018-19 assessment year.
He said the department had faith in the taxpayers, but would not allow evaders to go sco...
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CBDT |
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SEBI panel recommends seeking powers to tap phone calls
Posted Date : 10-Aug-2018 , 07:32:38 am | Posted By CASANSAAR
Suggesting sweeping reforms, a high-level committee on Thursday recommended market watchdog Securities and Exchange Board of India (Sebi) to seek powers to intercept phone calls to aid investigations and also grant immunity to whistleblowers blowing the lid off frauds and other violations.
The co...
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SEBI |
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SC asks NCLT to deal with insolvency proceedings against Jaypee group
Posted Date : 10-Aug-2018 , 07:28:17 am | Posted By CASANSAAR
In a setback to the Jaypee group, the Supreme Court on Thurssday, August 9, 2018, asked the National Company Law Tribunal (NCLT), Allahabad, to deal with the insolvency proceedings against Jaypee Infratech Ltd (JIL) and barred the group or its promoters from participating in the fresh bidding proces...
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Insolvent Professional |
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Lok Sabha clears amendments to CGST, IGST, GST compensation bills
Posted Date : 10-Aug-2018 , 07:20:32 am | Posted By CASANSAAR
The Lok Sabha has passed the Central Goods and Services Tax (Amendment) Bill, Integrated Goods and Services Tax (Amendment) Bill, Union Territory Goods and Services Tax (Amendment) Bill and the Good and Services Tax (Compensation to States) Amendment Bill.
The four Bills seek to amend the G...
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GST |
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Govt proposes eight special courts under NCLT to deal with insolvency cases
Posted Date : 08-Aug-2018 , 03:08:44 am | Posted By CASANSAAR
The Corporate Affairs Ministry is planning to set up eight special courts under the National Company Law Tribunal (NCLT) to deal with insolvency cases, according to a report by Business Standard.
"These courts will be set up in Mumbai, Delhi, Chennai, Kolkata, and Hyderabad," a senior m...
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Insolvent Professional |
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Govt appointed CA S Gurumurthy and Satish Marathe to RBI Board
Posted Date : 08-Aug-2018 , 08:30:52 am | Posted By CASANSAAR
The government on Tuesday appointed CA S Gurumurthy and Satish Marathe patron of Sahakar Bharathi as part-time directors on the Reserve Bank of India (RBI) board after an approval from the appointments committee of the cabinet. Both appointments are for a four year term.
In a release the go...
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RBI |
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SC rejects RBI plea to stay High Court proceedings
Posted Date : 08-Aug-2018 , 08:20:05 am | Posted By CASANSAAR
The Supreme Court has refused the Reserve Bank of India’s plea to stay proceedings in the Allahabad High Court against the central bank’s February 12 circular that prescribed tough norms for stressed assets.
It will hear on August 28 the banking regulator’s plea seeking tr...
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Banking |
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MCA wins SC backing in disqualified directors’ case
Posted Date : 08-Aug-2018 , 02:47:18 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has received the Supreme Court’s backing against 300,000 disqualified directors for their failure to file financial statements and annual returns for three consecutive years. The apex court on Monday admitted a special leave petition of MCA and stayed a ...
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MCA |
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More than 2 lakh non-filers filed Income Tax of Rs 6,416 Cr in FY18
Posted Date : 07-Aug-2018 , 09:58:54 pm | Posted By CASANSAAR
As many as 2.09 lakh 'non-filers' filed income tax returns in last fiscal and paid taxes worth Rs 6,416 crore, Minister of State for Finance Shiv Pratap Shukla said today. In a written reply to a question in the Rajya Sabha, he said the I-T department issued notices to 3.04 lakh persons who ...
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Income Tax |
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Government eyes ways to block Facebook, WhatsApp
Posted Date : 07-Aug-2018 , 09:10:23 pm | Posted By CASANSAAR
The government has asked telecom operators and internet service providers to suggest ways to block social media apps such as Facebook and WhatsApp during emergencies, a move the industry says will be difficult to enforce and violate the fundamental right of speech and expression.
In an 18 July le...
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General |
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Unit holders in SEZs likely to start ops in H2 2019 to get tax benefits: CBRE
Posted Date : 07-Aug-2018 , 11:52:57 am | Posted By CASANSAAR
Unit holders in special economic zones (SEZ) are likely to start operations during the second half of 2019 in order to avail tax incentives before the sunset date, according to property consultant CBRE.
Tax incentives granted to both developers and occupiers of SEZs will expire on March 31, 2020....
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Income Tax |
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Auto components industry seeks uniform 18% GST on all products
Posted Date : 07-Aug-2018 , 11:34:13 am | Posted By CASANSAAR
Auto component industry today sought uniform 18 percent GST across the sector stating that low taxation would lead to better compliance and and larger tax base. The industry, which reported a growth of 18.3 percent to Rs 3.45 lakh crore in 2017-18, said the lower tax levy would also help in curtaili...
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GST |
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RBI must resume issuing LoUs, LoCs, says parliamentary panel
Posted Date : 07-Aug-2018 , 05:48:01 am | Posted By CASANSAAR
The Reserve Bank of India’s decision to discontinue the issuance of Letters of Undertaking (LoU) and Letters of Credit (LoC) for trade credit was a “knee-jerk reaction” to the Punjab National Bank fraud case and the facility should be restored at the earliest, the Parliamentary Sta...
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RBI |
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NCLAT extends deadline for submission of revised bid for Bhushan Power & Steel
Posted Date : 06-Aug-2018 , 11:25:25 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) today extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata, a resolution applicant in this. Modifying its earlier order, the appellate tribunal has now said all three bidder --...
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Insolvent Professional |
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No GST refunds for foreigners as of now: Finance Ministry
Posted Date : 06-Aug-2018 , 01:25:08 pm | Posted By CASANSAAR
Foreigners coming to India may not get GST refunds on goods purchased and carried back by them as the government has not invoked relevant provisions of the Integrated Goods and Services Tax Act yet, the Finance Ministry has said in reply to an RTI query.
It was asked to provide details ...
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GST |
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In the fast lane? New draft GST return form seeks to provide relief to exporters
Posted Date : 06-Aug-2018 , 07:27:22 am | Posted By CASANSAAR
The export community has consistently faced issues with GST and to make life easier, the Government has proposed simplification in the new return filing process.
The entire return filing process is supposed to undergo a change with only one monthly return for taxpayers. Return filing dates ...
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GST |
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GST Council clears 20 per cent cashback on digital payments, with Rs 100 cap
Posted Date : 06-Aug-2018 , 12:55:00 pm | Posted By CASANSAAR
The Goods and Services Tax (GST) Council on Saturday cleared a pilot project to offer digital incentives, in the form of cashback of 20 per cent of GST paid on business-to-consumer transactions using RuPay and BHIM platforms, subject to a cap of Rs 100 per transaction.
Revenue shortfall concerns ...
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GST |
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GST rates still leave room for pruning
Posted Date : 06-Aug-2018 , 12:28:28 pm | Posted By CASANSAAR
The Centre has reportedly favoured a pause in further rate cuts on the goods and services tax (GST) due to the revenue shortfall, estimated at over Rs 40,000 crore in the first quarter of this fiscal. This is hasty, on two counts. The slew of changes that have periodically been brought about show th...
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GST |
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GST Council meets in New Delhi today to discuss MSME Sector's suggestions and concerns
Posted Date : 04-Aug-2018 , 12:50:55 pm | Posted By CASANSAAR
The Goods and Services Tax (GST) Council is meeting in New Delhi today. The meeting, to be chaired by Finance Minister Piyush Goyal, will discuss the concerns and suggestions of the Micro, Small and Medium Enterprises, among other issues.
The 29th meeting of the Council is also likely to di...
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GST |
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Constitutional validity of NFRA challenged in Madras High Court
Posted Date : 04-Aug-2018 , 07:54:39 am | Posted By CASANSAAR
The constitutional validity of the Centre’s proposed National Financial Reporting Authority (NFRA) which will replace the Institute of Chartered Accountants in India (ICAI) and wield penal and civil power over the practising CAs has been challenged in Madras high court.
A division bench of ...
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NFRA |
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SEBI discontinues sub-broker category
Posted Date : 04-Aug-2018 , 07:49:01 am | Posted By CASANSAAR
Sebi today said it has done away with the category of sub-brokers as market intermediaries, which require registration with the regulator.
Besides, the markets regulator said no person will be granted a fresh sub-broker registration, and the registered ones will have time till the end of th...
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Shares & Stock |
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