2nd Successful NPA resolution under IBC - Vedanta to buyout Electrosteel at Rs 5300 Cr
Posted Date : 05-Jun-2018 , 10:42:17 am | Posted By CASANSAAR
Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful resolution under the IBC law from the very first ...
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Insolvent Professional |
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SC directs Binani Cement lenders to proceed with debt resolution process
Posted Date : 05-Jun-2018 , 10:38:29 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case.
“All we want is that no final order should be passed till 2nd July, the next date of he...
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Insolvent Professional |
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SEBI provides relaxations for insolvent firms in delisting norms
Posted Date : 04-Jun-2018 , 11:51:35 pm | Posted By CASANSAAR
Market regulator SEBI has relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges.
The move is expected to provide succour to various listed compani...
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Insolvent Professional |
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32 Auditors at listed firms have resigned in last 5 months
Posted Date : 05-Jun-2018 , 10:19:32 am | Posted By CASANSAAR
In the past one month, fifteen auditors have resigned prematurely, besides increasing audit qualifications. The total number of exits, so far, in this calendar year stands at a staggering 32.
According to data from Prime Database, a primary market tracker, between January and May, 32 auditors hav...
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Auditing |
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GST likely to get centralised AAR for uniform rulings
Posted Date : 05-Jun-2018 , 10:11:26 am | Posted By CASANSAAR
India is looking at creating a centralised Authority for Advance Rulings (AAR) for the goods and services tax (GST) after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax. A recent case in point being the divergent rulings by Karnataka and Maharashtra AA...
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GST |
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Reserve Bank of India organizing Financial Literacy Week
Posted Date : 04-Jun-2018 , 04:59:41 pm | Posted By CASANSAAR
The Reserve Bank of India, RBI, is organizing Financial Literacy Week from today till 8th of this month, across the nation. This year the theme is Customer Protection. The aim is to create financial awareness among bank customers about financial products and services, good financial practices and di...
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RBI |
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Govt clarifies GST applicability on financial services
Posted Date : 04-Jun-2018 , 08:34:32 am | Posted By CASANSAAR
Goods and services tax applies to exit loads charged by mutual funds, additional interest charged for default in payment of loan instalments and late payment charges levied by credit card companies, the government has said.
Securitisation, future contracts, derivatives and forward contracts...
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GST |
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Govt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central Bank
Posted Date : 04-Jun-2018 , 08:29:27 am | Posted By CASANSAAR
The government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after...
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Banking |
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International passengers need not pay GST at airport Duty Free shops
Posted Date : 03-Jun-2018 , 08:01:48 pm | Posted By CASANSAAR
International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said.
Following an order passed in March by the New Delhi bench of the Authority for Advance Ruling (AAR) stating that ...
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GST |
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0 | Hits : 936
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SBI to modify rules for startup investments
Posted Date : 03-Jun-2018 , 07:24:23 pm | Posted By CASANSAAR
Country's largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said.
"We are a public institution and investments in startups are generally considered very risky. W...
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Banking |
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Get up to Rs. 5 Cr for information on tax evasion, benami transactions
Posted Date : 01-Jun-2018 , 07:59:09 pm | Posted By CASANSAAR
The government on Friday launched three new reward schemes under which a person can get up to Rs. 5 crore for information on tax evasion and 'benami' (proxy) transactions and properties. While a person can get maximum Rs. 5 crore for giving specific information about substantial tax evasion ...
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Income Tax |
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Rs 94,016 Cr of total gross GST revenue collected in May 2018
Posted Date : 01-Jun-2018 , 07:54:28 pm | Posted By CASANSAAR
The total gross GST revenue collected in the month of May2018 is Rs. 94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The t...
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GST |
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Income Tax Dept issues revised Income Tax Informants Reward Scheme, 2018
Posted Date : 01-Jun-2018 , 07:51:33 pm | Posted By CASANSAAR
With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the ea...
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Income Tax |
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0 | Hits : 816
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Roll out of e-Way Bill system for intra-State movement of goods in 8 States
Posted Date : 01-Jun-2018 , 07:31:12 am | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bi...
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GST |
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FORM GSTR-6 due date extended till 31.07.2018
Posted Date : 01-Jun-2018 , 07:26:15 am | Posted By CASANSAAR
The last date for filing of return in FORM GSTR-6 by Input Service Distributors for the months from July, 2017 to June, 2018 is being extended till 31.07.2018.
GST@GoIVerified account @askGST_GoI 14h14 hours ago
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The last date for filing ...
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GST |
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Govt seeks applications for NFRA Chairperson, Members posts
Posted Date : 31-May-2018 , 07:38:32 am | Posted By CASANSAAR
The government sought applications for the posts of chairperson and three full-time members of the National Financial Reporting Authority (NFRA).
In March, the Cabinet approved setting up of the NFRA, which would be an independent regulator for the auditing profession. The same month, the C...
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Corporate Law |
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SEBI allows debt issuers to review credit rating by agencies
Posted Date : 31-May-2018 , 07:32:56 am | Posted By CASANSAAR
Markets regulator Sebi allowed debt issuers to review ratings given by agencies, a move that will check the menace of 'rating shopping' and 'pick-and-choose' approach in their actions.
In the past, several firms have expressed dissatisfaction against credit rating agenc...
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SEBI |
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NCLAT stays insolvency proceedings against RCom
Posted Date : 31-May-2018 , 07:26:24 am | Posted By CASANSAAR
In a major relief to Reliance Communications, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against the debt-laden company, paving the way for sale of RCom’s assets worth ₹25,000 crore to Reliance Jio.
This was after the Swedish telecom equ...
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Insolvent Professional |
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0 | Hits : 822
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ICICI Bank to probe charges against CEO Chanda Kochhar
Posted Date : 30-May-2018 , 10:40:08 pm | Posted By CASANSAAR
Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar.
ICICI Bank in a regulatory filing said the enquiry will be headed by an inde...
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Income Tax |
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NCLAT asks Tata Steel if it will pay dues of Bhushan Steel
Posted Date : 30-May-2018 , 08:25:10 pm | Posted By CASANSAAR
The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month.
The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acqu...
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Insolvent Professional |
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Special GST Refund Fortnight from 31.05.2018 to 14.06.2018
Posted Date : 30-May-2018 , 09:50:35 am | Posted By CASANSAAR
Refunds of GST have been a concern for both the Government and Trade for the past several months. Till now, the Government has sanctioned more than Rs 30,000 crore as GST Refund. This includes an amount of Rs 16,000 crore of IGST and Rs 14,000 crore of ITC. The figures of ITC include sanction by bot...
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GST |
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Govt notifies 8.55% interest on PF for 2017-18
Posted Date : 30-May-2018 , 03:02:07 pm | Posted By CASANSAAR
Employees’ Provident Fund Organisation (EPFO) has asked its field offices to credit 8(point)55 per cent rate of interest for 2017-18 into the Provident Fund accounts of around 5 crore subscribers.
According to an order issued by the EPFO, the Labour Ministry has conveyed approval to c...
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General |
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Income-tax appeal limits may be raised to cut litigation
Posted Date : 30-May-2018 , 01:08:24 pm | Posted By CASANSAAR
In a move that will lead to more concentrated efforts in resolving tax litigation involving around Rs 5 trillion, the Central Board of Direct Taxes (CBDT) is planning to increase the threshold for filing appeals by income-tax (IT) authorities. The CBDT is planning to increase the limit for appeals t...
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Income Tax |
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Exporters GST refund: Second phase of fast track clearance drive from Thursday
Posted Date : 30-May-2018 , 10:37:59 am | Posted By CASANSAAR
With an estimated Rs 20,000 crore exporters' refund still stuck, the government will launch the second phase of refund fortnight beginning May 31 to fast-track clearances.
"Special Refund Fortnight" to be organised from May 31 to June 14 in which Center and state GST officers ...
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GST |
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0 | Hits : 1114
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Nationwide bank strike on May 30 and 31
Posted Date : 29-May-2018 , 07:05:38 am | Posted By CASANSAAR
The proposed nationwide bank strike on May 30 and May 31 stands as the conciliatory talks convened by the Chief Labour Commissioner here on Monday failed, the UFBU has said.
“Although the Chief Labour Commissioner tried his best to sort out the strike issue, there is no positive development...
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Banking |
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2.25 lakh shell companies under scrutiny of corporate affairs ministry
Posted Date : 29-May-2018 , 06:58:01 am | Posted By CASANSAAR
A total of 2.25 lakh companies are under the scanner of the Ministry of Corporate Affairs for not making requisite filings for 2015-16 and 2016-17, and the ministry may crack down upon them to identify “shell companies”, The Times of India reported.
Sources told TOI that the registrar...
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Companies Act |
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CA Sudha Balakrishnan appointed as first CFO of RBI
Posted Date : 28-May-2018 , 09:24:11 pm | Posted By CASANSAAR
NSDL executive CA Sudha Balakrishnan has been appointed the first ever chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in what is the biggest organisational change since Urjit Patel took over as RBI governor in September 2016, three people familiar with the informa...
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CA |
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Sale of GOING CONCERN exempt from GST- AAR
Posted Date : 28-May-2018 , 09:17:11 pm | Posted By CASANSAAR
Sale of a going concern by a business house will not attract Goods and Services Tax (GST), as per an order by the Authority for Advance Ruling (AAR). The Karnataka bench of the AAR gave its ruling based on an application filed by Rajashri Foods Pvt Ltd which wanted to sell one of its units along wit...
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GST |
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RCom plea against insolvency to be heard by NCLAT
Posted Date : 28-May-2018 , 08:44:19 pm | Posted By CASANSAAR
The NCLAT will hear tomorrow the plea of Reliance Communications which has challenged NCLT's decision to start insolvency proceedings against it on a petition by Swedish telecom equipment major Ericsson.
The plea of Anil Ambani-run RCom was mentioned today before the bench of the Nation...
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Insolvent Professional |
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21 Nationalised Banks Lost Rs 25,775 Crore in Bank Frauds in 2017-18
Posted Date : 28-May-2018 , 08:37:18 pm | Posted By CASANSAAR
Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud durin...
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Banking |
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