GST increased illegal activities 4-5 times in terms of Billing
Posted Date : 21-Jun-2018 , 10:31:59 am | Posted By CASANSAAR
The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times...
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GST |
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Govt clears Rs. 38,062 Cr in GST refunds
Posted Date : 21-Jun-2018 , 10:29:33 am | Posted By CASANSAAR
The government has cleared pending GST refunds to the tune of Rs.38,062 crore to exporters so far, the Central Board of Indirect Taxes and Customs said on Wednesday.
“In all, Rs.21,142 crore (IGST refunds), Rs.9,923 crore (RFD-01A refund by CBIC) and Rs.6,997 crore (RFD-01A refund by states...
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Category :
GST |
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0 | Hits : 994
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International Yoga Day being celebrated world over today
Posted Date : 21-Jun-2018 , 10:18:25 am | Posted By CASANSAAR
The 4th International Yoga Day is being celebrated across the globe today. In India Prime Minister Narendra Modi led thousands of people in performing yoga asanas, in the main event organised at Forest Research Institute in Dehradun, Uttarakhand. He called upon people to make Yoga a movement and a p...
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General |
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MCA invites comments from stakeholders on introductory note and draft on Cross-Border Insolvency
Posted Date : 20-Jun-2018 , 09:41:40 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA), Government of India, invites comments and views from stakeholders on introductory note and draft on Cross-Border Insolvency. The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs...
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MCA |
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Bank of Maharashtra CEO, ED held for Rs 3,000 Cr DSK Group default case
Posted Date : 20-Jun-2018 , 03:06:58 pm | Posted By CASANSAAR
The Economic offences wing of the Pune police has arrested the MD & CEO of Bank of Maharashtra Ravindra Marathe along with executive director RK Gupta in the Rs 3,000 crore DSK Group loan default case. Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the ...
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Banking |
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Commerce Minister releases National Strategy for Standardization
Posted Date : 20-Jun-2018 , 11:05:40 am | Posted By CASANSAAR
India’s quest for providing best quality begins with identifying standards, stated Suresh Prabhu, Minister of Commerce and Industry. He was speaking at the 5th National Standards Conclave - Implementing the Indian National Strategy for Standardization, being held in New Delhi on 19-20 June 201...
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Finance |
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RBI to hike rates again by year-end with August still in play: Poll
Posted Date : 20-Jun-2018 , 10:34:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to raise interest rates again in the final three months of this year, according to a Reuters poll of economists, but over one-third of them predicted a hike as early as at the next meeting in August.
Accelerating inflation and India retaining top spot a...
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RBI |
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RBI revises upwards housing loan limits under priority sector
Posted Date : 19-Jun-2018 , 11:56:51 pm | Posted By CASANSAAR
Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said on Tuesday.
PSL loans are relatively cheaper than market interest rate.
"With a view to bringing ...
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RBI |
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Sebi set to revamp IPO norms
Posted Date : 20-Jun-2018 , 10:16:20 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) is set to revamp initial public offering (IPO) norms to make them less onerous for legitimate sellers while clamping down on possible misuse.
These include recognising a wider set of institutional investors such as alternative investment fun...
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SEBI |
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RBI hikes housing loan limits under priority sector lending
Posted Date : 19-Jun-2018 , 11:32:50 pm | Posted By CASANSAAR
Housing loans of up to Rs. 35 lakh, for dwellings costing less than Rs. 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said today. PSL loans are relatively cheaper than market interest rate.
"With a view to bringing conver...
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RBI |
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0 | Hits : 1084
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GST leads to Formalization of Economy and Widening of Tax Base
Posted Date : 18-Jun-2018 , 03:27:49 pm | Posted By CASANSAAR
Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumpt...
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GST |
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GST collection soars 150%, revenue gap dips by half
Posted Date : 18-Jun-2018 , 12:42:31 pm | Posted By CASANSAAR
UP has been registering a steady growth in GST collections, and the rise has been to such an extent that the compensation paid by Centre to the states for revenue loss due to GST implementation has come down from 27% in September 2017 to nil for the months of April and May, 2018 in UP's case. UP...
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Category :
GST |
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0 | Hits : 1304
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SEBI shares info on 14,720 entities involved in non-genuine trades with IT Dept
Posted Date : 18-Jun-2018 , 10:09:39 am | Posted By CASANSAAR
Continuing with efforts to crack down on illegal trading activities, regulator Sebi has shared its findings about 14,720 entities that indulged in non-genuine trades through illiquid stock options with the Income Tax Department and the Ministry of Corporate Affairs, according to a senior official.
...
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SEBI |
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CAs, lawyers and valuers now in the line of FIR for bank frauds
Posted Date : 18-Jun-2018 , 10:06:22 am | Posted By CASANSAAR
Lawyers, chartered accountants (CAs) and valuers, who collude with fraudulent borrowers, will soon find their names in FIRs lodged by banks.
Shaken by the Nirav Modi fraud, India's second largest lender, Punjab National Bank (PNB), last week directed its offices that FIRs be filed not j...
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Category :
CA |
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United Bank of India referred 30 stressed accounts to NCLT
Posted Date : 18-Jun-2018 , 09:31:34 am | Posted By CASANSAAR
United Bank of India (UBI), which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to National Company Law Tribunal (NCLT) in 2017-18 (FY18), is betting on the resolution of bad loan accounts to improve its net profit, its report said.
"Thirty accounts in which the...
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Category :
Insolvent Professional |
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Income Tax Dept detects Rs.10, 767 Crore undisclosed income during fiscal 2017-18
Posted Date : 18-Jun-2018 , 09:26:09 am | Posted By CASANSAAR
The Income Tax Department has detected undisclosed income of over Rs. 10,000 crore in fiscal 2017-18, thus recording a 20 percent surge over the previous fiscal.
A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Crimin...
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Income Tax |
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MCA probing 42 listed companies for Financial Irregularities as auditors quit
Posted Date : 16-Jun-2018 , 07:31:24 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has asked western regional directors of the Registrar of Companies (RoC) to investigate 42 listed companies whose auditors resigned abruptly by May-end. The probe will focus on finding whether there were any financial irregularities at the firms along with asc...
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MCA |
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Delhi raises GST e-way bill threshold limit
Posted Date : 16-Jun-2018 , 07:24:21 pm | Posted By CASANSAAR
After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to seamless implementation of a unified, pan-India GST.
States are leg...
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Category :
GST |
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NFRA will become a reality very soon
Posted Date : 16-Jun-2018 , 07:19:49 pm | Posted By CASANSAAR
The proposed auditors’ watchdog, National Financial Reporting Authority (NFRA), will soon become a reality and is expected to be set up in the next two months, a senior government official said.
The Cabinet approved the proposal of setting up of NFRA as an independent regulator for the char...
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NFRA |
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Funds collected under GST anti-profiteering rules to be split between Centre, state
Posted Date : 16-Jun-2018 , 12:00:10 pm | Posted By CASANSAAR
Centre and the 'concerned state' will equally share the amount deposited by erring businesses in the consumer welfare fund set up as part of the GST anti-profiteering rules, as per a FinanceNSE -0.08 % Ministry notification.
Following the rollout of GST in July last year, the govern...
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Category :
GST |
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SBI Research report estimates additional gain of Rs 37,426 crore in revenue in current fiscal
Posted Date : 16-Jun-2018 , 11:56:46 am | Posted By CASANSAAR
A SBI Research report estimates an additional gain of 37,426 crore rupees in revenue in the current fiscal due to surge in oil prices and better tax collection due to Goods and Services Tax - GST.
According to the report, 16 out of 24 states have seen their revenues rising, with the aggrega...
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Category :
General |
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Government extends sale of pre-GST goods with stickers of revised price till July 31
Posted Date : 15-Jun-2018 , 12:14:56 pm | Posted By CASANSAAR
Sale of pre-GST packaged goods has now been allowed with stickers of revised rates till July 31, the government today said.
After implementing GST from July 1, 2017, the government had allowed use of stickers with revised rates, alongside the printed MRP for pre-packaged items to reflect ch...
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GST |
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Sector under scrutiny, Big 4 ease revenue targets for audit partners
Posted Date : 15-Jun-2018 , 11:56:19 am | Posted By CASANSAAR
As the role of auditors comes under increased scrutiny in India, some of the biggest firms in the business, including EY, PwC, Deloitte and KPMG, are either removing or relaxing revenue targets for their audit partners.
In the past few months, some of the audit firms have either told their ...
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Category :
Auditing |
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0 | Hits : 1512
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CA Dhivya Suryadevara become CFO of General Motors
Posted Date : 15-Jun-2018 , 09:59:04 am | Posted By CASANSAAR
General Motors Co said on Wednesday Dhivya Suryadevara, currently vice president of corporate finance, will succeed Chuck Stevens on September 1 as chief financial officer of the No. 1 US automaker. Suryadevara, will report to Mary Barra, GM chairman and CEO.
Suryadevara, 39, has played an integr...
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CA |
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0 | Hits : 1755
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SEBI norms offer relief to stressed cos under IBC
Posted Date : 15-Jun-2018 , 09:48:19 am | Posted By CASANSAAR
SEBI plans to put in place revised norms for recovering investors' money in cases of illegal collective investment schemes, wherein a registered insolvency professional will be appointed as administrator to undertake sale of assets.
A senior official said the regulator is looking to rev...
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SEBI |
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Change of email and mobile number of the authorized signatory under GST system
Posted Date : 14-Jun-2018 , 10:24:20 pm | Posted By CASANSAAR
Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the ...
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Category :
GST |
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0 | Hits : 1744
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CBDT proposes changes to three IT forms, seeks public suggestions
Posted Date : 14-Jun-2018 , 08:59:02 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has proposed amendments in two forms and one rule under to Income Tax Rules, 1962 (I.T.Rules).
It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objection...
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Category :
Income Tax |
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0 | Hits : 1736
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No research backing RBI's move to ban cryptocurrencies
Posted Date : 13-Jun-2018 , 11:29:54 am | Posted By CASANSAAR
In a response to the RTI application filed by a startup consultant, Varun Sethi, on April 9, the central bank said it does not have an internal committee that looks into VCs. However, the RBI is part of two different committees that have been constituted under the Ministry of Finance to study virtua...
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RBI |
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0 | Hits : 1112
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SEBI sets up panel to recommend ways to make stock market listing attractive for startups
Posted Date : 13-Jun-2018 , 11:13:28 am | Posted By CASANSAAR
Market regulator SEBI has set up a panel to recommend the ways to make stock market listing attractive for startups.
The panel has to submit the report within a period of one month. SEBI also said the group has been formed after discussions with various stakeholders.
Members of the group...
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SEBI |
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Extension of Special GST Refund Fortnight till 16.6.2018
Posted Date : 13-Jun-2018 , 11:11:15 am | Posted By CASANSAAR
The Government has launched the second “Special Drive Refund Fortnight ”from 31.5.2018 to 14.6.2018. During the first Refund Fortnight from 15th to 29th March an amount of Rs.5350 crore was sanctioned and during this fortnight over Rs 7500 crore has been sanctioned. In view of overwhelmi...
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Category :
GST |
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0 | Hits : 1133
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