Food items served on train to attract full GST rate - AAR
Posted Date : 09-May-2018 , 08:41:17 am | Posted By CASANSAAR
Supply of food and beverages in trains will face goods and services tax as applicable on such items and not the concessional rate of 5% as specified by the government through a circular, Authority for Advance Rulings (AAR) said on Tuesday.
A train is a medium of transport and cannot be term...
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GST |
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ICAI members can have membership of CA Australia & New Zealand
Posted Date : 08-May-2018 , 11:55:53 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said it has entered into an arrangement with Chartered Accountants Australia & New Zealand whereby its members based in the two countries would be able to have membership of CA ANZ.
The Institute of Chartered Accountants of India (ICAI) has ente...
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ICAI |
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Govt may seek explanations for discrepancy in Income Tax, GST returns
Posted Date : 08-May-2018 , 10:17:22 pm | Posted By CASANSAAR
In a bid to boost measures against tax evasion, the government may ask taxpayers to explain any discrepancies between their income tax and GST returns. For this, the authority is looking to add a section in annual GSTR 9 form, reported Mint.
GSTR 9 is a return to be filed once a year by registere...
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GST |
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Additional fees on annual filing of documents at MCA @ Rs.100 per day wef 1st July 2018
Posted Date : 08-May-2018 , 04:41:51 pm | Posted By CASANSAAR
The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.1...
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Companies Act |
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Fee regulations for insolvency professionals soon - IBBI
Posted Date : 08-May-2018 , 10:49:23 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some “light touch” regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP).
The regulations will seek to impro...
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Insolvent Professional |
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IBBI suspends registration of IRP demanding exorbitant fees
Posted Date : 08-May-2018 , 10:44:20 am | Posted By CASANSAAR
Sending a strong signal, insolvency regulator IBBI’s Disciplinary Committee (DC) has suspended the registration of an insolvency resolution professional (IRP) Bhavna Sanjay Ruia for one year for charging an exorbitant fee.
This move came after the Committee concluded that Ruia, who is enrol...
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Insolvent Professional |
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0 | Hits : 1369
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Govt considers time limit for withdrawal of cases under IBC
Posted Date : 08-May-2018 , 10:38:01 am | Posted By CASANSAAR
Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted.
The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect o...
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Insolvent Professional |
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SC censures Income Tax dept for delay in filing appeal
Posted Date : 08-May-2018 , 10:35:42 am | Posted By CASANSAAR
The Supreme Court today came down heavily on the Income Tax Department for delayed filing of appeals in high courts and in the apex court.
A bench comprising Justices A K Sikri and Ashok Bhushan took strong note of the usual delay in filing appeals by the IT department in cases related to income ...
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Income Tax |
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GSTN to rope in private entities for tax payer profiling, fraud analytics
Posted Date : 08-May-2018 , 10:32:42 am | Posted By CASANSAAR
GST Network has invited bids from private entities for "360-degree" profiling of taxpayers for early detection of fraud as it seeks to transform into an end-to-end platform for checking GST evasion, from being just a tax collection portal.
The analytics company to be roped in will have ...
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GST |
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0 | Hits : 877
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Bank employees to go on 2-day strike over wage revision
Posted Date : 07-May-2018 , 07:13:26 pm | Posted By CASANSAAR
Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA).
"It is a matter of shame that whi...
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Banking |
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CBDT notifies the Protocol amending the DTAA between India and Kuwait
Posted Date : 07-May-2018 , 05:37:44 pm | Posted By CASANSAAR
A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force o...
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CBDT |
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ICAI Advisory for the candidates of CA examinations
Posted Date : 07-May-2018 , 05:35:15 pm | Posted By CASANSAAR
7th May 2018
Advisory for the candidates of CA examinations
Heavy winds/rains and thunderstorms have been forecast by the Indian Metrological Department on 7th and 8th May 2018, across various places in India.
In view of the above, candidates who are scheduled to write the CA examin...
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CA Exams |
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Coaching Classes are liable to 18% GST - AAR
Posted Date : 07-May-2018 , 10:52:33 am | Posted By CASANSAAR
A coaching class that helps students prepare for engineering and medical entrance exams is not exempt from the ambit of Goods and Service Tax (GST), according to a ruling given by the Maharashtra Authority for Advance Rulings (AAR). The ruling points out that a GST levy of 18% would apply on its fee...
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GST |
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NCLT suggests IBBI to review IBC regulations
Posted Date : 07-May-2018 , 10:47:33 am | Posted By CASANSAAR
The National Company Law Tribunal has suggested to Insolvency and Bankruptcy Board of India that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
It also said that the resolution professional should be competent and ind...
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Category :
Insolvent Professional |
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0 | Hits : 862
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Companies get scrutiny notices for mismatch in GST returns
Posted Date : 07-May-2018 , 10:28:47 am | Posted By CASANSAAR
GST officers have started sending scrutiny notices to companies whose tax payment did not match the final sales return, after revenue authorities detected underpayment of GST by about 34 per cent, a source said.
Besides, companies whose final sales return GSTR-1 did not match GSTR-2A, which...
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GST |
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27th GST Council meet Highlights
Posted Date : 05-May-2018 , 11:04:35 am | Posted By CASANSAAR
The GST Council on Friday decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. In its 27th meeting, the GST Council also decided to take complete ownership of the go...
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Income Tax |
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Over 23000 bank fraud cases involving Rs 1 lakh crore in five years - RBI
Posted Date : 04-May-2018 , 11:47:32 pm | Posted By CASANSAAR
Over 23,000 cases of fraud involving ₹1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI).
A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 201...
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RBI |
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No changes in Insolvency and Bankruptcy Code till Sept
Posted Date : 05-May-2018 , 10:07:37 am | Posted By CASANSAAR
The confusion and ambiguity in the Insolvency and Bankruptcy Code (IBC) will continue for some more time, as the Central government is planning to wait for two more quarters before proposing any changes in the code, as it seeks more clarity on the issue.
The government had formed...
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Insolvent Professional |
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0 | Hits : 1124
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SEBI allows exchanges to extend derivative trade till 11.55 pm
Posted Date : 05-May-2018 , 09:55:57 am | Posted By CASANSAAR
Markets regulator SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange.
This is similar to the trading hours for commodity de...
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Income Tax |
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Change in GST rate for digital transactions and imposition of Sugar Cess
Posted Date : 04-May-2018 , 11:23:25 pm | Posted By CASANSAAR
Incentive to promote Digital Transactions:
1. Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and...
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GST |
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GST Council approves principles for filing of new return design
Posted Date : 04-May-2018 , 11:22:00 pm | Posted By CASANSAAR
GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows –
Onemonthly Return:All taxpayers excluding a few exceptions ...
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GST |
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Change in the shareholding pattern of GSTN
Posted Date : 04-May-2018 , 04:33:31 pm | Posted By CASANSAAR
The Goods and Services Tax Network - Special Purpose Vehicle (GSTN-SPV) was created as a private limited, not-for-profit company under Section 25 of the Companies Act, 1956 (Section 8 of the Companies Act, 2013) by Govt. of India on 28th March, 2013 with an objective to provide shared IT infrastruct...
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GST |
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CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962
Posted Date : 04-May-2018 , 09:31:24 am | Posted By CASANSAAR
Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been prov...
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CBDT |
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GST Council meet to decide on easing return filing
Posted Date : 04-May-2018 , 09:29:22 am | Posted By CASANSAAR
The main item on the agenda for the GST Council meeting on Friday is likely to be the simplification of the return filing system into a single form and a decision on whether businesses can avail of provision credit or not, according to tax analysts.
According to the GST law, the return filing pro...
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GST |
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Income Tax Dept detects Rs 1 lakh Cr unreported high value transactions
Posted Date : 04-May-2018 , 09:24:35 am | Posted By CASANSAAR
The Income Tax (IT) department has detected three lakh unreported transactions in the financial year 2017-18, sources revealed on Thursday. The value of these transactions detected is more that Rs. one lakh crore.
These unreported transactions were detected by the Directorate of Intelligence and ...
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Income Tax |
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CBDT achieves another milestone by signing its 200th UAPA in April, 2018
Posted Date : 04-May-2018 , 09:21:23 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into one Unilateral Advance Pricing Agreement (UAPA) during the month of April, 2018. With the signing of this Agreement, the CBDT has achieved another milestone of having signed its 200th UAPA. The total number of APAs entered into by CBDT has go...
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CBDT |
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Applicability of GST on Transfer of Tenancy Rights - CBIC
Posted Date : 03-May-2018 , 10:07:41 am | Posted By CASANSAAR
In what has implications for commercial rental space and businesses in general, the government has said transfer of tenancy rights is a service liable to tax. A finance ministry circular has said such activity against consideration in the form of tenancy premium constitutes a “supply of servic...
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GST |
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High NPA ratio proves PSBs did not make enough provisions - RBI
Posted Date : 03-May-2018 , 09:58:38 am | Posted By CASANSAAR
Public sector banks did not make enough provisions as seen from their high net non-performing asset (NPA) ratio of 6.9 per cent (against 2.2 per cent and 0.6 per cent for private sector and foreign banks, respectively) at the end of March 2017, according to a Reserve Bank of India occasional paper.
...
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RBI |
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Digital copy of E-way bill enough to give transporters right of way - HC
Posted Date : 03-May-2018 , 09:53:00 am | Posted By CASANSAAR
Tax authorities cannot seize goods just because they-’re not accompanied by a physical copy of the electronic way bill (eway bill), the Allahabad High Court said in the first ruling on documents required to transport goods under the goods and services tax (GST) regime, thus setting a precedent...
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GST |
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0 | Hits : 901
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SC Orders deletion of adverse remarks made by NCLAT against Resolution Professional
Posted Date : 03-May-2018 , 09:50:10 am | Posted By CASANSAAR
The Supreme Court has directed deletion of adverse remarks made against a Resolution Professional (RP) registered with the Insolvency and Bankruptcy Board of India by the National Company Law Appellate Tribunal (NCLAT) questioning his competence without any reasons and despite the Committee of Credi...
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Category :
Insolvent Professional |
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