Lok Sabha passes GST (Compensation to States) Amendment Bill- 2017
Posted Date : 27-Dec-2017 , 09:45:01 pm | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the Goods and Services Tax (Compensation to States) Amendment Bill- 2017 amid uproar by the opposition Congress and TMC.
The Bill will replace Ordinance which was promulgated in September this year. It amends the Goods and Services Tax (Compensation to Stat...
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GST |
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GST revenue slips further; Rs 80,808 crore tax collected for Nov
Posted Date : 27-Dec-2017 , 09:14:15 am | Posted By CASANSAAR
Revenue collection from Goods and Services Tax (GST) for the month of November slipped further to Rs 80,808 crore, lowest since the implementation of the indirect tax system from July 1.
The dip in revenue collection was mainly due to a decline in overall incidence of taxes on most commodities, e...
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GST |
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Govt directs NGOs to open account in any designated bank within month for transparency
Posted Date : 26-Dec-2017 , 01:13:03 pm | Posted By CASANSAAR
Union Home Ministry has directed all NGOs, business entities and individuals who receive funds from abroad to open accounts in any of the 32 designated banks, within a month for higher level of transparency.
According to the ministry order, the directive to the NGOs, companies and individuals to ...
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NGO |
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Government spending, Deficit in focus ahead of budget
Posted Date : 26-Dec-2017 , 12:38:10 pm | Posted By CASANSAAR
As the government gets down to the business of drawing up the budget, there is a growing view among some influential sections that there should not be any spending cut on key programmes to meet the fiscal deficit target.
The reasoning is that fiscal slippage, if any, is likely to be from th...
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Budget |
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Rising NPAs in education loan add to banks stress - IBA
Posted Date : 25-Dec-2017 , 07:46:17 am | Posted By CASANSAAR
Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March-end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks' Association (IBA), the total outstanding education loan a...
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NPA |
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Govt introduces bill on GST compensation cess in Lok Sabha
Posted Date : 23-Dec-2017 , 07:22:50 am | Posted By CASANSAAR
The government introduced a bill in the Lok Sabha that would replace an ordinance wherein tax rates on various motor vehicles were hiked to a maximum of 25 per cent under the Goods and Services Tax (GST).
Finance Minister Arun Jaitley introduced the GST (Compensation to States) Amendm...
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GST |
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SEBI issues format for filing of application under SAST norms
Posted Date : 22-Dec-2017 , 07:42:18 pm | Posted By CASANSAAR
In order to ensure uniformity of disclosures in applications, Securities and Exchange Board of India (Sebi) on Friday issued a standard format for companies to file for such request under the ‘takeover’ norms with the markets regulator.
Under the standard format of application under s...
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SEBI |
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Govt dismisses rumours about closing down of public sector banks
Posted Date : 23-Dec-2017 , 07:03:40 am | Posted By CASANSAAR
Dismissing rumours, the government today said there is no question of closure of any public sector bank.
In a tweet, Financial Services Secretary Rajeev Kumar said the government is strengthening these banks by re-capitalisation plan of 2.11 lakh crore rupees.
He appealed to the pe...
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Banking |
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NCLT grants Bhushan Steel’s creditors permission to extend resolution period
Posted Date : 22-Dec-2017 , 09:06:46 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has granted Bhushan Steel’s committee of creditors (CoC) permission to extend the resolution period by 90 days beyond the initial 180-day time frame. On a plea of State Bank of India, Bhushan Steel was admitted in the insolvency court on July 26, under ...
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Income Tax |
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0 | Hits : 1124
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Over 470 disciplinary cases filed against CAs till July this year
Posted Date : 22-Dec-2017 , 09:04:06 am | Posted By CASANSAAR
The number of disciplinary cases registered against chartered accountants (CA) in the first six months of this year was twice as many as that of the same period in 2016, a reply to a Right to Information (RTI) plea has disclosed.
These cases involve members of the Institute of Chartered Accountan...
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CA |
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Bitcoin exchanges may come under ED scanner
Posted Date : 21-Dec-2017 , 09:19:33 am | Posted By CASANSAAR
The enforcement directorate (ED) plans to scrutinize bitcoin exchanges to check for potential violations of foreign exchange rules by the exchanges and cryptocurrency investors, said two ED officials aware of the matter.
The move follows a survey by the income-tax (I-T) department to determine ho...
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Bitcoins |
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FinMin Release of Income Tax Return Statistics for AY 2015-16
Posted Date : 21-Dec-2017 , 09:12:34 am | Posted By CASANSAAR
In continuation of its efforts to place more and more information in public domain, the Central Board of Direct Taxes(CBDT) has released data relating to distribution of income and tax payable in respect of returns filed for the Assessment Year 2015-16. With this release, detailed income-tax data fo...
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Income Tax |
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0 | Hits : 1024
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SEBI hikes FPI investment limit
Posted Date : 21-Dec-2017 , 09:07:33 am | Posted By CASANSAAR
Capital market regulator, Securities and Exchange Board of India (Sebi), yesterday, raised the investment limit for foreign portfolio investors in central government securities to over 1(point)91 lakh crore from next month.
Currently, investment limit for foreign portfolio investors is 1.89...
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SEBI |
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0 | Hits : 978
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Faceless and Nameless E-Assessment for Income Tax payers from 2018
Posted Date : 19-Dec-2017 , 08:43:25 pm | Posted By CASANSAAR
The government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal.
The Central Board of Di...
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Income Tax |
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Gross NPAs of banks cross Rs 8.50 lakh crore in first half - MOS
Posted Date : 20-Dec-2017 , 08:09:04 am | Posted By CASANSAAR
Gross Non-performing Assets (NPAs) of banks crossed Rs 8.50 lakh crore at the end of September 2017, Minister of State for Finance Shiv Pratap Shukla informed the Lok Sabha.
"Reserve Bank of India (RBI) has informed that the growth in provisions for NPAs of Public Sector Banks (PSBs) i...
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NPA |
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Govt may provide relief for disqualified directors of Shell Companies
Posted Date : 20-Dec-2017 , 08:05:34 am | Posted By CASANSAAR
The ministry of corporate affairs, or MCA, will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results, said two people with knowledge of the matter.
Non-compliant companies can apply for a pardon (o...
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Companies Act |
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Companies (Amendment) Bill, 2017 passed in Parliament
Posted Date : 20-Dec-2017 , 07:53:53 am | Posted By CASANSAAR
Parliament has passed the Companies (Amendment) Bill, 2017 with the Rajya Sabha adopting it today. The Lok Sabha had passed it earlier in the monsoon session. The bill seeks to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doi...
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Companies Act |
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Over 2,400 fresh cases of insolvency filed before NCLT
Posted Date : 19-Dec-2017 , 08:14:31 am | Posted By CASANSAAR
As many as 2,434 new cases have been filed before the National Company Law Tribunal (NCLT) since the enactment of Insolvency and Bankruptcy Code last year, Parliament was informed today.
"Since the enactment of Insolvency and Bankruptcy Code, 2016, 2,434 fresh cases have been filed bef...
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Insolvent Professional |
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Bitcoins - Income Tax notices to 4-5 lakh HNIs across the country
Posted Date : 19-Dec-2017 , 08:05:55 am | Posted By CASANSAAR
Widening its probe into bitcoin investments and trade, the Income Tax department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency.
The taxman had conducted surveys at nine su...
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Bitcoins |
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Modi Govt set to issue notices to GST defaulters
Posted Date : 18-Dec-2017 , 09:59:44 pm | Posted By CASANSAAR
The Government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters.
According to a report in Business Standard, the government is set to issue notices who have failed to file returns.
Due to postponement of measures under the GST ...
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GST |
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Bill to amend Payment of Gratuity Act provisions
Posted Date : 18-Dec-2017 , 09:48:01 pm | Posted By CASANSAAR
The government on Monday introduced a bill in the Lok Sabha that will allow it to notify the period of maternity leave and gratuity that can be availed by employees under a central law.
The Payment of Gratuity (Amendment) Bill, 2017 was introduced by Labour Minister Santosh Kumar Gangwar in the H...
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Corporate Law |
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GSTN brings in option for monthly, quarterly filing of forms
Posted Date : 18-Dec-2017 , 09:42:14 pm | Posted By CASANSAAR
Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, today said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR 1 form on quarterly or monthly basis.
Taxpayers with annual aggregate turnover up to Rs 1.5 crore in the pr...
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GST |
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Bitcoin-inspired illicit investment schemes to face regulatory axe - SEBI
Posted Date : 18-Dec-2017 , 07:50:35 am | Posted By CASANSAAR
Market watchdog SEBI will come down heavily on illicit 'initial coin offers' seeking public investments with the promise of high returns from Bitcoins and other virtual currencies, amid a mushrooming of such schemes in the absence of any regulatory regime.
However, SEBI is not keen to tak...
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SEBI |
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Builders may face probe by GST anti-profiteering body
Posted Date : 18-Dec-2017 , 07:42:22 am | Posted By CASANSAAR
Real estate developers are likely to be the first to face investigation by the new anti-profiteering watchdog for allegedly denying consumers the benefit of reduced tax burden under the goods and services tax (GST) regime that kicked in from 1 July.
A standing committee of officials attached to t...
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GST |
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GST brings jobs boom for Indian CAs
Posted Date : 18-Dec-2017 , 07:39:28 am | Posted By CASANSAAR
After the implementation of the Goods and Services Tax (GST) in India in July this year, the demand for Chartered Accountants (CAs) well-versed in the new tax regime has been on a global rise, the Institute of Chartered Accountants of India (ICAI) revealed. GST or similar tax regimes are now applica...
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GST |
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ICAI wants CA course to be accorded PG status
Posted Date : 18-Dec-2017 , 07:31:13 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will approach the University Grants Commission to accord postgraduate degree status for Chartered Accountant (CA) qualification.
ICAI president Nilesh S. Vikamsey said here on Saturday that recognising the CA qualification as a postgraduate d...
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ICAI |
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GSTN plans data scan to detect tax evasion
Posted Date : 18-Dec-2017 , 07:23:56 am | Posted By CASANSAAR
With nearly 10 million taxpayers registering themselves on the goods and services tax (GST) network, or GSTN, the information technology backbone of the new indirect tax regime is initiating the process of mining data to detect tax evasion and analyse taxpayer behaviour.
GSTN will soon float a re...
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GST |
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RBI levies Rs 5 crore penalty on Syndicate Bank for breaching KYC norms
Posted Date : 17-Dec-2017 , 11:04:29 am | Posted By CASANSAAR
Syndicate Bank has emerged as the latest entrant on the Reserve Bank of India's hit list for violation of norms.
The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms.
...
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RBI |
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ED freezes assets worth Rs 245 crore in STC fraud case
Posted Date : 17-Dec-2017 , 10:38:36 am | Posted By CASANSAAR
Enforcement Directorate (ED) has frozen assets worth Rs 245 crore in connection with its money laundering probe in the alleged fraud of Rs. 2,200 crore with the State Trading Corporation (STC).
The agency had early this year registered a criminal case under the Prevention of Money Laundering Act ...
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General |
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GST Council Meet :- Inter-State e-way Bill to be made compulsory from 1st of February, 2018.
Posted Date : 16-Dec-2017 , 02:06:11 pm | Posted By CASANSAAR
The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the...
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GST |
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