GST Council to meet tomorrow; discuss roll out of e-way bill
Posted Date : 15-Dec-2017 , 04:49:05 pm | Posted By CASANSAAR
The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion.
Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, so...
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GST |
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SC extends Aadhaar-linking deadline for mobile phones, bank accounts to March 31
Posted Date : 15-Dec-2017 , 02:11:14 pm | Posted By CASANSAAR
The Supreme Court on Friday extended the deadline for linking of Aadhaar with mobile phone services and opening of new bank accounts to March 31, 2018, amid legal challenges over the legitimacy of the government’s push to make the biometric identification program mandatory.
The five-judge c...
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Income Tax |
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ED to issue FEMA notices to 46 Indian entities in PANAMA case
Posted Date : 15-Dec-2017 , 09:11:32 am | Posted By CASANSAAR
The Enforcement Directorate (ED) is set to issue fresh notices to more than 45 Indian entities named in the Panama Papers list on charges of possible forex law violations, official sources today said.
The agency, they said, is investigating about 46 "actionable" cases of Indians on this...
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Income Tax |
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Now File NIL GSTR 3B in one click
Posted Date : 15-Dec-2017 , 09:09:14 am | Posted By CASANSAAR
In a bid to make GST filing easier for taxpayers, a new functionality has been introduced on the official portal of GST. This new functionality has been initiated with the filing of GSTR-3B returns first.
The GST network in a statement said, “A new functionality has been introduced on...
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GST |
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35% of businesses registered in GST pay no tax - FM
Posted Date : 15-Dec-2017 , 09:05:29 am | Posted By CASANSAAR
Around 4 lakh people contribute 95% of GST collections, while 35% of those who have filed returns mostly paid no tax, finance minister Arun Jaitley said on Thursday.
He provided these figures emerging from studies in response to a query at industry chamber Ficci’s 90th AGM here on whether t...
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GST |
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GST collections could rise on e-way bills: FM
Posted Date : 15-Dec-2017 , 09:02:00 am | Posted By CASANSAAR
Revenue collections from the Goods and Services Tax could pick up over the coming months as provisions such as e-way bills for transport of goods kick in, Finance and Corporate Affairs Minister Arun Jaitley said on Thursday, stressing that lower direct and indirect tax rates are only possible when g...
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GST |
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Govt Panel invites suggestions/comments from stakeholders about the provisions of the IBC and the Rules and Regulations
Posted Date : 15-Dec-2017 , 08:49:15 am | Posted By CASANSAAR
Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under
Comments/suggestions along with the brief justification may be sent through the online facility only availa...
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Insolvent Professional |
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IBBI issues guidelines for Technical Standards for Core Services
Posted Date : 15-Dec-2017 , 08:47:04 am | Posted By CASANSAAR
Based on recommendations of the Technical Committee, the Insolvency and Bankruptcy Board of India (IBBI) has laid down the Technical Standards for the performance of Core Services for the following matters under Regulation 13 of the IBBI (Information Utilities) Regulations, 2017:...
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Insolvent Professional |
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Deadline for linking Aadhaar with bank accounts, PAN extended to March 31
Posted Date : 14-Dec-2017 , 09:48:47 am | Posted By CASANSAAR
The government on Wednesday extended to March 31, 2018 the deadline for linking Aadhaar to bank accounts and various financial services. The move comes as a major relief for banks and other entities in the financial sector as crores of customers are yet to link their accounts to Aadhaar and might ha...
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PAN |
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Income Tax Dept conducts surveys at Bitcoin exchanges country wide
Posted Date : 13-Dec-2017 , 04:11:44 am | Posted By CASANSAAR
The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.
They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the ...
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Income Tax |
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Hotels, Restaurants Can Sell Bottled Water Above MRP - Supreme Court
Posted Date : 13-Dec-2017 , 01:39:05 am | Posted By CASANSAAR
The Supreme Court on Tuesday held that hotels and restaurants are not bound by the maximum retail price (MRP) when they sell bottled mineral water.
A bench led by Justice Rohinton F Nariman held that provisions of Legal Metrology Act will not be applicable in selling bottled water in hotels and r...
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General |
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Govt asks panel to review amendment to Insolvency and Bankruptcy Code
Posted Date : 13-Dec-2017 , 08:10:20 am | Posted By CASANSAAR
The government has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets, two people aware of the matter said.
The committee...
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Insolvent Professional |
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Govt sets aside Rs 10000 cr service tax demand notices on IT firms
Posted Date : 13-Dec-2017 , 08:02:18 am | Posted By CASANSAAR
In a relief to IT companies, government has set aside a 10,000 crore rupee service tax demand notices on IT companies. In a statement, the Finance Ministry said, as a result, apprehensions about the negative effects on the software industry are without basis.
The government's move came a day ...
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Service Tax |
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Filing of Form TRAN-I to avail Input Tax Credit
Posted Date : 13-Dec-2017 , 07:55:41 am | Posted By CASANSAAR
Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of...
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GST |
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14 crore PAN-Aadhaar linkages done till now
Posted Date : 13-Dec-2017 , 07:53:29 am | Posted By CASANSAAR
Over 14 crore Permanent Account Numbers (PANs) have been linked with Aadhaar till now, official sources said today.
With this, about 41 per cent of PANs are now linked with Aadhaar numbers.
There are about 33 crore PAN cards, while Aadhaar has been issued to about 115 crore people.
"Ov...
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PAN |
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IBBI notifies Regulations for handling of Grievances and Complaints
Posted Date : 10-Dec-2017 , 07:58:10 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India on 7th December, 2017. The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or ...
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Insolvent Professional |
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RBI takes to SMSes, missed-call helpline against prize frauds
Posted Date : 10-Dec-2017 , 07:55:46 pm | Posted By CASANSAAR
Taking the fight to the arena used by fraudsters promising prize money from the RBI, the central bank has itself launched an SMS campaign and a 'missed-call' helpline to warn people against such scams.
Typically, such fraudsters make calls or send SMSes and emails to gullible people promi...
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RBI |
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ICAI clarifies regarding reservations in CA course
Posted Date : 10-Dec-2017 , 07:50:18 pm | Posted By CASANSAAR
The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course.
In this regard, it is hereby informed that ...
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ICAI |
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SBI changes names, IFSC codes of around 1300 branches
Posted Date : 10-Dec-2017 , 12:27:05 am | Posted By CASANSAAR
Post the merger of its five associates, State Bank of India (SBI) has changed names and Indian Financial System Code (IFSC) codes of nearly 1,300 of its branches. The country’s largest lender has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Be...
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Banking |
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Input Service Distributors can now file GSTR 6 on GST portal
Posted Date : 08-Dec-2017 , 08:23:21 pm | Posted By CASANSAAR
Goods and Services Tax Network (GSTN) today said Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal.
The last date for filing of GSTR 6 return for July is December 31, GSTN said in a state...
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GST |
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CBDT extends date till 31.3.18 for linking of Aadhaar with PAN
Posted Date : 08-Dec-2017 , 08:18:51 pm | Posted By CASANSAAR
Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the ta...
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CBDT |
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Income Tax Department suspends an officer for harassing the taxpayer
Posted Date : 08-Dec-2017 , 08:17:43 pm | Posted By CASANSAAR
A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the t...
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Income Tax |
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Taxman may invoke Benami Act for unexplained credits, investments
Posted Date : 07-Dec-2017 , 11:31:28 pm | Posted By CASANSAAR
The Income-Tax Department is scrutinising all unexplained credits and investments in personal as well as corporate income-tax filings and is looking to invoke the Benami Act in many cases, according to people in the know. Unexplained credits, in the books of a company or bank accounts of individuals...
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Income Tax |
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Online petition against FRDI Bill gets thousands of signups
Posted Date : 07-Dec-2017 , 07:20:16 pm | Posted By CASANSAAR
An online petition against the bail-in provision in the FRDI bill has got thousands of signatures even as the finance ministry said that the proposal, under consideration of a joint parliamentary committee, is depositor friendly and provides more protection.
An online petition on Change.org...
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Corporate Law |
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RBI rationalises charges on debit card transactions
Posted Date : 07-Dec-2017 , 07:18:17 pm | Posted By CASANSAAR
In order to promote digital payments, RBI has come out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders.
MDR is the rate charged to a merchant by a bank for providing debit and credit card services.
As pe...
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RBI |
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RBI keeps repo rate unchanged at 6 per cent
Posted Date : 06-Dec-2017 , 07:51:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 6 per cent in its fifth bi-monthly monetary policy review for the year 2017-18 today.
The central bank has raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal and kept the economic...
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RBI |
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Rs.8,450 crore package to boost exports post GST
Posted Date : 05-Dec-2017 , 09:56:21 pm | Posted By CASANSAAR
The government on Tuesday announced incentives worth ₹8,450 crore to boost exports of goods and services — mainly from labour-intensive segments and the Micro, Small and Medium Enterprises — and to increase employment generation and value-addition. The incentives were announced as part...
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GST |
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GST data may be used to track income-tax evaders
Posted Date : 05-Dec-2017 , 09:53:23 pm | Posted By CASANSAAR
The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
The government is setting up a mechanism wherein data obtained through GST reporting could be correlated with th...
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GST |
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CBEC calls for reality check to boost GST mop-up
Posted Date : 05-Dec-2017 , 10:40:40 am | Posted By CASANSAAR
Amid concerns over slowing goods and services tax (GST) collections, the Central Board of Excise and Customs (CBEC) has sought detailed field reports with a special focus on the top taxpayers.
Finance secretary Hasmukh Adhia will review the revenue position with senior officials in the depa...
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GST |
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Indian Oil suffers Rs 4,200cr due to GST
Posted Date : 05-Dec-2017 , 10:08:02 am | Posted By CASANSAAR
State owned oil refiner, Indian Oil Corporation has said that impact of the Goods and Services Tax (GST) would be nearly Rs 4,200 crore as it would not able to claim input tax credit for automotive fuels that are outside GST
Input tax credit means at the time of paying tax on output, you can redu...
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GST |
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