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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RBI reiterates its concern over use of virtual currencies
Posted Date : 05-Dec-2017 , 07:21:51 am | Posted By CASANSAAR
The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies.
Earlier on two occassions, the RBI has cautioned users, holders and traders of Virtu...
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RBI |
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RBI may hold rates at policy meet this week
Posted Date : 04-Dec-2017 , 11:03:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is widely expected to keep rates on hold following the forthcoming monetary policy committee (MPC) meeting on December 6. Many economists believe that rates have bottomed and money markets will move from a liquidity-surplus situation — experienced since demoneti...
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RBI |
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First post-GST budget likely on February 1
Posted Date : 04-Dec-2017 , 09:58:38 am | Posted By CASANSAAR
Finance Minister Arun Jaitley is likely to present India's first post-GST and the current government's last full Budget on February 1 next year.
The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of...
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Budget |
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Indian CAs in great demand as UAE looks to implement VAT
Posted Date : 04-Dec-2017 , 09:55:36 am | Posted By CASANSAAR
Indian chartered accountants (CAs), who have gone through the rigour of interpreting and implementing the Goods and Services Tax (GST), dubbed the most complicated tax law, are in great demand in the United Arab Emirates (UAE) and other Gulf countries these days.
Their knowledge of Hindi ha...
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CA |
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Exporters file over 10000 applications for GST refunds
Posted Date : 04-Dec-2017 , 09:48:04 am | Posted By CASANSAAR
With over 10,000 applications for refunds filed by exporters till November, the GST Network asked exporters to ensure that the claims do not exceed the GST paid in that month.
The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST a...
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GST |
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60000 SHELL Companies deposited Rs 21000 crore during demonetisation
Posted Date : 02-Dec-2017 , 09:11:55 am | Posted By CASANSAAR
The government has received bank details of 60,000 out of 2.24 lakh companies which were deregistered recently due to non-compliance and non-filing of returns, said a ministry of corporate affairs official.
The bank details of these companies reveal that Rs 21,000 crore was deposited post-demonet...
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Banking |
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CBDT warns taxman against roving, fishing scrutiny inquiries
Posted Date : 02-Dec-2017 , 09:07:55 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has warned the taxman against undertaking "roving or fishing" inquiries in the name of scrutiny assessments and asked them to scrupulously adhere to its guidelines.
The policy-making body of the department, in a stern two-page communication...
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CBDT |
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Economy shakes off Demonetisation & GST impacts with 6.3% growth
Posted Date : 01-Dec-2017 , 10:29:02 am | Posted By CASANSAAR
India's growth staged a recovery in the September quarter as the economy emerged from the shadows of the impact of demonetisation and rollout issues linked to GST, prompting the
government to say that it was poised for a durable recovery in the months ahead.
Data released by the Central Stat...
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GST |
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GOI Series-III Sovereign Gold Bonds – next Subscription period – December 4-6 2017
Posted Date : 01-Dec-2017 , 09:31:54 am | Posted By CASANSAAR
The Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, for the period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The Bonds will be issued on the succeeding Monda...
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General |
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RBI asks cooperative societies not to use word Bank in names
Posted Date : 30-Nov-2017 , 09:15:05 am | Posted By CASANSAAR
The RBI has asked co-operative societies not use the word 'Bank' in their names as it violates the Banking Regulation Act.
In a statement, the RBI said that it has also "come to the notice" that some co-operative societies are accepting deposits from public which tantamoun...
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RBI |
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Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund
Posted Date : 29-Nov-2017 , 07:16:32 pm | Posted By CASANSAAR
The Government of India is seized of the issue of Exporters complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. Media reports with incorrect estimations of re...
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GST |
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Income Tax department raids several locations in Delhi-NCR in panama paper case
Posted Date : 29-Nov-2017 , 07:32:10 am | Posted By CASANSAAR
The Income Tax (IT) department today conducted searches at over 25 locations in Delhi and the National Capital Region in connection with its tax evasion probe into the Panama Papers leak cases, official sources said.
The I-T teams swooped down on three business groups, which had interests in meta...
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Income Tax |
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Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh
Posted Date : 29-Nov-2017 , 07:25:47 am | Posted By CASANSAAR
The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said.
Besides, large cash deposit by people who have filed I-T re...
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Income Tax |
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Tax advisers may come under Income Tax department's scanner
Posted Date : 29-Nov-2017 , 07:19:20 am | Posted By CASANSAAR
Less than a month after International Consortium of Investigative Journalists (ICIJ) leaked financial data known as Paradise Papers, tax advisers of Indians named in the list of those with money stashed in tax havens could find themselves in the income tax net, said two people in the know. However, ...
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Income Tax |
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Govt appoints Shri B.N. Sharma as Chairman of the National Anti-profiteering Authority under GST
Posted Date : 29-Nov-2017 , 07:16:10 am | Posted By CASANSAAR
In an immediate follow up action of last week's Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this ape...
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GST |
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CBDT relaxes norms for MAP & APAs
Posted Date : 28-Nov-2017 , 07:47:52 am | Posted By CASANSAAR
The income tax department will continue to receive applications for bilateral advance pricing agreement (APA) and mutual agreement procedures (MAP) from companies despite the absence of a particular clause — corresponding adjustment — in the double taxation avoidance agreement (DTAA) wit...
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CBDT |
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Income Tax dept to launch assessment of defaulters from Jan
Posted Date : 28-Nov-2017 , 07:34:57 am | Posted By CASANSAAR
The Income Tax (IT) department will launch full-fledged assessment proceedings from January next year against those assessees who have deposited "suspicious" amounts of money in banks post-demonetisation, but have not filed their income tax returns (ITRs) till now.
The Central Board of ...
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Income Tax |
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GST collections decline to Rs.83346 crore in October
Posted Date : 27-Nov-2017 , 10:09:51 pm | Posted By CASANSAAR
GST collections slipped almost 10 per cent to Rs 83,346 crore in October as tax rates on several product were cut and teething troubles with the new regime pushed back implementation of key provisions.
As many as 50.1 lakh Goods and Services Tax (GST) returns filed for October resulted in a reven...
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GST |
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Constitution of Fifteenth Finance Commission Notified
Posted Date : 27-Nov-2017 , 10:05:40 pm | Posted By CASANSAAR
The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 w.e.f. 27thNovember, ...
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Finance |
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0 | Hits : 913
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Income Tax Department Slaps AAP With Rs 30.67 Crore Notice
Posted Date : 27-Nov-2017 , 02:59:03 pm | Posted By CASANSAAR
The Aam Aadmi Party (AAP) has been slapped with a notice of Rs 30.67 Crore by the Income Tax department. The taxman wants AAP to explain by December 7 the alleged discrepancies in donations received. The notice for tax assessment for financial years 2014-15 and 2015-16 has pegged the AAP’s tax...
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Income Tax |
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0 | Hits : 986
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Rs 15 crore bank deposits made post demonetisation declared benami
Posted Date : 26-Nov-2017 , 01:06:52 pm | Posted By CASANSAAR
Cash deposits of Rs15.39 crore made in a Delhi bank post demonetisation have been held as ‘benami’ property by a special court even as the depositor and the beneficial owner of the stash are “untraceable”.
The deposits were declared ‘benami in the ruling in one of th...
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Bank |
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Insolvency ordinance may see 100-150 cases reopen
Posted Date : 25-Nov-2017 , 05:41:52 pm | Posted By CASANSAAR
The ordinance to make several companies as well as some promoters ineligible to bid for ailing companies may result into reopening of 100-150 cases with insolvency professionals beginning to dispatch letters to bidders to disclose if they are facing action in various forums. "Insolvency profess...
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Insolvent Professional |
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GST - Matching of invoices, returns to start soon
Posted Date : 24-Nov-2017 , 10:19:51 pm | Posted By CASANSAAR
The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilises and the need to assess the extent of taxes due takes centrestage, government sources said.
They also said that the re...
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GST |
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GST could have fewer slabs in future - Chief Economic Adviser
Posted Date : 25-Nov-2017 , 09:46:49 am | Posted By CASANSAAR
Chief Economic Adviser (CEA) Arvind Subramanian said Friday that going forward, the Goods and Services Tax (GST) may "probably" have fewer rates by "collapsing" 12 per cent and 18 per cent tax slabs into one.
He said the new tax regime, rolled out from July 1, will stabilise i...
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GST |
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