Composition scheme extended to Rs. 1 cr, quarterly returns for taxpayers with turnover of Rs 1.5 cr
Posted Date : 06-Oct-2017 , 08:59:33 pm | Posted By CASANSAAR
To bring simplicity and to reduce the compliance cost for the small taxpayers, the GST Council in its 22nd meeting has decided to allow taxpayers with Rs 1.5 crore to file quarterly returns and at the same time increased the threshold for composition scheme to Rs. 1 crore from the present Rs. 75 lak...
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GST |
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PAN card not required for jewellery purchase above Rs 50,000
Posted Date : 06-Oct-2017 , 08:50:58 pm | Posted By CASANSAAR
Government on Friday revoked GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000.
The decision was taken at the crucial meeting of the GST Council today.
Offering further respite to Jewellers, the meeting furt...
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PAN |
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0 | Hits : 1035
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GST Council meeting today, MSMEs, exporters may get relief package
Posted Date : 06-Oct-2017 , 08:31:12 am | Posted By CASANSAAR
The Goods and Services Tax Council (GST Council) chaired by finance minister Arun Jaitley is likely to announce on Friday a special package for micro, small and medium enterprises (MSMEs) that will, among other things, address the concerns of exporters, as policymakers explore ways to fix an unexpec...
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GST |
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0 | Hits : 1517
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Double taxation happening under GST - ICAI
Posted Date : 06-Oct-2017 , 08:21:11 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has submitted suggestions to remove the instances of double taxation under goods and services tax (GST).
It claimed that provisions of reverse charge mechanism (RCM) and composition scheme are leading to cascading of taxes. Under GST, i...
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ICAI |
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0 | Hits : 2489
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IBBI notifies the IBBI (Information Utilities) (Amendment) Regulations, 2017
Posted Date : 06-Oct-2017 , 08:08:41 am | Posted By CASANSAAR
IBBI had notified the IBBI (Information Utilities) Regulations, 2017 on 31st March, 2017. These regulations provided that ordinarily a person should not hold more than 10% of paid up equity share capital or voting power of an information utility, while allowing certain specified perso...
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Finance |
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0 | Hits : 1014
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ICAI president Nilesh Vikamsey's daughter found dead in Mumbai
Posted Date : 05-Oct-2017 , 10:35:36 am | Posted By CASANSAAR
The Institute of Chartered Account of India (ICAI) president Nilesh Vikamsey’s daughter, who went missing on Wednesday, was found dead under mysterious cicrumstances in Mumbai on Thursday.
Mumbai Police said the deceased has been identified as Pallavi Vikamsey, 21-year-old.
Pallavi was m...
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ICAI |
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1 | Hits : 8453
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RBI keeps key policy rate unchanged
Posted Date : 05-Oct-2017 , 07:55:27 am | Posted By CASANSAAR
The monetary policy committee (MPC) of Reserve Bank of India decided to hold the key policy rate unchanged at 6% as it sees risks to inflation.
However, it maintained the neutral stance of the policy while reiterating that the MPC remains committed to keep headline inflation close to 4% on durabl...
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RBI |
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0 | Hits : 867
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RBI to allow inter-operability in prepaid payment instruments
Posted Date : 05-Oct-2017 , 07:45:44 am | Posted By CASANSAAR
Users will be able to transfer funds from one mobile wallet to another as Reserve Bank is allowing inter-operability among prepaid payment instruments (PPI) very soon.
PPIs which include the likes of e-wallets, gift cards and meal coupons are used as substitutes for cash. RBI today said in ...
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RBI |
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0 | Hits : 1196
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Advance Authority for Rulings in demand to clear doubts on GST
Posted Date : 04-Oct-2017 , 08:30:27 am | Posted By CASANSAAR
A few senior tax officials and corporates have requested the government to start Advance Authority for Rulings as early as possible to clear doubts on goods and services tax (GST), as this will prevent companies and associations from approaching courts for clarity. Advance Authority for Rulings (AAR...
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GST |
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0 | Hits : 940
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Govt cuts excise duty on petrol, diesel by Rs 2/litre
Posted Date : 04-Oct-2017 , 08:16:47 am | Posted By CASANSAAR
Bowing to public pressure, the government today cut excise duty on petrol and diesel by Rs 2 per litre to moderate the relentless rise in fuel prices witnessed for the last three months.
"Govt of India has reduced Basic Excise Duty rate on petrol and diesel [both branded and unbranded] by Rs...
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General |
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0 | Hits : 791
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RBI to announce fourth bi-monthly policy review statement
Posted Date : 04-Oct-2017 , 08:12:11 am | Posted By CASANSAAR
The Reserve Bank of India will today announce the fourth bi-monthly policy review statement. The Monetary Policy Committee headed by RBI governor Urjit Patel started two-day deliberations with industry in Mumbai yesterday.
The bi-monthly monetary policy statement is being keenly awaited by all st...
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DGFT |
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0 | Hits : 1382
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Window for GST composition scheme to be open till Sept 30
Posted Date : 29-Sep-2017 , 07:59:04 am | Posted By CASANSAAR
The GST Department has announced that the window for adopting the composition scheme under the GST Act for small traders, producers, and restaurants will be open till September 30.
Under the scheme, all small traders, producers, and restaurants which have a turnover of less than Rs.75 lakh need t...
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GST |
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0 | Hits : 1238
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Quarterly GST returns may be for Small Firms
Posted Date : 29-Sep-2017 , 07:56:26 am | Posted By CASANSAAR
The Centre is considering a proposal from the industry to allow small firms to file quarterly returns even as they pay taxes on a monthly basis under the Goods and Services Tax (GST) regime.
This follows the troubles these small firms are having regarding complying with the GST norms due to their...
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GST |
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0 | Hits : 3104
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Clarification on Payment of Service Tax in Transitional Period
Posted Date : 29-Sep-2017 , 07:40:58 am | Posted By CASANSAAR
Certain transitional issues arising with respect to payment of service tax after 30th June 2017 have been clarified by CBEC vide circular dated 28-9-2017.
It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was also made be...
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Service Tax |
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0 | Hits : 1808
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Income Tax dept fastens belt to add 1.25 cr new tax filers this fiscal
Posted Date : 28-Sep-2017 , 04:55:40 pm | Posted By CASANSAAR
The Income Tax Department has been tasked to add 1.25 crore new return filers in the current financial year as part of the government's plan to widen the tax base in the country.
The Central Board of Direct Taxes (CBDT), that makes policy decisions for the I-T department, has directed the tax...
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Category :
Income Tax |
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0 | Hits : 980
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GST Revenue Figures – As on 25th September, 2017
Posted Date : 27-Sep-2017 , 08:21:58 am | Posted By CASANSAAR
The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collec...
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GST |
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0 | Hits : 1169
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GST revenue collections in August at Rs 90,669 Cr
Posted Date : 27-Sep-2017 , 08:19:39 am | Posted By CASANSAAR
Goods and Services Tax (GST) revenue collections in August stood at 90,669 crore rupees.
Out of this, CGST revenue is 14,402 crore rupees, SGST 21,067 crore, IGST 47,377 crore and Compensation Cess is 7,823 crore rupees. This figure of GST revenue collection is upto 25th of September. ...
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GST |
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0 | Hits : 918
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SBI cuts minimum average balance from Rs 5000 to Rs 3000
Posted Date : 26-Sep-2017 , 08:39:43 am | Posted By CASANSAAR
SBI has lowered the average minimum balance requirement under its savings account for metro customers to Rs 3,000 from Rs 5,000 earlier following protests. The bank has also decided to do away with the minimum balance requirement for minors and pensioners and has reduced the penal charges.
In a s...
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Banking |
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0 | Hits : 1075
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Individual and corporates advance tax filings under I-T scanner
Posted Date : 26-Sep-2017 , 08:32:25 am | Posted By CASANSAAR
The Income Tax (I-T) department is seeking an explanation from a number of corporate and individual tax assessees, who have filed their self-assessment for the past three years, for deferring their advance tax, reports Business Standard.
The financial daily reports that the tax department suspect...
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Category :
Income Tax |
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0 | Hits : 968
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Vijay Mallya diverted most of Rs 6000-cr loan to shell firms in 7 nations
Posted Date : 25-Sep-2017 , 05:02:21 pm | Posted By CASANSAAR
Strengthening the case for fugitive businessman Vijay Mallya's extradition from the United Kingdom, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are reported to be preparing a charge sheet alleging the former liquor baron laundered a major chunk of the Rs 6,027-...
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Category :
Income Tax |
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0 | Hits : 889
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Posted Date : 25-Sep-2017 , 06:23:27 am | Posted By CASANSAAR
CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish.
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CA |
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0 | Hits : 1857
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RBI eases foreign investment regulations for corporate debt
Posted Date : 23-Sep-2017 , 10:39:59 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities.
Starting 3 October, masala bonds, or rupee-denominated bonds sold ov...
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RBI |
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0 | Hits : 1018
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Income Tax deptt asks taxpayers to update their information on e-filing portal
Posted Date : 23-Sep-2017 , 10:05:43 am | Posted By CASANSAAR
Please note following changes in your Income Tax Profile. You may be required to update your Mobile Number and Email Address in your Income Tax Profile upon Login:
1. Now you need to provide your own email address + your own mobile number.
2. One Mobile Number & One Email Address can be us...
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Category :
Income Tax |
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0 | Hits : 1295
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GSTN ropes in 39 more companies as Suvidha providers
Posted Date : 23-Sep-2017 , 09:54:43 am | Posted By CASANSAAR
The GST Network, the agency in charge of the technological infrastructure for the Goods and Services Tax regime, has selected 39 more companies to become GST Suvidha Providers (GSPs). Companies like Zoho Corporation, Paynear as well as consulting bigwigs PwC and KPMG have made the cut this time. VG ...
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GST |
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0 | Hits : 1673
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Income Tax Deputy Commissioner, 2 others arrested in Rs 3 crore bribery case
Posted Date : 23-Sep-2017 , 09:48:11 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) today arrested a Deputy Commissioner of Income Tax, Mumbai and his two accomplices in an alleged bribery of Rs three crore.
The I-T Deputy Commissioner was picked up from the Aaykar Bhawan in Churchgate on Friday evening after arrest of one of his accompl...
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Income Tax |
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0 | Hits : 1285
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Tax Payers advised to confirm identities of Income Tax Search Authorities
Posted Date : 23-Sep-2017 , 09:43:52 am | Posted By CASANSAAR
The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law.
However, instances have been brought to the notice of department wherein, certain unscrupulous...
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Category :
Income Tax |
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0 | Hits : 1044
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Clarification about Transition Credit in GST of Rs. 65000 Cr
Posted Date : 23-Sep-2017 , 09:42:01 am | Posted By CASANSAAR
There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Governm...
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Category :
GST |
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0 | Hits : 1058
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Notification Issued For GST Actionable Claim On Branded Food Products
Posted Date : 23-Sep-2017 , 09:39:54 am | Posted By CASANSAAR
The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, inter alia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:
a) A brand registered as on 15.05.2017 under the Trademarks Act, 1...
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Category :
GST |
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0 | Hits : 1001
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FM asks biz not to wait till last day to file GST returns
Posted Date : 20-Sep-2017 , 10:03:36 pm | Posted By CASANSAAR
With 75 per cent of businesses waiting till the last day to file August GST returns, Finance Minister Arun Jaitley today asked them to avoid last-minute rush for tax filing.
He said the GST Network (GSTN) has the capacity to handle 1 lakh returns per hour, which translates to 24 lakh returns in a...
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Category :
GST |
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0 | Hits : 919
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Notification regarding GST rate for branded cereal, pulses and flour
Posted Date : 20-Sep-2017 , 09:40:12 pm | Posted By CASANSAAR
The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:
a) A brand registered as on 15.05.2017 shall be deemed to be a regi...
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Category :
GST |
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0 | Hits : 846
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