Cabinet approves CGST refund scheme
Posted Date : 17-Aug-2017 , 08:32:13 am | Posted By CASANSAAR
The government has approved a new metro rail policy, a scheme to refund central goods and services tax ( CGST) to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East ctill 2027, and changes to strategic disinvestment policy to speed up d...
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GST |
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Cabinet approves procedure and mechanism for Strategic Disinvestment
Posted Date : 17-Aug-2017 , 08:27:57 am | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment of the following:
(i) For setting up an Alternative Mechanism (AM) consi...
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Finance |
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Dr. (Ms.) Mamta Suri takes charge as Executive Director, Insolvency and Bankruptcy Board of India
Posted Date : 16-Aug-2017 , 10:08:58 pm | Posted By CASANSAAR
Dr. (Ms.) Mamta Suri took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today.
Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India.
Dr. Suri has obtained her Ph.D. in Finance from U...
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Finance |
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GST rollout improves business efficiency by 30% - PM
Posted Date : 15-Aug-2017 , 09:40:56 pm | Posted By CASANSAAR
The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30 per cent and saved thousands of crores of rupees, Prime Minister Narendra Modi said today.
The Goods and Services Tax, which unified more than a dozen central and state levies, is...
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GST |
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18% GST on food takeaway from non-AC area at AC restaurant
Posted Date : 13-Aug-2017 , 07:43:45 pm | Posted By CASANSAAR
A uniform GST rate of 18 per cent will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government has said.
The new Goods and Services Tax (GST) regime, which was rolled out from July 1, pr...
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GST |
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Govt to amend cost audit rules under companies law
Posted Date : 13-Aug-2017 , 07:36:24 pm | Posted By CASANSAAR
The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records.
The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms.
The corp...
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Auditing |
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Over 9.3 crore PANs linked with Aadhaar
Posted Date : 13-Aug-2017 , 07:34:32 pm | Posted By CASANSAAR
More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said
Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July.
...
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PAN |
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Investigation agencies identified 13000 shell companies before SEBI ban
Posted Date : 12-Aug-2017 , 01:37:31 pm | Posted By CASANSAAR
Investigation agencies have identified more than 13000 shell companies post demonetization, according to two sources who to spoke to Moneycontrol on condition of anonymity. The Income Tax Department, Enforcement Directorate, the Central Bureau of Investigation and the Serious Fraud of Investigation ...
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SEBI |
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GST Law Committee extends deadline to claim input tax credit by one week
Posted Date : 12-Aug-2017 , 08:30:46 am | Posted By CASANSAAR
In a major relief for some taxpayers registered under GST, the GST Law Committee has extended the deadline to claim input tax credit by one week.
So, now those taxpayers who are eligible for such refund will first have pay their tax dues - post adjustment of input tax credit by August 20, while c...
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GST |
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Highlights of the Economic Survey 2016-17 Volume-2
Posted Date : 11-Aug-2017 , 09:44:27 pm | Posted By CASANSAAR
Fiscal Developments
The fiscal outcome of the Central Government in 2016-17 was marked by strong growth in tax revenue, sustenance of the pace of capital spending and a consolidation of non-salary/pension revenue expenditure. This combination allowed the Government to contain the fisca...
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Finance |
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PF account to be automatically transferred on job switch
Posted Date : 11-Aug-2017 , 10:34:12 am | Posted By CASANSAAR
If you plan to change your weekend jobs next month, you will not have to worry on the Provident Fund aspect.
From September, the Provident Fund of your current organisation will be automatically transferred to the next office that you join, as per a report in the Times of India.
TOI quoting ch...
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General |
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SEBI launches online registration for custodians of securities
Posted Date : 10-Aug-2017 , 09:10:38 am | Posted By CASANSAAR
Securities and Exchange Board of India, SEBI, has introduced an online registration mechanism for custodians of securities to make it convenient for them to do business.
Markets regulator said, the new system will help custodian of securities to complete registration and other regulatory fi...
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SEBI |
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Govt extends time limit for filing of GST returns
Posted Date : 08-Aug-2017 , 09:39:40 pm | Posted By CASANSAAR
The Central Government today extended the date of filing returns under the Central Goods and Services Tax Act (CGST), 2017.
As per the Notification, the details of outward Supplies in FORM GSTR-1 under s. 37 of the CGST for the month of July and August shall be filed from 1st to 5th Septemb...
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Income Tax |
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GST - Online travel agents liable to deduct 1% tax at source
Posted Date : 08-Aug-2017 , 09:30:09 pm | Posted By CASANSAAR
Online travel agents providing online ticketing and other services will be liable to deduct 1% tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said on Tuesday. Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to coll...
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GST |
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SEBI directs bourses to act against 331 suspected shell companies
Posted Date : 08-Aug-2017 , 08:06:21 am | Posted By CASANSAAR
SEBI has directed bourses to initiate action against 331 suspected shell companies listed in the share markets. These scripts will not be available for trading from this month. The regulator's directive came after the corporate affairs ministry shared a list of 331 listed companies that are susp...
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SEBI |
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11 lakh PAN have been deactivated: Here's how to check if your PAN is active or not
Posted Date : 07-Aug-2017 , 09:07:31 pm | Posted By CASANSAAR
Recently, Minister of State for Finance Santosh Kumar Gangwar in a written reply informed the Rajya Sabha that as on July 27, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person.
A person cannot hold more than one&nb...
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PAN |
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25% growth in number of ITRs filed in current fiscal, Advance Tax collections up by 41%
Posted Date : 07-Aug-2017 , 10:34:02 am | Posted By CASANSAAR
As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registeri...
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Income Tax |
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ICAI directed to address govt units' complaints quickly
Posted Date : 06-Aug-2017 , 03:10:03 pm | Posted By CASANSAAR
Chartered accountants' apex body ICAI has been directed to resolve complaints from government organisations in a "time-bound manner", union minister Arjun Ram Meghwal said today.
The minister of state for corporate affairs informed the Lok Sabha that in the last five years, th...
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ICAI |
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GST - Rates on textile works, tractor parts cut; e-way bill provisions finalised
Posted Date : 06-Aug-2017 , 02:46:24 pm | Posted By CASANSAAR
The GST rates on textile job works like stitching and embroidery, and tractor parts were cut on Saturday, while e-way bill provisions relating to online pre-registration of goods before transportation were relaxed.
The all-powerful GST Council, headed by finance minister Arun Jaitley and comprisi...
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GST |
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GST Council meet to review implementation today
Posted Date : 05-Aug-2017 , 07:30:54 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council will meet today to review the implementation of GST which was rolled from 1st of July, this year.
The GST Council at its meeting will finalise a mechanism to operationalise anti-profiteering clause which seeks to protect consumers interest.
...
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GST |
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E-filing of income tax returns jumps 21% till August 1
Posted Date : 04-Aug-2017 , 10:07:09 pm | Posted By CASANSAAR
The government will scrutinise 30,000 cases among taxpayers, individual and non-individual, who tried regularising their unaccounted incomes by filing ITRs in response to the note ban in November last year.
Meanwhile, there has been 21 per cent growth in the online filing of tax returns as of Aug...
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ITR |
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Income Tax Offices to remain open on Saturday,5th August, 2017 for filing of ITRs
Posted Date : 04-Aug-2017 , 10:03:52 pm | Posted By CASANSAAR
In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers).
In order to facilitate manual filing of returns (of aforesaid categories) on ...
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ITR |
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Businesses can start filing July returns from 5 Aug - GSTN
Posted Date : 04-Aug-2017 , 08:35:37 am | Posted By CASANSAAR
The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till 20 August, GST Network Chairman Navin Kumar said on Thursday.
Businesses can start filing their first GST returns and pay taxes for July on the portal of GST N...
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GST |
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No GST on traditional Rakhi; 5% tax on gold, silver rakhis
Posted Date : 04-Aug-2017 , 08:31:33 am | Posted By CASANSAAR
Rakhi, the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not attract the goods and services tax (GST) provided it's the traditional cotton thread. However, gold and silver rakhis will be taxed 5%.
The finance ministry has said puja samagr...
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GST |
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RBI directive on auditors to benefit second-tier firms
Posted Date : 03-Aug-2017 , 07:05:57 am | Posted By CASANSAAR
The Reserve Bank of India’s (RBI's) recent diktat, that statutory auditors in private and foreign banks should be repeated only after the mandatory rest period of six years, opens up an opportunity for firms outside the famed Big Four — PricewaterhouseCoopers, Deloitte, KPMG and EY.&...
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RBI |
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Nearly 40% taxpayers yet to complete GST enrollment process - GSTN
Posted Date : 03-Aug-2017 , 07:00:20 am | Posted By CASANSAAR
Even as the date of filing the first returns under the goods and services tax (GST) looms, nearly 40% of the taxpayers that have migrated to the GST Network (GSTN) portal are yet to complete the entire enrollment process, a necessary condition for filing returns. Over 71 lakh taxpayers of VAT, servi...
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GST |
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Repo rate cut by 25 bps to 6%; reverse repo by 25 bps to 5.75%
Posted Date : 02-Aug-2017 , 10:24:54 am | Posted By CASANSAAR
The Reserve Bank of India in its 3rd bi-monthly monetary policy decision of FY 2017-18 on Wednesday reduced the Repo Rate under the Liquidity Adjustment Facility by 25 basis points from 6.25 percent to 6.0 percent, citing reduction in upside risk to inflation. This move is expected to lower EMIs for...
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RBI |
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Govt moves to check benami, Aadhaar to be made must for property deals
Posted Date : 02-Aug-2017 , 10:58:18 am | Posted By CASANSAAR
In a move meant to curb benami transactions and the use of black money in real estate deals, the government is planning to make Aadhaar-based authentication mandatory at the time of registration of documents such as agreement for sale, power of attorney and will among others. The government has also...
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Income Tax |
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GST Council to decide on anti-profiteering mechanism at Saturday meet
Posted Date : 02-Aug-2017 , 10:55:21 am | Posted By CASANSAAR
The much-awaited mechanism for anti-profiteering will be decided upon by the GST Council on Saturday, Finance Minister Arun Jaitley told the Lok Sabha on Tuesday. He also expressed the hope that other sectors would follow suit of the auto sector to cut prices due to the effective lower rates under t...
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GST |
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16-year-old class 12 boy bags 1.4 crore offer from Google
Posted Date : 01-Aug-2017 , 09:58:56 pm | Posted By CASANSAAR
In the wake of reports that Harshit Sharma - a Chandigarh student - has landed a high-paying job with Google, it has now emerged that the global internet giant has no such record about the 16-year-old boy.
“Currently, we don’t have any information on our records with respect to Harshi...
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International Business |
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