Guidance for taxpayers in relation to GST
Posted Date : 25-Aug-2017 , 07:46:28 pm | Posted By CASANSAAR
To guide taxpayers in relation to GST matters, CBEC has issued a range of frequently asked questions related to GST law, procedures, tax rates, specific industry or sector. The information is available on CBEC GST portal http://cbec-gst.gov.in under Services section. Taxpayers can se...
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GST |
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SC declares right to privacy as Fundamental right
Posted Date : 25-Aug-2017 , 07:46:55 am | Posted By CASANSAAR
In a landmark decision, the Supreme Court today declared the right to privacy a fundamental right under the constitution.
A nine-judge constitution bench headed by Chief Justice JS Khehar ruled that right to privacy is an intrinsic part of the Right to Life and Personal Liberty under Articl...
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General |
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RBI mulls ombudsman for NBFC customers
Posted Date : 24-Aug-2017 , 10:44:14 am | Posted By CASANSAAR
The central bank is considering an 'ombudsman' scheme for redressal of customer grievances at non-banking finance companies (NBFCs) in line with banks, Reserve Bank of India (RBI) Deputy Governor NS Vishwanathan said on Wednesday.
He also said the Reserve Bank is not in favour of NBFCs ac...
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RBI |
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Satyam case - SAT gives SEBI more time to pass fresh order
Posted Date : 24-Aug-2017 , 12:12:16 am | Posted By CASANSAAR
The Securities Appellate Tribunal has given more time to Sebi for passing a fresh order in the Satyam case with respect to the quantum of punishment given to the erstwhile company's founder B Ramalinga Raju and his brother B Rama Raju.
The tribunal on May 12 had asked Sebi to pass a fresh ord...
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SEBI |
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5% GST applicable on selling of space for advertisement in print media
Posted Date : 24-Aug-2017 , 10:33:26 am | Posted By CASANSAAR
Government has clarified that five percent GST is applicable on selling of space for advertisement in print media if an agency buys space from the newspaper and sells the same to clients on its own account.
However, the GST rate will be 18 percent of the sale commission, if the agency works as an...
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GST |
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FinMin modifies cash management system to include post-GST changes
Posted Date : 23-Aug-2017 , 07:40:33 am | Posted By CASANSAAR
The finance ministry has modified the cash management system of the Central government to incorporate the change in date of tax receipts arising out of the new indirect tax regime of the Goods and Services Tax (GST). In an office memorandum, the finance ministry has asked all financial advisers of a...
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GST |
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11 states may see Rs 9500 crore revenue loss this year under GST
Posted Date : 23-Aug-2017 , 07:34:04 am | Posted By CASANSAAR
Even though as a whole states' revenue may clip past at a CAGR of 16.6 per cent in FY18 over FY16 under the GST, 11 of them may need an additional Rs 9,500 crore compensation from the Centre this year, says a report.
"All states combined will grow at a CAGR of 16.6 per cent in FY18...
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GST |
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Around 100 brokers under lens for helping shell companies
Posted Date : 22-Aug-2017 , 07:24:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) and the income-tax department are investigating the role of about 100 brokerages which they believe may have helped shell companies launder as much as Rs16,000 crore by compromising so-called know-your-customer (KYC) norms, said two people with direc...
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Shares & Stock |
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Income tax scrutiny volume to remain same even as more people file ITRs
Posted Date : 21-Aug-2017 , 10:11:05 pm | Posted By CASANSAAR
The income tax department will not increase the number of tax returns taken for scrutiny — currently at 1 percent of all I-T returns filed — even though more and more people are filing for returns.
Only 3 lakh among 528 lakh total income tax returns (ITR) filed for 2015-16 were scruti...
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ITR |
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Income Tax Department officials conduct massive raid in NCR
Posted Date : 21-Aug-2017 , 09:59:29 pm | Posted By CASANSAAR
Income Tax department on Monday morning conducted a massive raid in Delhi and National Capital Region (NCR), a media report said.
Over 500 I-T department officials are already on the way to conduct searches in the capital of the country, as reported by DNA.
As per the report, the s...
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Income Tax |
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Govt gets Rs 42K crore tax so far in first filing under GST
Posted Date : 21-Aug-2017 , 09:44:40 pm | Posted By CASANSAAR
As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.
A senior official said that about Rs 15,000 crore has ...
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GST |
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ICAI Convocation - 2017-18
Posted Date : 21-Aug-2017 , 09:06:37 am | Posted By CASANSAAR
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organizes Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark th...
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ICAI |
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FM calls for speedy and time-bound resolution of bad loans of banks
Posted Date : 21-Aug-2017 , 08:51:07 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has assured balance-sheet stressed firms that the key objective of NPA resolution is not liquidation of their businesses but to save them. He said, the objective is to make sure that these valuable assets are preserved.
Addressing an insolvency summit organised by Co...
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Banking |
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Banks stare at union strike on Tuesday, services may be hit
Posted Date : 21-Aug-2017 , 08:31:49 am | Posted By CASANSAAR
Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands.
Most banks have already informed their customers that functioning of br...
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Banking |
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Last Date for Payment of GST and Filing of Return For July 2017 Extended By 5 Days
Posted Date : 19-Aug-2017 , 10:09:05 pm | Posted By CASANSAAR
The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017.
Earlier the last date for payment of taxes and filing of GST Return...
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GST |
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GST Council extends July payment and return filing deadline to 25 August
Posted Date : 19-Aug-2017 , 09:58:10 pm | Posted By CASANSAAR
A key panel of the Goods and Services Tax (GST) Council on Saturday decided to extend the deadline for businesses and traders to remit their taxes and file returns for the month of July—the first month of rolling out the indirect tax reform—by five days to 25 August.
A statement from ...
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GST |
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No inconsistency in number of tax payers - CBDT
Posted Date : 18-Aug-2017 , 09:45:49 pm | Posted By CASANSAAR
The tax department on Friday said the number of individuals filing income tax returns has jumped to 2.79 crore this year from 2.23 crore last year, matching with the 56 lakh new tax payer addition stated by Prime Minister Narendra Modi.
The statement by the tax department follows some doubting th...
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CBDT |
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SES accuses 10 listed firms of violating Auditor hiring norms
Posted Date : 18-Aug-2017 , 08:17:10 am | Posted By CASANSAAR
The auditor appointment rules specified by the Companies Act has led to different interpretations. At least 10 publicly traded companies have violated these norms by hiring auditors for terms of less than five years, proxy advisory firm Stakeholder Empowerment Services (SES) said in a report.
...
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Auditing |
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Govt extends GST return filing deadline for cos who want to claim credit for past taxes
Posted Date : 17-Aug-2017 , 09:45:50 pm | Posted By CASANSAAR
In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July by a week to August 28. However, these tax...
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GST |
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On Clarification regarding availability of Transitional Credit for GST
Posted Date : 18-Aug-2017 , 07:56:41 am | Posted By CASANSAAR
As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.
Concerns have been raised about the form for claiming transitional input tax credit not being availa...
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GST |
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Govt steps up scrutiny on black money, tax evaders in shell Companies; forms special team
Posted Date : 17-Aug-2017 , 08:51:30 am | Posted By CASANSAAR
When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth.
The moment, said a top aide to Modi, was an eye-opener for the go...
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Category :
Income Tax |
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Banks' Auditors under lens: RBI seeks explanation on differences in write-downs
Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET.
The RBI has sought written explanation on differences in the writ...
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Auditing |
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NSE launches seamless filing system for info related to auditors
Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR
Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow.
Besides, listed companies would be required to file corp...
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Auditing |
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BSE, NSE likely to begin audit of 100 suspected shell companies
Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR
Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now.
A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said.
All exc...
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Auditing |
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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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Category :
Auditing |
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