GST Council meet today to take stock of implementation
Posted Date : 17-Jul-2017 , 08:12:49 am | Posted By CASANSAAR
Two weeks into the new levy, the Goods and Services Tax Council will meet on Monday to review its implementation.
“The 19th meeting of GST Council under the chairmanship of Finance Minister Arun Jaitley will be on Monday,” said the Finance Ministry.
However, this meeting will be he...
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GST |
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Jan Dhan deposits surge to Rs 64,564 crore
Posted Date : 17-Jul-2017 , 07:51:26 am | Posted By CASANSAAR
Deposits in Jan Dhan accounts have touched a new high of Rs 64,564 crore, of which over Rs 300 crore came in the first seven months of demonetisation, according to government data.
The Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi's pet scheme, aims at bringing hitherto...
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Banking |
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Cost Accountants give undertaking to HC on use of ICAI acronym
Posted Date : 16-Jul-2017 , 08:37:32 pm | Posted By CASANSAAR
The Institute of Cost Accountants of India has given an undertaking to the Madras High Court that it will consider changing its acronym from 'ICAI' to 'ICOAI', and submit the compliance report before it on August 21 after a meeting of the body next month.
When a petition by V Venk...
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ICAI |
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Govt asks businesses to register under GST by July 30
Posted Date : 16-Jul-2017 , 08:22:21 pm | Posted By CASANSAAR
The government on Saturday asked traders to get registered under the Goods and Services Tax (GST) regime by 30 July.
Traders with turnover of below Rs20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime that kicked in from 1 J...
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GST |
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Businesses can upload sale, purchase invoices on GSTN portal from July 24
Posted Date : 16-Jul-2017 , 08:18:35 pm | Posted By CASANSAAR
Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from July 24, a top company official said today.
The Goods and Services Tax has kicked in from July 1 and so far, the GST Network, the company handling the IT backbone for new tax regime, has ...
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GST |
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No action against lawyers, law firms for GST non-compliance - Delhi HC
Posted Date : 15-Jul-2017 , 07:03:02 am | Posted By CASANSAAR
The Delhi High Court has directed the Centre not to take any coercive steps against lawyers and law firms for not registering or complying with the Central Goods and Services Tax (CGST) Act, Integrated Goods and Services Tax (IGST) Act or the Delhi Goods and Services Tax (DGST) Act, till a clarifica...
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GST |
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Taxpayers have to opt for GST composition scheme by July 21
Posted Date : 15-Jul-2017 , 06:51:30 am | Posted By CASANSAAR
Small businesses with turnover of up to Rs 75 lakh have time till July 21 to opt for composition scheme under the Goods and Services Tax regime, GST Network said..
To opt for composition scheme, the taxpayer needs to log into his account at the GST Portal www.gst.gov.in and select 'Applicatio...
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GST |
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IT Dept seeks explanation from 5.56 lakh more taxpayers for demonetisation deposits
Posted Date : 14-Jul-2017 , 05:10:52 pm | Posted By CASANSAAR
The Income Tax Department has, in the second phase of Operation Clean Money (OCM), identified 5.56 lakh people whose deposits during the demonetisation window do not match their income profile.
"These are persons whose tax profiles were found to be inconsistent with the cash deposits made by...
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Income Tax |
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Non-executive chairman can be part of bank's audit committee - RBI
Posted Date : 14-Jul-2017 , 07:38:40 am | Posted By CASANSAAR
Reserve Bank said the non-executive chairman of a bank can also be nominated to the audit committee of board of directors.
Earlier, any one of the non-executive/non-official directors was supposed to chair the audit committee of the board of the directors of a public sector bank.
I...
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RBI |
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No GST on housing society RWA with Rs 5K/month subscription
Posted Date : 14-Jul-2017 , 07:31:59 am | Posted By CASANSAAR
Services provided by housing societies resident welfare association will not become expensive under the Goods and Services Tax (GST) regime, the finance ministry said today.
Resident welfare association will be required to pay GST on monthly subscription/contribution charged from its members if s...
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GST |
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Services by educational institution to students, faculty and staff are exempt from GST
Posted Date : 13-Jul-2017 , 10:39:02 pm | Posted By CASANSAAR
No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation;
Services provided by an educational institution to students, faculty and staff are fully exempt from GST.
There are some reports th...
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GST |
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GST - No Reverse Charge on Sale of old jewellery by an individual to a jeweller
Posted Date : 13-Jul-2017 , 10:17:47 pm | Posted By CASANSAAR
Further clarification on tax in reverse charge on gold ornaments;
Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases;
However, if an unregistered supplier of gold ornaments sells it to registered ...
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GST |
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Sensex breaches 32,000 mark for first time
Posted Date : 13-Jul-2017 , 10:04:57 pm | Posted By CASANSAAR
The Sensex at the Bombay Stock Exchange breached the 32,000 mark for the first time ever in morning trade.
Later, the Sensex remained strong, and had surged 236 points, or 0.7 percent, to 32,041 a short while ago.
The Nifty at the the National Stock Exchange also touched a new intr...
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Shares & Stock |
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Rs 3.5 crore cash, 5 kg gold recovered from Income Tax official
Posted Date : 13-Jul-2017 , 07:12:29 am | Posted By CASANSAAR
The CBI recovered Rs 3.5 crore cash and 5 kg gold during searches at the Kolkata residence of Jharkhand's Principal Commissioner of Income Tax in connection with a corruption case, the agency said.
The recoveries were made during simultaneous searches launched by the agency in the morning at ...
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Income Tax |
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Bombay High Court dismisses plea on GST
Posted Date : 12-Jul-2017 , 09:30:13 am | Posted By CASANSAAR
The Bombay High Court on Tuesday dismissed a public interest litigation seeking deferring the implementation of the Goods and Services Tax (GST) till the beginning of the next financial year.
The petition, filed by retired professor K S Pillai, had challenged the Union government’s decision...
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GST |
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SEBI amends guidelines for foreign investors looking to operate at IFSC
Posted Date : 12-Jul-2017 , 09:11:43 am | Posted By CASANSAAR
Markets regulator sebi has amended the guidelines for eligible foreign investors looking to operate at the International Financial Services Centre, IFSC.
According to the new guidelines, a trading member of a stock exchange in the IFSC can now carry out the due diligence for an eligible foreign i...
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SEBI |
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No GST is applicable on free food supplied in anna kshetras run by religious institutions
Posted Date : 11-Jul-2017 , 06:55:39 pm | Posted By CASANSAAR
No GST is applicable on free food supplied in anna kshetras run by religious institutions; prasadam supplied by religious places like temples, mosques, churches, gurudwaras, dargahs, etc. attracts Nil CGST and SGST or IGST, as the case may be.
&...
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GST |
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Result of CA Final & CPT Exams held in May/June 2017 to be declared on 18th July 2017
Posted Date : 11-Jul-2017 , 06:37:04 pm | Posted By CASANSAAR
The result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 are likely to be declared on Tuesday, the 18th July 2017 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and up...
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CA Results |
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GST to apply on rental income beyond Rs 20 lakh - RS
Posted Date : 11-Jul-2017 , 07:09:55 am | Posted By CASANSAAR
Rental income from residential property has been exempt from the goods and services tax (GST) but any earning over Rs20 lakh annually from renting or leasing for commercial purposes would attract the levy.
Revenue secretary Hasmukh Adhia said that if the house property is rent out for shop or off...
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GST |
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Govt clarifies GST rate for Sanitary Napkins
Posted Date : 10-Jul-2017 , 10:38:02 pm | Posted By CASANSAAR
There are some remarks made by various column writers on GST rate on sanitary napkins. It may be mentioned that the tax incidence on this item before and after GST is the same or less.
Sanitary napkins are classifiable under heading 9619. In pre-GST, they attracted concessional excise duty ...
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GST |
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Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST
Posted Date : 10-Jul-2017 , 10:34:27 pm | Posted By CASANSAAR
It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subje...
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GST |
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FM Arun Jaitley launches new tax payer service module Aaykar Setu
Posted Date : 10-Jul-2017 , 10:29:19 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today launched a new tax payer service module called Aaykar Setu. It compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module.
Speaking on the occasion, Mr Jait...
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Income Tax |
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FM launches a Mobile App GST Rates Finder to help users to find rates of GST for various goods and services
Posted Date : 08-Jul-2017 , 09:32:47 pm | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) takes certain initiatives for Ease of Doing Business under the GST regime; Finance Minister Shri Arun Jaitley launches a Mobile App “GST Rates Finder” to help users to find rates of GST for various goods and services.
The ...
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GST |
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Clarification on Migration, New Registration, Opting for Composition Scheme and Issue of Bills of Supply
Posted Date : 08-Jul-2017 , 09:30:33 pm | Posted By CASANSAAR
The Rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These Rules have been brought into effect from 22nd June, 2017. The intent of notifying these rules is to start the process of issue of registration certificate, called Goods and Services Tax Identificati...
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GST |
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Print post-GST rates on items or go to jail, government warns traders
Posted Date : 08-Jul-2017 , 08:36:48 am | Posted By CASANSAAR
The government on Friday warned manufacturer, importer and sellers of pre-packaged goods of penalties ranging from fines of up to Rs 1 lakh or prison terms up to a year for repeat offence of not printing the post-GST rates on product labels. The consumer affairs ministry has come out with the new no...
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GST |
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RBI to guide banks on provisioning under Ind AS
Posted Date : 07-Jul-2017 , 08:28:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) plans to guide banks in their transition to Indian Accounting Standards (IndAS) from 1 April next year—particularly on bad-loan provisioning, which will be based on expected future losses.
The transition will be challenging for banks in terms of the skills re...
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RBI |
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Multiple registrations in GST allowed under one PAN - Revenue Secretary
Posted Date : 07-Jul-2017 , 08:24:53 am | Posted By CASANSAAR
Enlisting the two exceptions for the condition of one registration in one state for one PAN (Permanent Account Number), revenue secretary Hasmukh Adhia clarified that firms with multiple business verticals can choose to apply for multiple registrations on the Goods and Services Tax (GST) Network. Du...
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GST |
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RBI fixes customer liability for unauthorised transactions
Posted Date : 07-Jul-2017 , 08:18:14 am | Posted By CASANSAAR
Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the Reserve Bank of India said on Thursday.
In case the third party fraud is reported with a delay o...
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RBI |
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SC directs Centre to start filling up vacancies in ITAT
Posted Date : 06-Jul-2017 , 08:13:26 am | Posted By CASANSAAR
The Supreme Court today asked the Centre to initiate within three weeks the process of filling up vacancies of presidents, vice presidents and members in different benches of the Income Tax Appellate Tribunals (ITAT) across the country.
A bench of Chief Justice J S Khehar and Justice D Y Chandrac...
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Income Tax |
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CGST won't apply on items not registered under trademark law
Posted Date : 06-Jul-2017 , 08:07:25 am | Posted By CASANSAAR
The government said 5 per cent Central GST will not apply to products that are not registered under the Trade Marks Act.
Finance Ministry in a statement said CGST rate on supply of certain goods such as paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses is z...
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GST |
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