GST Council sets tax rates for lotteries, hotels
Posted Date : 19-Jun-2017 , 07:56:22 am | Posted By CASANSAAR
The Goods and Service Tax (GST) Council on Sunday decided to tax state-run lotteries and state authorised lotteries at 12 and 18 per cent respectively and to tax 28 per cent in hotels starting from Rs 7,500 and 18 per cent below Rs. 7,500.
Union Finance Minister Arun Jaitley said the GST on resta...
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GST |
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GST Council gives relaxation of 2 months for filing tax returns
Posted Date : 19-Jun-2017 , 07:47:50 am | Posted By CASANSAAR
The GST Council relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime. Briefing media at meeting of the council in New Delhi, Finance Minister Arun Jaitley said, to obviate any lack of preparedness, a slight relaxation of time for two month...
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GST |
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Don't report frauds below Rs one lakh to police: CVC to banks
Posted Date : 17-Jun-2017 , 07:45:33 am | Posted By CASANSAAR
The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes.
Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police.
The decision was taken by ...
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Banking |
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Aadhaar mandatory for opening bank account, transactions of Rs 50000 and above
Posted Date : 16-Jun-2017 , 05:05:10 pm | Posted By CASANSAAR
In a fresh development, Government has made Aadhaar mandatory for opening a bank account. It has also made it mandatory for financial transactions of Rs 50,000 and above. All the existing account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will bec...
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Income Tax |
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CBDT forms task force for a unified I-T assessment system
Posted Date : 16-Jun-2017 , 08:50:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers.
The 13-member task force has been asked to submit its report on the new tax assessment pr...
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CBDT |
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Aviation Ministry seeks GST roll out in September, writes to FinMin
Posted Date : 16-Jun-2017 , 08:44:35 am | Posted By CASANSAAR
The Civil Aviation Ministry has requested the Finance Ministry to defer the rollout of the Goods and Services Tax to September, reports the Hindu. The airlines claim it will be difficult for them to make the switch to the new indirect tax regime by July, when the GST is set for a pan-India implement...
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GST |
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CBDT invites comments on draft notification for foreign companies held as resident in India as per POEM
Posted Date : 16-Jun-2017 , 08:32:20 am | Posted By CASANSAAR
CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961
Finance Act, 2016, inter alia, introduced special provisions in respect of foreign company said to be res...
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CBDT |
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Reduced Liability of Tax on complex, building, flat etc. under GST
Posted Date : 15-Jun-2017 , 10:19:10 pm | Posted By CASANSAAR
The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to...
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GST |
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Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates
Posted Date : 15-Jun-2017 , 10:16:56 pm | Posted By CASANSAAR
The new indirect tax regime in the country is to come into effect from 01.07.2017, wherein fixation of GST rates on the supplies is joint responsibility of the Central and State governments after the approval from the GST Council.
...
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GST |
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GST Council to vet e-way, anti-profiteering rules on Jun 18
Posted Date : 15-Jun-2017 , 10:14:41 pm | Posted By CASANSAAR
The all powerful GST Council will meet on June 18 to finalise tax rates on lottery as well as rules relating to e-way bill and anti-profiteering measures.
This will be the 17th meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts. The Counci...
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GST |
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Govt to go soft on GST monitoring for a few months, let traders settle down
Posted Date : 15-Jun-2017 , 06:57:15 am | Posted By CASANSAAR
There will be some leniency in monitoring and implementation of the new goods and services tax in initial months to allow businesses to settle into the new tax regime, a review of GST preparations by a group of senior ministers was told.
The discussions held on Wednesday saw the ministers being g...
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GST |
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Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017
Posted Date : 14-Jun-2017 , 09:06:58 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation...
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Corporate Law |
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GST registration for businesses to reopen on June 25
Posted Date : 14-Jun-2017 , 05:56:53 pm | Posted By CASANSAAR
If you have not been able to register on the GST Network within the deadline ending on Thursday, do not panic! There's one more chance coming your way as the registration for existing excise, service tax and VAT payers will reopen on June 25.
There are about 80 lakh excise, service tax ...
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GST |
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CAs could be punished for money laundering if clients hide ill-gotten wealth
Posted Date : 14-Jun-2017 , 08:18:40 am | Posted By CASANSAAR
The Government has moved to punish Chartered Accountants if they help clients hide ill-gotten wealth through opaque bank transactions, or money laundering, two top officials said on Tuesday.
The proposal to tweak the Prevention of Money Laundering Act (PMLA) came from the revenue department on th...
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CA |
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RBI identifies 12 mega defaulters for insolvency, their total NPA Rs 175000 Cr
Posted Date : 14-Jun-2017 , 07:59:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is moving to resolve the bad loan crisis with an Internal Advisory Committee (IAC) of the RBI having identified 12 accounts of corporate borrowers who owe over Rs 5,000 crore each — and overall involve an amount of close to Rs 175,000 crore — for insolvenc...
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RBI |
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Extension of GST Implementation Date are False - Revenue Secretary
Posted Date : 13-Jun-2017 , 11:08:16 am | Posted By CASANSAAR
Revenue Secretary Dr. Hasmukh Adhia has tweeted..
The rumours about GST implementation being delayed are false. Please do not be misled by it.
In Social Media there was a news regarding Extension of GST Implimentation to Sept.
(GST implement date extended to 01.09.2017...
Declared in today...
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GST |
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ATMs to open accounts; allow cheque clearance and fund transfer
Posted Date : 13-Jun-2017 , 08:32:39 am | Posted By CASANSAAR
ATM manufacturer and service provider NCR Corporation on Monday unveiled a new multi-channel integrated solution to facilitate more functions on an ATM to reduce costs for opening newer branches for banks.
The US-based company’s new CxBanking solutions have features in an ATM other than bas...
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Banking |
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Centre proposes to postpone e-way bill citing lack of software
Posted Date : 13-Jun-2017 , 08:31:31 am | Posted By CASANSAAR
With just a few days left for the rollout of the goods and services tax (GST), the centre is in favour of postponing by a few months the implementation of the e-way bill, which requires movement of goods above Rs50,000 to be pre-registered online.
However, with states unwilling to defer the provi...
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GST |
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Individual Advocates Including seniors exempted from GST registration
Posted Date : 13-Jun-2017 , 08:27:52 am | Posted By CASANSAAR
In a decision taken in the 16th meeting of GST Council held on 11th of June,2017, the Council has decided to exempt individual advocates including Senior Advocates from GST registration.
Services provided or agreed to be provided to a person including a business entity with a turnover up to...
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GST |
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Government rules out centralised registration for banks under GST
Posted Date : 13-Jun-2017 , 08:21:18 am | Posted By CASANSAAR
The Government has ruled out centralised registration for banks under the goods and services tax (GST) and has mandated separate registration for each state they operate in.
Banks have been demanding a single centralised registration system, like at present, arguing that multiple registrati...
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GST |
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Aadhaar must for filing returns from July 1 - CBDT
Posted Date : 12-Jun-2017 , 07:55:22 am | Posted By CASANSAAR
The CBDT made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1.
The policy—making body of the Income Tax Department issued a statement stating that the Supreme Court yesterday had only given a “partial relief&rd...
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CBDT |
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GST council reduced tax levels on 66 goods - FinMin
Posted Date : 12-Jun-2017 , 07:46:36 am | Posted By CASANSAAR
Finance minister Arun Jaitley today said GST council reduced tax levels on 66 goods as against representations received for 133 items. Addressing media after he 16the meeting of GST council in New Delhi, he said composition amount under GST raised to 75 lakh rupees for traders, manufacturers, restau...
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GST |
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DGFT creates GST Facilitation Cell for exporters
Posted Date : 10-Jun-2017 , 08:37:53 pm | Posted By CASANSAAR
DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other offic...
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Income Tax |
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GST Council to meet on June 11 to review rates, amend rules
Posted Date : 10-Jun-2017 , 07:55:07 am | Posted By CASANSAAR
The Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley will chair the 16th Meeting of the GST Council scheduled to be held on Sunday, 11th June, 2017 at Vigyan Bhavan in the national capital.
The one day Meeting will also be attended among others by the Finance Ministers...
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GST |
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Government plans more SBI-like mergers, India may soon have another global-sized bank
Posted Date : 09-Jun-2017 , 10:22:59 pm | Posted By CASANSAAR
Enthused by the success of SBI merger, the Finance Ministry is considering clearing another such proposal in the public sector banking space by this fiscal end with a goal to create 4-5 global sized lenders.
Five associate banks and Bharatiya Mahila Bank became part of SBI on April 1, 2017,...
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Banking |
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GST Council constitutes 18 Sectoral Groups for smooth roll-out of GST
Posted Date : 09-Jun-2017 , 10:07:57 pm | Posted By CASANSAAR
As decided in the 14th Meeting of the GST Council held on 18th-19th May, 2017 in Srinagar, J&K, 18 Sectoral Groups have been constituted representing various sectors of the economy in order to ensure smooth roll-out of GST. These 18 Sectoral Groups representing various sectors of the e...
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GST |
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SC upholds law making Aadhaar mandataory for PAN, ITR
Posted Date : 09-Jun-2017 , 10:00:12 pm | Posted By CASANSAAR
The Supreme Court today upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided.
In effect, those who possess an Aadhaar card must link it to their Permanent A...
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Income Tax |
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Aadhaar mandatory for PAN cards - Supreme Court verdict today
Posted Date : 09-Jun-2017 , 10:03:08 am | Posted By CASANSAAR
The Supreme Court will pronounce its judgement today on a batch of petitions challenging the constitutional validity of making Aadhaar mandatory for filing income tax returns and allotment of PAN.
A bench comprising Justices A K Sikri and Ashok Bhushan had on May 4 reserved the verdict on the ple...
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PAN |
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CBDT notifies new Safe Harbour Regime
Posted Date : 09-Jun-2017 , 09:51:21 am | Posted By CASANSAAR
In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of th...
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CBDT |
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Income Tax dept will probe cases of spike in income under revised returns
Posted Date : 09-Jun-2017 , 09:32:37 am | Posted By CASANSAAR
Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.
These cases are in addition to the 1 lakh high-risk cases already identified by the income tax department for scrutiny based on information gathered...
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Income Tax |
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