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Rs. 30,000 Cr Approx Loss to Chartered Accountants / Cost Accountants?
Posted Date : 02-Mar-2021 , 09:41:05 pm | Posted By CASANSAAR

The government’s decision to do away with the mandatory Goods and Services Tax (GST) annual audit requirement by professionals such as chartered accountants / cost accountants will help over 10 million firms save audit fees worth about Rs. 30,000 crore annually, besides reducing compliance bur...

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Category : GST | Comments : 0 | Hits : 5619

Cheque Bounce cases can't be filed or continued against firms facing IBC proceedings - SC
Posted Date : 02-Mar-2021 , 08:30:21 am | Posted By CASANSAAR

The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them. The top co...

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Category : Insolvent Professional | Comments : 0 | Hits : 501

GST collection rises 7% to Rs 1.13 lakh crore in February
Posted Date : 02-Mar-2021 , 08:24:46 am | Posted By CASANSAAR

The monthly Goods and Services Tax (GST) collection crossed Rs 1 lakh crore mark for the fifth time in a row in February. GST collection rose 7 per cent year-on-year to Rs 1.13 lakh crore in the month. "In line with the trend of recovery in the GST revenues over past five months, the revenue...

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Category : GST | Comments : 0 | Hits : 1133

SEBI Proposes New Norms For Independent Director Appointment, Removal, Remuneration
Posted Date : 02-Mar-2021 , 08:16:13 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Monday proposed to revamp norms pertaining to appointment, removal and remuneration of independent directors (ID). The regulator has proposed that independent directors' appointments and re-appointment shall be subject to the dual approval ...

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Category : SEBI | Comments : 0 | Hits : 444

Chartered Accountant firms, Hospitals under Taxman’s lens
Posted Date : 01-Mar-2021 , 09:12:38 am | Posted By CASANSAAR

Chartered Accountant firms and hospitals are under scrutiny after the revenue department found mismatches between their income tax and indirect tax filings. Tax authorities have also decided to slot consultant doctors as ‘intermediaries’ for taxation purposes even as medical services ...

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Category : Income Tax | Comments : 1 | Hits : 2295

CBDT chief Pramod Chandra Mody gets further extension for 3 months
Posted Date : 01-Mar-2021 , 08:55:02 am | Posted By CASANSAAR

The re-appointment of Pramod Chandra Mody as Chairman of the Central Board of Direct Taxes (CBDT) has been extended for a further period of three months, said Department of Personnel and Training, the Government of India on Sunday. Mody is a 1982-batch Indian Revenue Service officer, was appointe...

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Category : Income Tax | Comments : 0 | Hits : 667

Last date for filing of GST returns for 2019-20 fiscal extended till March 31
Posted Date : 01-Mar-2021 , 08:48:05 am | Posted By CASANSAAR

Finance Ministry has extended the due date for furnishing of the Annual returns GSTR-9 and GSTR-9C for the financial year 2019-20 to 31st of this month. In a statement, the Finance Ministry said that the due date was extended with the approval of Election Commission of India.   The Ministry s...

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Category : GST | Comments : 0 | Hits : 184

CBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme
Posted Date : 27-Feb-2021 , 09:08:09 am | Posted By CASANSAAR

The Income Tax Department on Friday extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30. “CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to...

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Category : CBDT | Comments : 0 | Hits : 375

RBI imposes Rs 2 Cr fine on Bank of Maharashtra
Posted Date : 27-Feb-2021 , 09:04:56 am | Posted By CASANSAAR

The Reserve Bank of India on Friday said it has imposed a monetary penalty of Rs 2 crore on Bank of Maharashtra for non-compliance with certain direction on fraud classification and reporting. The RBI has imposed, by an order dated February 25, 2021, a monetary penalty of Rs 2 crore on Bank of Ma...

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Category : RBI | Comments : 0 | Hits : 336

High Court refuses to extend last date for GST Annual Returns
Posted Date : 27-Feb-2021 , 08:58:02 am | Posted By CASANSAAR

The Bombay high court on Friday declined to extend the last date for filing annual returns of Goods and Services Tax (GST) for 2019-20 in Maharashtra till June 30. The last date is February 28. A bench of Justices Ujjal Bhuyan and Milind Jadhav heard a petition by the Goods and Services Tax Pr...

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Category : GST | Comments : 0 | Hits : 1072

L&T fined Rs 30 Cr in alleged Fake GST invoice case
Posted Date : 26-Feb-2021 , 10:52:00 am | Posted By CASANSAAR

Engineering and construction major L&T had to deposit Rs 30 crore with the GST department after it was found to be allegedly involved in a fake invoicing case, sources in the revenue department told BusinessToday.In. In January, the premises of L&T, Zee Entertainment and some other Mumbai-ba...

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Category : GST | Comments : 0 | Hits : 2079

MCA advises investors to verify status of Nidhi companies before investment
Posted Date : 26-Feb-2021 , 08:03:35 am | Posted By CASANSAAR

Under the amended Companies Act, 2013 and the Nidhi Rules, 2014, companies need to get themselves updated (those companies which were earlier declared as Nidhi company under the Companies Act, 1956) or declared as Nidhi company (those companies which were incorporated as Nidhi company after 01.04.20...

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Category : MCA | Comments : 0 | Hits : 148

Ministry of Corporate Affairs and CBIC sign MoU Delhi for data exchange
Posted Date : 26-Feb-2021 , 07:39:03 am | Posted By CASANSAAR

The Ministry of Corporate Affairs and Central Board of Indirect Taxes and Customs today signed a Memorandum of Understanding in New Delhi for data exchange between the two organisations.  It is in line with the vision of both organisations to harness data capabilities to ensure effective enf...

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Category : MCA | Comments : 0 | Hits : 243

Gujarat High Court reprieve for exporters on GST exemptions
Posted Date : 25-Feb-2021 , 09:45:19 am | Posted By CASANSAAR

Many exporters, who had been issued notices by the Directorate of Revenue Intelligence (DRI) for availing GST exemptions where exports preceded imports, have managed to get a temporary relief from the Gujarat High Court. The high court said that it would be hearing the complaints by the exporters. ...

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Category : GST | Comments : 0 | Hits : 431

SEBI seeks explanation from NSE on trading halt
Posted Date : 25-Feb-2021 , 08:57:50 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has initiated a probe into the National Stock Exchange (NSE) after the country’s largest bourse halted trading on Wednesday because of a technical snag, said two people, including a government official, aware of Sebi’s decision. Sebi s...

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Category : SEBI | Comments : 0 | Hits : 156

DHFL transaction auditor unearths another fraudulent transaction worth Rs 6,182 Cr
Posted Date : 23-Feb-2021 , 07:47:15 am | Posted By CASANSAAR

Dewan Housing Finance Corporation (DHFL) on Monday said its transaction auditor, Grant Thornton, has reported another fraudulent transaction of Rs 6,182 crore in the company. The administrator of the company received an initial report from the professional agency appointed as the transaction audi...

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Category : Auditing | Comments : 0 | Hits : 725

CBIC provides facilitation for exporters having IGST refund issues
Posted Date : 23-Feb-2021 , 07:38:56 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error. This overcomes the problem of refund blockage by allowing refunds subject t...

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Category : GST | Comments : 0 | Hits : 715

RBI sets rules for digital payments in India
Posted Date : 19-Feb-2021 , 07:32:18 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has published detailed guidelines to strengthen India's digital payments architecture and improve security, control and compliance among banks, gateways, wallets and other non-banking entities that are at the vanguard of helping New Delhi achieve its goal of a ...

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Category : RBI | Comments : 0 | Hits : 518

SC asks Centre to file affidavit on technical glitches in GSTN
Posted Date : 19-Feb-2021 , 07:29:16 am | Posted By CASANSAAR

The Supreme Court has asked the Centre to file an affidavit on technical glitches faced by taxpayers while filing forms for transferring their input tax credit in the pre-goods and services tax (GST) period to the current GST system. In 2019, the Punjab and Haryana High Court held that the taxpay...

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Category : GST | Comments : 0 | Hits : 603

GST Council may take up rationalising tax rates, slab merger in next meet
Posted Date : 19-Feb-2021 , 07:27:06 am | Posted By CASANSAAR

The next Goods and Services Tax (GST) Council meeting in March will likely take up rationalising tax rates and mergers of multiple slabs to bring them close to being revenue-neutral and make the indirect tax regime simpler.  The meeting, whose date is yet to be set, will come at a time when ...

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Category : GST | Comments : 0 | Hits : 349

Govt directs LLPs to disclose their Beneficial Owners
Posted Date : 19-Feb-2021 , 07:20:58 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has extended the rules relating to significant beneficial ownership to limited liability partnerships. For companies, the requirement was first notified in January 2018.  In a website notification, the ministry has asked designated partners in LLPs to be rea...

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Category : MCA | Comments : 0 | Hits : 545

RBI issues directions for housing finance companies
Posted Date : 18-Feb-2021 , 09:38:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies (HFCs). The central bank said these directions, which shall c...

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Category : RBI | Comments : 0 | Hits : 453

SEBI approves easing of IPO norms for large companies
Posted Date : 18-Feb-2021 , 09:36:14 am | Posted By CASANSAAR

The Securities and Exchange Board of India today said that its board has decided to recommend changes in the Securities Contracts Regulations 1957 to make it easier for large companies with market capitalisation of more than Rs 1 lakh crore to list on the Indian stock exchange. The board has deci...

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Category : SEBI | Comments : 0 | Hits : 206

PM reaffirms plan to include natural gas under GST regime
Posted Date : 18-Feb-2021 , 09:29:48 am | Posted By CASANSAAR

Prime Minister Narendra Modi said on Wednesday the government is committed to bringing natural gas under the ambit of the Goods and Services Tax (GST), to reduce the cost of natural gas and boost its usage across the country. The inclusion of petroleum and natural in the GST regime has been a con...

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Category : GST | Comments : 0 | Hits : 181

RBI permits residents to make remittances to IFSCs under LRS
Posted Date : 17-Feb-2021 , 09:25:03 am | Posted By CASANSAAR

The Reserve Bank on Tuesday permitted resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) in the country. The decision of the RBI is aimed at deepening the financial markets in the IFSCs and providing an opport...

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Category : RBI | Comments : 0 | Hits : 479

Cryptocurrencies trade may attract Income Tax, GST; taxes to be paid in this fiscal year
Posted Date : 17-Feb-2021 , 09:23:30 am | Posted By CASANSAAR

The Finance Ministry sees tax implications in crypto-currency trading. However, it is clear that levying a tax does not mean the government is legalising private crypto-currencies. Minister of State for Finance Anurag Thakur said that a comprehensive Bill on cryptocurrencies will fill all the gap...

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Category : Income Tax | Comments : 0 | Hits : 399

GST officers arrest 4 in 3 different cases of ITC fraud of Rs 178 crore
Posted Date : 16-Feb-2021 , 08:41:09 am | Posted By CASANSAAR

GST officers have arrested four persons in three different fake invoicing cases involving total input tax credit (ITC) fraud of Rs 178 crore, the Finance Ministry said on Monday. "The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi North… have unearthed a netw...

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Category : GST | Comments : 0 | Hits : 384

SC issues notice to WhatsApp, Facebook, says people value their privacy more than money
Posted Date : 16-Feb-2021 , 08:35:27 am | Posted By CASANSAAR

The Supreme Court Monday asked the Centre and WhatsApp to reply to a fresh plea alleging lower standards of privacy for Indians in comparison to European users saying it is the "duty of the judiciary to protect citizens'' privacy.  People have grave apprehensions that they will ...

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Category : WhatsApp | Comments : 0 | Hits : 181

Govt makes FASTag mandatory on all National Highways
Posted Date : 16-Feb-2021 , 08:31:45 am | Posted By CASANSAAR

Government has made FASTag mandatory on the National Highways. All lanes in the fee plazas on National Highways were declared as FASTag lane midnight last night. As per NH Fee Rules 2008, any vehicle not fitted with FASTag or vehicle without valid, functional FASTag, entering into the FASTag lane of...

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Category : General | Comments : 0 | Hits : 168

Canada invites 27,332 immigration candidates in historic Saturday draw
Posted Date : 15-Feb-2021 , 09:51:11 am | Posted By CASANSAAR

Canada invited 27,332 candidates to apply for permanent residence in its latest Express Entry draw. Immigration, Refugee and Citizenship Canada (IRCC) invited candidates from the Canadian Experience Class (CEC) on February 13. This unprecedented Express Entry invitation round only required candid...

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Category : International Business | Comments : 0 | Hits : 400

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