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GST taxpayers to get flexibility to decide on monthly tax payment
Posted Date : 14-Dec-2020 , 10:06:03 am | Posted By CASANSAAR

Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis. The Central Board of Indirect Taxes and Customs (CBIC) will introduce the new Quarterly Return and Monthly ...

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Category : GST | Comments : 0 | Hits : 1482

Round the clock RTGS Money transfer facility becomes operational
Posted Date : 14-Dec-2020 , 10:04:20 am | Posted By CASANSAAR

Reserve Bank of India has made Real-Time Gross Settlement (RTGS) money transfer facility operational round-the-clock. The announcement to this effect was made by RBI Governor Shaktikanta Das. In a tweet, he said it has been decided to make RTGS available round the clock on all days of the year from ...

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Category : RBI | Comments : 0 | Hits : 208

GST Network enables fully auto-populated monthly sales return form GSTR-3B
Posted Date : 14-Dec-2020 , 09:52:52 am | Posted By CASANSAAR

Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said on Sunday. "For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax per...

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Category : GST | Comments : 0 | Hits : 1305

HC quashes Income Tax proceedings against Karti Chidambaram & his wife
Posted Date : 14-Dec-2020 , 09:40:34 am | Posted By CASANSAAR

The Madras High Court has quashed the Income Tax proceedings initiated against Karti Chidambaram, son of former Union Finance Minister P Chidambaram,and his wife over alleged non-disclosure of cash transactions of about Rs seven crore following sale of a property near here. The Court, while rulin...

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Category : Income Tax | Comments : 0 | Hits : 189

Over 1,63,000 GST registrations cancelled in two months for return filing defaults
Posted Date : 12-Dec-2020 , 10:29:11 am | Posted By CASANSAAR

Goods and Services Tax (GST) authorities have cancelled 1,63,042 GST registrations in October and November for defaulting on filing monthly tax returns for more than six months, said a government official. Besides, 28,635 other taxpayers have been identified for cancellation of registration for d...

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Category : GST | Comments : 0 | Hits : 1325

Canada sent another 5,000 invitations for PR
Posted Date : 11-Dec-2020 , 09:50:41 am | Posted By CASANSAAR

Canada has invited 5,000 immigration candidates to apply for permanent residence in a new Express Entry draw held on December 9. Invited candidates needed a Comprehensive Ranking System (CRS) score of at least 469 in order to be invited. This draw brings the number of Invitations to Apply (ITA...

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Category : International Business | Comments : 0 | Hits : 760

NFRA says appointment of Deloitte as statutory auditor in 2017-18 ILLEGAL
Posted Date : 11-Dec-2020 , 09:41:07 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal". The latest conclusions are part of the Supplementary Audit Quality Review Report (...

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Category : NFRA | Comments : 0 | Hits : 1469

Delhi HC says entire concept of GST getting defeated by Input Tax Credit
Posted Date : 11-Dec-2020 , 09:26:14 am | Posted By CASANSAAR

The Delhi High Court today observed that the entire concept of the Goods and Services Tax (GST) is getting defeated by the input tax credit while hearing a petition by a businessman seeking protection from arrest in a case of alleged wrongly/illegally availed of Input Tax Credit.    The ...

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Category : GST | Comments : 0 | Hits : 1538

RBI issues draft circular on declaration of dividend by NBFCs
Posted Date : 11-Dec-2020 , 09:20:33 am | Posted By CASANSAAR

Reserve Bank of India has issued draft circular on declaration of dividend by non-banking financial companies (NBFCs) in pursuance to the announcement made in the monetary policy declared last Friday. Accordingly, deposit-taking NBFCs and systemically important non-deposit-taking NBFCs must have ...

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Category : RBI | Comments : 0 | Hits : 145

GSTR-9 of FY 2019-20 is available on GST Portal
Posted Date : 11-Dec-2020 , 09:17:10 am | Posted By CASANSAAR

Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of the said return for auto population from returns is under progress which is likely to be completed soon. ...

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Category : GST | Comments : 0 | Hits : 1294

SC transferred to itself Pleas Challenging Constitutional Validity of ICAI Guidelines regarding Tax Audit Limit For Chartered Accountants
Posted Date : 10-Dec-2020 , 10:02:33 am | Posted By CASANSAAR

The Supreme Court has transferred to itself the writ petitions pending before Kerala, Madras and Calcutta High Courts which challenge the constitutional validity of guidelines issued by Institute of Chartered Accountants of India (ICAI) limiting the number of Tax Audits of Chartered Accountants. ...

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Category : ICAI | Comments : 0 | Hits : 1573

RBI announces date for launching of RTGS 24x7
Posted Date : 10-Dec-2020 , 09:35:48 am | Posted By CASANSAAR

Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on D...

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Category : RBI | Comments : 0 | Hits : 186

Govt’s criticism can’t be ground for penal action - Supreme Court
Posted Date : 09-Dec-2020 , 10:58:54 am | Posted By CASANSAAR

Criticism of the government, even in the strongest terms, must be protected from criminal prosecution under charges of hate speech or public mischief, ruled the Supreme Court on Monday, outlining the contours of hate speech and constitutionally--protected freedom of expression. In a 128-page judg...

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Category : Income Tax | Comments : 0 | Hits : 484

RBI cancels licence of Karad Janata Sahakari Bank
Posted Date : 09-Dec-2020 , 10:56:38 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has cancelled the licence of Karad Janata Sahakari Bank, Karad, in Maharashtra, with effect from the close of business from December 7. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as...

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Category : Income Tax | Comments : 0 | Hits : 256

MSME taxpayers may file GST return via SMS
Posted Date : 08-Dec-2020 , 10:19:35 am | Posted By CASANSAAR

The MSME taxpayers will no longer require to log on to the GST portal to file their return. Instead they can file their return through an SMS helping to reduce their cost of compliance. Ajit Kumar, chairman, Central Board of Indirect Taxes & Custom at a session of the Bharat Chamber of Commer...

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Category : MSME | Comments : 0 | Hits : 257

QRMP scheme launched for GST payers with turnover up to Rs 5 Cr
Posted Date : 07-Dec-2020 , 02:16:02 pm | Posted By CASANSAAR

The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 3...

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Category : GST | Comments : 0 | Hits : 301

Bank unions lend support to farmers' agitation against agri laws
Posted Date : 07-Dec-2020 , 09:46:14 am | Posted By CASANSAAR

A number of bank unions have expressed their solidarity with farmers protesting against recently passed agri laws and requested the government to resolve the issue at the earliest. The All India Bank Employees' Association (AIBEA) in a statement said the government should come forward and res...

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Category : Banking | Comments : 0 | Hits : 234

FM says frequent changes to GST rates upset calculations
Posted Date : 05-Dec-2020 , 10:24:05 am | Posted By CASANSAAR

Finance minister Nirmala Sitharaman on Friday signalled that the Centre may push to limit changes in goods and services tax rates by the GST Council to only once a year instead of continuing to allow frequent tweaks. Speaking at the 18th edition of the Hindustan Times Leadership Summit, Sitharama...

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Category : Income Tax | Comments : 0 | Hits : 264

Supreme Court upholds imposition of GST on lotteries, betting and gambling
Posted Date : 04-Dec-2020 , 09:24:21 am | Posted By CASANSAAR

The Supreme court on Thursday upheld that the Goods and Service Tax (GST) shall be imposed on the sale of lotteries, betting and gambling. The apex court bench headed by Justice Ashok Bhushan upheld the notification issued under the Central Goods and Services Tax Act, 2017 wherein the lottery and...

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Category : GST | Comments : 0 | Hits : 466

All States except Jharkhand choose Option-1 to meet the GST implementation shortfall
Posted Date : 04-Dec-2020 , 08:47:59 am | Posted By CASANSAAR

Government of Chhattisgarh has communicated its acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have favoured Option-1 has gone up to 27. All States except Jharkhand and all the 3 Union Territories with Legislative Assembly have decide...

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Category : GST | Comments : 0 | Hits : 226

GST Revenue collected in November crosses 1 Lakh Cr
Posted Date : 02-Dec-2020 , 09:23:10 am | Posted By CASANSAAR

The gross GST revenue collected in the month of November, 2020 is Rs. 1,04,963 crore of which CGST is Rs. 19,189 crore, SGST is Rs. 25,540 crore, IGST is Rs. 51,992 crore (including Rs. 22,078 crore collected on import of goods) and Cess is Rs. 8,242crore (including Rs. 809 crore collected on import...

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Category : GST | Comments : 0 | Hits : 1182

RTGS fund transfer service to be available 24X7 from December 2020
Posted Date : 01-Dec-2020 , 09:35:15 am | Posted By CASANSAAR

The Reserve Bank of India has said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourt...

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Category : Banking | Comments : 0 | Hits : 1016

SIDBI launches a portal to help MSMEs
Posted Date : 01-Dec-2020 , 09:21:42 am | Posted By CASANSAAR

Small Industries Development Bank of India (SIDBI) on Monday said it has launched a web portal to help micro, small and medium enterprises (MSMEs) take benefit of the Reserve Bank of India’s one-time debt restructuring. In August, RBI had announced one-time restructuring for personal and co...

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Category : MSME | Comments : 0 | Hits : 1338

Last Date for Payment of Membership/COP Fee is further Extended to 15th Dec 2020 - ICAI
Posted Date : 01-Dec-2020 , 08:43:15 am | Posted By CASANSAAR

M&C-MSS Section The Institute of Chartered Accountants of India 30th November, 2020 IMPORTANT ANNOUNCEMENT Considering hardship caused to the Members due to various reasons, last date for payment of membership/COP fee is further extended to 15th December 2020. Members are requested to ...

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Category : ICAI | Comments : 0 | Hits : 335

CBIC waives penalty on QR code on e-invoices till March 31, 2021
Posted Date : 30-Nov-2020 , 10:17:29 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has waived penalty on non- implementation of dynamic quick response code which is mandatory for companies over Rs 500 crore turnover, till March 31, 2021. According to a notification issued Sunday, the Board said that the waiver will be appli...

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Category : GST | Comments : 0 | Hits : 342

Over 5.4 lakh businesses risk losing GST registration for defaults
Posted Date : 29-Nov-2020 , 10:40:40 am | Posted By CASANSAAR

About 25,000 businesses who missed filing Goods and Services Tax (GST) return in November will get text messages and emails from tax authorities urging them to comply with the requirement by Monday as the government steps up its compliance drive. Also, about 5,43,000 businesses that have defaulte...

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Category : GST | Comments : 0 | Hits : 911

GST officers arrest one for Rs 129 Cr tax evasion through illegal manufacture
Posted Date : 29-Nov-2020 , 10:32:36 am | Posted By CASANSAAR

Officers of GST investigation arm DGGI have arrested a Haryana resident on charges of manufacturing and supplying cigarettes illegally and thereby evading taxes of over Rs 129 crore, the Finance Ministry has said. "The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU),...

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Category : GST | Comments : 0 | Hits : 578

Canada sent 5,000 invitations for PR
Posted Date : 27-Nov-2020 , 08:17:10 am | Posted By CASANSAAR

Canada sent 5,000 invitations for PR. Canada is on track to surpass 100,000 ITAs issued in 2020, the most ever in one year. The Express Entry cutoff score dipped below 470 for the first time in an all-program draw this year. Candidates needed a Comprehensive Ranking System (CRS) score of at le...

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Category : International Business | Comments : 0 | Hits : 1538

CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
Posted Date : 27-Nov-2020 , 07:46:02 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regul...

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Category : CBDT | Comments : 0 | Hits : 601

Extension of Emergency Credit Line Guarantee Scheme through ECLGS 2.0 for the 26 sectors
Posted Date : 26-Nov-2020 , 09:39:10 pm | Posted By CASANSAAR

The Government has extended Emergency Credit Line Guarantee Scheme ( ECLGS) through ECLGS 2.0 for the 26 sectors identified by the Kamath Committee and the healthcare sector. Under ECLGS 2.0 entities with outstanding credit above Rs. 50 crore and not exceeding Rs. 500 crore as on 29.2...

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Category : Finance | Comments : 0 | Hits : 396

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