GST revenue collections touch Rs 1,40,885 crore for May 2022
Posted Date : 02-Jun-2022 , 08:28:00 am | Posted By CASANSAAR
The Gross Goods and Services Tax, GST revenue collections in the month of May 2022 remained at one lakh 40 thousand and 885 crore rupees. This is the fourth time when the GST collection crossed 1.40 lakh crore mark since its inception and third month at a stre...
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GST |
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Two private banks to be sold in the country, centre to speed up law change process
Posted Date : 28-May-2022 , 08:39:52 am | Posted By CASANSAAR
The Centre speed up the process of privatising two State-owned banks. News agency PTI quoted a source from the Centre as saying on Wednesday. The Modi government at the Centre had earlier amended the 'Banking Regulation Act' to pave the way for private investment in Sta...
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Banking |
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GST officials can’t force recovery during searches
Posted Date : 27-May-2022 , 11:05:03 am | Posted By CASANSAAR
Tax authorities will now face action if a taxpayer makes voluntary payment of tax during a search. In a move aimed at curbing instances of use of force or coercion, the Central Board of Indirect Taxes and Customs (CBIC) has directed its field formations that recovery of tax due...
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GST |
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RBI cancels registration of 5 NBFCs due to irregular lending practices
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs):
Sr. N...
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Income Tax |
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RBI-constituted panel to review customer service standards in banks, NBFCs
Posted Date : 24-May-2022 , 04:12:40 pm | Posted By CASANSAAR
The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.
The six-member committee headed by former RBI deputy governor B P Kanungo has been ask...
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RBI |
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Finance Minister discusses Fraud GST Refunds with Chartered Accountants delegation
Posted Date : 24-May-2022 , 09:00:13 am | Posted By CASANSAAR
Amid some chartered accountants coming under the scanner for alleged fraudulent GST refunds, Finance Minister Nirmala Sitharaman held discussions with a delegation of chartered accountants' apex body Institute of Chartered Accountants of India (ICAI) on "various issues...
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ICAI |
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600 branches closed down, Central Bank of India employees to go on two-day strike on May 30-31
Posted Date : 24-May-2022 , 08:47:48 am | Posted By CASANSAAR
To oppose blatant privatisation of public sector banks, lakhs of employees associated with the two public sector banks – Bank of Baroda and Central Bank of India – have announced two-day nationwide strike on May 30-31.
Bank of Baroda is the th...
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Banking |
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RBI Constitutes Committee for Review of Customer Service Standards in RBI Regulated Entities
Posted Date : 24-May-2022 , 08:40:07 am | Posted By CASANSAAR
As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had announced setting up of a Committee for Review of Customer Service S...
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RBI |
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ICAI members lock central GST office in Gurugram over arrest of 2 CAs
Posted Date : 21-May-2022 , 09:08:57 am | Posted By CASANSAAR
The Central GST office here was locked for several hours by chartered accountants on Thursday night as a protest against the arrest of two fellow CAs over an alleged Rs 15-crore GST refund scam. On Friday, the police said the protest by the CAs is still continuing but the GST o...
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ICAI |
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GST Council's Recommendation Not Binding On Union, States - Supreme Court
Posted Date : 20-May-2022 , 08:26:16 am | Posted By CASANSAAR
In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value.
The Supreme Court said that Parliament and state legi...
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Finance |
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CBIC extends April 2022 GST payment deadline under QRMP scheme
Posted Date : 18-May-2022 , 07:37:38 am | Posted By CASANSAAR
The due date of payment of tax for the month of April, 2022 by taxpayers under QRMP scheme in FORM GST PMT-06 has been extended till 27th May, 2022 (refer notification No. 06/2022-Central Tax dated 17.05.2022
...
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GST |
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CBIC extends due date for filing of Form GSTR-3B
Posted Date : 18-May-2022 , 07:31:38 am | Posted By CASANSAAR
The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (refer notification No. 05/2022-Central Tax dated 17.05.2022)
...
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GST |
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Information System Audit - Assessment Test (ISA - AT), July 2022
Posted Date : 18-May-2022 , 07:24:32 am | Posted By CASANSAAR
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) which is open to the members of the Institute will be held on 9th July 2022 (Saturday) from 9 AM to 1 PM (IST) at the following cities provided that sufficient number of can...
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ICAI |
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States can't regulate NBFCs registered with RBI - SC
Posted Date : 13-May-2022 , 09:17:42 am | Posted By CASANSAAR
In an important judgment, the Supreme Court on Wednesday ruled that state laws cannot apply to over 9,500 non-banking financial companies (NBFCs) registered with the Reserve Bank of India (RBI).
Sawing off attempts by the Kerala and Gujarat governments to bring the NBFCs under the purview of th...
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RBI |
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SEBI notifies rules to strengthen regulatory framework for CIS
Posted Date : 12-May-2022 , 08:55:19 am | Posted By CASANSAAR
To strengthen the regulatory framework for collective investment schemes, markets regulator Sebi has enhanced the net worth criteria and track record requirements for entities managing such schemes.
Also, the regulator has mandated a minimum of 20 investors and a subscription amount of at least...
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SEBI |
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CBI raids 40 locations linked to NGOs and MHA officials over alleged FCRA violation
Posted Date : 11-May-2022 , 11:17:21 am | Posted By CASANSAAR
Central Bureau of Investigation conducted raids at 40 locations linked to NGO representatives, their middlemen, and home ministry officials for allegedly facilitating violation of foreign funding rules. Raids were conducted at multiple locations in Delhi, Chennai, Hyderabad, Coimbatore, Mysore, and ...
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Income Tax |
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Cost Accountants’ Institute asks Govt to allow members to conduct financial audits of MSMEs
Posted Date : 09-May-2022 , 08:17:52 am | Posted By CASANSAAR
The cost accountants’ institute has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies.
The Institute of Cost Accountants of India, set up under an Act of Parliament, has around 90,000 members and...
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ICWAI |
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ED arrests CA linked to IAS officer in money laundering case
Posted Date : 08-May-2022 , 09:13:08 am | Posted By CASANSAAR
The ED on Saturday arrested a chartered accountant under the anti-money laundering law in a case linked to alleged embezzlement of MGNREGA funds in Jharkhand's Khunti district as part of which state mining secretary and IAS officer Pooja Singhal and others were raided, officials said.
...
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Income Tax |
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Central Bank of India says not yet decided on branch closures
Posted Date : 08-May-2022 , 09:08:54 am | Posted By CASANSAAR
State-owned Central Bank of India has not yet decided on a possible extensive branch closure plan this fiscal year, the lender said on Saturday days after Reuters reported it planned to shut some branches to improve its financial health.
On Thursday, Reuters cited sources and a document saying ...
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Banking |
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Auditor arrested for GST fraud, duping taxpayers
Posted Date : 06-May-2022 , 07:53:20 am | Posted By CASANSAAR
A tax auditor’s office and home premises were raided, and the auditor was arrested by tax sleuths from the enforcement wing of the Commercial Taxes department and local police. The auditor was found to be involved in a fake ‘Input Tax Credit’ racket/.
Input Tax Credit me...
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Auditing |
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Central Bank of India to close 600 branches by March 2023 - Report
Posted Date : 06-May-2022 , 07:53:09 am | Posted By CASANSAAR
Central Bank of India, a state-owned commercial bank, plans to shut 13% of its branches to improve its financial health, which has been under pressure for several years, according to sources and a document seen by Reuters.
The bank is looking to reduce the number of branches by 600 by either sh...
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Banking |
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90,000 reassessment notices issued by the income tax department stay valid - SC
Posted Date : 05-May-2022 , 07:57:35 am | Posted By CASANSAAR
Nearly 90,000 reassessment notices that were issued by the income tax (I-T) department after April 1, 2021 under the provisions of the unamended section 148 have been held as valid by the Supreme Court (SC).
These reassessment notices had been challenged in as many as 9,000 writ petitions acros...
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Income Tax |
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GST collections in April 22 touch all-time high of Rs 1.68 lakh Cr
Posted Date : 02-May-2022 , 09:45:21 am | Posted By CASANSAAR
Goods and services tax (GST) collections hit an all-time high of ₹1.68 lakh crore in April, indicating strong economic activity despite multiple headwinds and better tax compliance. The April number is up 20% from the year earlier and ₹25,000 crore more than the previous highest of ₹1.42 lakh ...
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GST |
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Timeline to update UDIN on e-filing portal is extended
Posted Date : 30-Apr-2022 , 07:26:23 am | Posted By CASANSAAR
The timeline to update #UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs.
https://twitter.com/casansaar/status/1520208877664751616
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Income Tax |
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CANADA to resume Express Entry invitations to FSWP and CEC in July 2022
Posted Date : 28-Apr-2022 , 08:34:05 am | Posted By CASANSAAR
Canada’s immigration minister Sean Fraser has announced Express Entry invitations to FSWP and CEC candidates will resume by “early July 2022”
The vast majority of new Express Entry applications will be processed within the six-month service standard. According to IRCC, current...
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International Business |
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ICAI issues guidance to auditors on funding disclosure norms
Posted Date : 27-Apr-2022 , 09:12:24 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has issued a detailed set of instructions to auditors to ensure that the financial statements of companies they audit comply with the government’s new investment reporting requirements.
The guidance note issued by the self-regulator o...
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ICAI |
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Govt to remove 20% cap on foreign ownership in PSU banks
Posted Date : 25-Apr-2022 , 08:39:42 am | Posted By CASANSAAR
As per some latest reports, the government of India has now started inviting bids from many companies for their privatization.
Additionally, the process of privatization of PSBs is also on the verge of beginning, despite the strikes being held against it.
As per reports, the governme...
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Banking |
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RBI slaps monetary penalty on Central Bank of India for non-compliance
Posted Date : 23-Apr-2022 , 09:57:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday said that it has imposed a monetary penalty of Rs 36 lakh on Central Bank of India for non-compliance with certain directions of the central bank. The order was issued on April 18, 2022.
The lender has been penalised for failing to comply with dir...
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RBI |
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Income Tax dept amends norms to widen ambit of tax filers
Posted Date : 23-Apr-2022 , 09:52:50 am | Posted By CASANSAAR
The income tax department has made it mandatory for people who make large transactions but report incomes below the tax exemption limit to file returns, an official order said.
The idea is to expand the oversight of economic activities and ensure that those who undertake large transactions file...
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Income Tax |
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100 CA and CS under Govt scanner for misconduct
Posted Date : 22-Apr-2022 , 09:08:59 am | Posted By CASANSAAR
The government has initiated action against at least 100 chartered accountants and company secretaries for professional misconduct and unlawful activities -- mostly their association with Chinese companies -- and directed the Registrar of Companies (ROC) to submit an action taken report , two people...
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ICAI |
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