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The GST collection in the month of November this year stood at  97 thousand and 637 crore rupees. The collection in October had crossed one lakh crore rupees.  The revenue collected in November relates to transactions made in October.  According to an official release, out of th...

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Category : GST | Comments : 0 | Hits : 225

As much as Rs 33,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in November.  The states' share would be over Rs 16,000 crore, the official said.  The apportionment would add to the goods and services tax (G...

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Category : GST | Comments : 0 | Hits : 246

The government has extended the due date of filing tax deducted at source (TDS) returns under GST laws for the October-December period till January 31, 2019. The TDS provisions under the goods and services tax (GST) were brought into effect from October 1, 2018. According to the Central GST (CGST...

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Category : GST | Comments : 0 | Hits : 358

Dr. Ajay Bhushan Pandey (IAS: MH 1984) took over as the Union Revenue Secretary upon superannuation of Dr Hasmukh Adhia here today. Outgoing Finance Secretary & Revenue Secretary, Dr Hasmukh Adhia welcomed Dr Pandey in his office. A Maharashtra cadre officer, Dr. Pandey will continue to head the...

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Category : Finance | Comments : 0 | Hits : 257

To boost MSME sector exports, the Reserve Bank said Thursday the interest subsidy on post and pre-shipment export credit has been increased to 5 per cent from 3 per cent.  The increased subsidy is applicable from November 2.  Exporters get the subsidy under the 'Interest Equalisa...

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Category : RBI | Comments : 0 | Hits : 435

Banker Uday Kotak on Thursday said auditors are one of the “weakest links” plaguing the corporate governance architecture in the country. “One of the weakest links in fiduciary chain of governance in India is accounting. Time and again we find that this situation is leading to s...

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Category : Auditing | Comments : 0 | Hits : 796

To help further ease liquidity condition for non-bank lenders, the Reserve Bank of India has made changes to the holding period for securitised loan portfolios. In a notification on Thursday, the Reserve Bank of India said that the minimum holding period requirement for non-banking finance compan...

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Category : RBI | Comments : 0 | Hits : 293

The CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by assessees.  The policy-making body for the Income Tax Department, however, made...

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Category : CBDT | Comments : 0 | Hits : 602

The Securities and Exchange Board of India (SEBI) may allow the commodity market to open an hour early at 9 am, instead of at 10 am now. It is also considering extending the closing time of the agri commodity market by 4 hours to 9 pm. An announcement to the effect is expected soon. Agri commodit...

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Category : SEBI | Comments : 0 | Hits : 224

Reference is invited to Press Release dated 1.11.2018 and 19.11.2018 regarding exam for GST Practitioners (GSTPs) scheduled on 17.12.2018. For this exam, only those GSTPs of the relevant category were invited to register on examination portal whose enrolment on GST Network was approved as on 15.11.2...

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Category : GST | Comments : 0 | Hits : 521

The government has extended the date for filing summary GST sales returns for October for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu. A finance ministry statement said in New Delhi on Wednesday that for taxpayers whose principal place of business is in the district of Srikaku...

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Category : GST | Comments : 0 | Hits : 272

Non-graduate chartered accountants with three years of experience can now become registered valuers, with the Ministry of Corporate Affairs amending the rules in this regard.  Previously a CA having three years of post-qualification experience and qualified as a graduate was allowed to becom...

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Category : Insolvent Professional | Comments : 0 | Hits : 661

Respected Professional Colleague,   Elections to the Central & Regional Councils of The Institute of Chartered Accountants of India are round the corner.  With the God’s grace, blessings of my Parents & Elders, Support of my Friends and well Wishers I have filed ...

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Category : ICAI Election | Comments : 0 | Hits : 315

If a Chartered Accountant (CA) is found guilty of any misconduct that brings disrepute to the profession, they can lose their jobs / COP. They can even be penalized with removal of their name from the rolls, among other disciplinary actions, a Supreme Court (SC) order has observed while hearing an a...

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Category : CA | Comments : 0 | Hits : 861

To make resolution of bankrupt companies easier, the Centre seeks to introduce a quick rescue option for corporate entities, which will unfold in boardrooms rather than courts. Under these pre-packaged bankruptcy schemes, creditors and shareholders can approach a bankruptcy court with a pre-negot...

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Category : Insolvent Professional | Comments : 0 | Hits : 376

The Narendra Modi government will take a fresh look at modernizing the Income Tax Act, 1961, after an earlier effort by a six-member task force got derailed. The union government on Monday appointed Akhilesh Ranjan, member (legislation), Central Board of Direct Taxes (CBDT), as the new convener to h...

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Category : Income Tax | Comments : 0 | Hits : 602

The Reserve Bank of India has decided to ease hedging requirements for medium-term foreign currency borrowings. The move will help bring down the final cost of overseas loans for Indian firms but could leave them more exposed to volatility in the foreign exchange markets. Medium-term external com...

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Category : RBI | Comments : 0 | Hits : 340

Markets regulator issued detailed guidelines for setting up of alternative investment funds in international financial services centres, pertaining to registration, compliance requirements and restrictions. For registration as Alternative Investment Funds (AIFs), SEBI said any fund established or...

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Category : SEBI | Comments : 0 | Hits : 286

President RN Kovind is said to have cleared the appointment of election commissioner Sunil Arora as the next Chief Election Commissioner. He is slated to take over as CEC on December 2, a day after incumbent Om Prakash Rawat retires. The appointment of Arora, a former 1980 batch IAS officer of Ra...

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Category : Income Tax | Comments : 0 | Hits : 300

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017. In partial modification of the earlier order, the Government has appointed Shri Akhilesh R...

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Category : Income Tax | Comments : 0 | Hits : 323

An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firms.  The MCA panel, which was set up to look into the regulation of audit firms and t...

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Category : Auditing | Comments : 0 | Hits : 715

The Union government is set to introduce a quick corporate rescue option, which will be finalized mostly in boardrooms than in courts, as it seeks to avoid prolonged and costly legal battles over the resolution of bankrupt companies, said a top government official. Under the so-called “pre-pac...

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Category : Insolvent Professional | Comments : 0 | Hits : 390

Markets regulator Sebi has allowed promoters to make counter offer to shareholders of companies that are planning to delist from stock exchanges, a move aimed at plugging loopholes in the current method. The Sebi has put in place a system for price discovery as per reverse book building (RRB) met...

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Category : SEBI | Comments : 0 | Hits : 263

Ministry of Corporate Affairs (MCA) Secretary Injeti Srinivas said that the Insolvency and Bankruptcy Code (IBC) has an impact of around Rs 3 lakh crore on non-performing assets (NPAs). Speaking to press after an event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI...

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Category : NPA | Comments : 0 | Hits : 364

Revised and simpler tax return forms as well as lower refunds will likely boost revenue collection from Goods and Services Tax (GST), which the government expects to touch to Rs 1.5 lakh crore every month from the next financial year (2019-20). “GST collections should be around Rs 1.5 lakh ...

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Category : GST | Comments : 0 | Hits : 531

Almost two decades after the collapse of US giant Enron in a notorious accounting scandal, the accountancy sector is back in the spotlight, this time thanks to a string of scandals in Britain. The sector's so-called "Big Four" -- Deloitte, EY, KPMG and PwC -- have a long-established...

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Category : Accounts | Comments : 0 | Hits : 508

Non-individual entities who have do not have PAN but conduct a transaction of Rs 2.5 lakh or more in a single financial year will now mandatorily have to get a PAN before May 31 of the following financial year. This is as per a notification issued by the Income Tax Department dated November 19, 2018...

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Category : PAN | Comments : 0 | Hits : 701

The Goods and Services Tax Network (GSTN) has enabled the option of ‘Annual Return Tab’ on GST portal for filing annual GST return. Yesterday, GSTN has enabled the option by creating a tab for filing GST Annual Return on GST Portal, there are high chances that GST Annual Return Utilit...

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Category : GST | Comments : 0 | Hits : 1255

Restaurants and hotels imposing service charge on customers in the name of tips but not passing them full to their employees could court trouble from taxmen. Central Board of Direct Taxes, the apex direct taxes body, has directed its field officials to examine balance sheet and expenditure statement...

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Category : CBDT | Comments : 0 | Hits : 370

Chartered accountants body ICAI said Tuesday it has signed an agreement with the Chartered Professional Accountants (CPA), Canada. The pact would facilitate mutual recognition of each other's qualification and admit the members in good standing by prescribing a bridging mechanism between the ...

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Category : ICAI | Comments : 0 | Hits : 629