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GST collection soars 150%, revenue gap dips by half
Posted Date : 18-Jun-2018 , 12:42:31 pm | Posted By CASANSAAR

UP has been registering a steady growth in GST collections, and the rise has been to such an extent that the compensation paid by Centre to the states for revenue loss due to GST implementation has come down from 27% in September 2017 to nil for the months of April and May, 2018 in UP's case. UP...

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Category : GST | Comments : 0 | Hits : 602

SEBI shares info on 14,720 entities involved in non-genuine trades with IT Dept
Posted Date : 18-Jun-2018 , 10:09:39 am | Posted By CASANSAAR

Continuing with efforts to crack down on illegal trading activities, regulator Sebi has shared its findings about 14,720 entities that indulged in non-genuine trades through illiquid stock options with the Income Tax Department and the Ministry of Corporate Affairs, according to a senior official. ...

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Category : SEBI | Comments : 0 | Hits : 611

CAs, lawyers and valuers now in the line of FIR for bank frauds
Posted Date : 18-Jun-2018 , 10:06:22 am | Posted By CASANSAAR

Lawyers, chartered accountants (CAs) and valuers, who collude with fraudulent borrowers, will soon find their names in FIRs lodged by banks.  Shaken by the Nirav Modi fraud, India's second largest lender, Punjab National Bank (PNB), last week directed its offices that FIRs be filed not j...

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Category : CA | Comments : 0 | Hits : 1524

United Bank of India referred 30 stressed accounts to NCLT
Posted Date : 18-Jun-2018 , 09:31:34 am | Posted By CASANSAAR

United Bank of India (UBI), which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to National Company Law Tribunal (NCLT) in 2017-18 (FY18), is betting on the resolution of bad loan accounts to improve its net profit, its report said. "Thirty accounts in which the...

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Category : Insolvent Professional | Comments : 0 | Hits : 577

Income Tax Dept detects Rs.10, 767 Crore undisclosed income during fiscal 2017-18
Posted Date : 18-Jun-2018 , 09:26:09 am | Posted By CASANSAAR

The Income Tax Department has detected undisclosed income of over Rs. 10,000 crore in fiscal 2017-18, thus recording a 20 percent surge over the previous fiscal. A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Crimin...

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Category : Income Tax | Comments : 0 | Hits : 508

MCA probing 42 listed companies for Financial Irregularities as auditors quit
Posted Date : 16-Jun-2018 , 07:31:24 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has asked western regional directors of the Registrar of Companies (RoC) to investigate 42 listed companies whose auditors resigned abruptly by May-end. The probe will focus on finding whether there were any financial irregularities at the firms along with asc...

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Category : MCA | Comments : 0 | Hits : 403

Delhi raises GST e-way bill threshold limit
Posted Date : 16-Jun-2018 , 07:24:21 pm | Posted By CASANSAAR

After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to seamless implementation of a unified, pan-India GST. States are leg...

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Category : GST | Comments : 0 | Hits : 425

NFRA will become a reality very soon
Posted Date : 16-Jun-2018 , 07:19:49 pm | Posted By CASANSAAR

The proposed auditors’ watchdog, National Financial Reporting Authority (NFRA), will soon become a reality and is expected to be set up in the next two months, a senior government official said. The Cabinet approved the proposal of setting up of NFRA as an independent regulator for the char...

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Category : NFRA | Comments : 0 | Hits : 304

Funds collected under GST anti-profiteering rules to be split between Centre, state
Posted Date : 16-Jun-2018 , 12:00:10 pm | Posted By CASANSAAR

Centre and the 'concerned state' will equally share the amount deposited by erring businesses in the consumer welfare fund set up as part of the GST anti-profiteering rules, as per a FinanceNSE -0.08 % Ministry notification.  Following the rollout of GST in July last year, the govern...

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Category : GST | Comments : 0 | Hits : 343

SBI Research report estimates additional gain of Rs 37,426 crore in revenue in current fiscal
Posted Date : 16-Jun-2018 , 11:56:46 am | Posted By CASANSAAR

A SBI Research report estimates an additional gain of 37,426 crore rupees in revenue in the current fiscal due to surge in oil prices and better tax collection due to Goods and Services Tax - GST.  According to the report, 16 out of 24 states have seen their revenues rising, with the aggrega...

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Category : General | Comments : 0 | Hits : 345

Government extends sale of pre-GST goods with stickers of revised price till July 31
Posted Date : 15-Jun-2018 , 12:14:56 pm | Posted By CASANSAAR

Sale of pre-GST packaged goods has now been allowed with stickers of revised rates till July 31, the government today said.  After implementing GST from July 1, 2017, the government had allowed use of stickers with revised rates, alongside the printed MRP for pre-packaged items to reflect ch...

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Category : GST | Comments : 0 | Hits : 386

Sector under scrutiny, Big 4 ease revenue targets for audit partners
Posted Date : 15-Jun-2018 , 11:56:19 am | Posted By CASANSAAR

As the role of auditors comes under increased scrutiny in India, some of the biggest firms in the business, including EY, PwC, Deloitte and KPMG, are either removing or relaxing revenue targets for their audit partners.  In the past few months, some of the audit firms have either told their ...

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Category : Auditing | Comments : 0 | Hits : 683

CA Dhivya Suryadevara become CFO of General Motors
Posted Date : 15-Jun-2018 , 09:59:04 am | Posted By CASANSAAR

General Motors Co said on Wednesday Dhivya Suryadevara, currently vice president of corporate finance, will succeed Chuck Stevens on September 1 as chief financial officer of the No. 1 US automaker. Suryadevara, will report to Mary Barra, GM chairman and CEO. Suryadevara, 39, has played an integr...

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Category : CA | Comments : 0 | Hits : 740

SEBI norms offer relief to stressed cos under IBC
Posted Date : 15-Jun-2018 , 09:48:19 am | Posted By CASANSAAR

SEBI plans to put in place revised norms for recovering investors' money in cases of illegal collective investment schemes, wherein a registered insolvency professional will be appointed as administrator to undertake sale of assets.  A senior official said the regulator is looking to rev...

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Category : SEBI | Comments : 0 | Hits : 312

Change of email and mobile number of the authorized signatory under GST system
Posted Date : 14-Jun-2018 , 10:24:20 pm | Posted By CASANSAAR

Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the ...

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Category : GST | Comments : 0 | Hits : 958

CBDT proposes changes to three IT forms, seeks public suggestions
Posted Date : 14-Jun-2018 , 08:59:02 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has proposed amendments in two forms and one rule under to Income Tax Rules, 1962 (I.T.Rules). It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objection...

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Category : Income Tax | Comments : 0 | Hits : 844

No research backing RBI's move to ban cryptocurrencies
Posted Date : 13-Jun-2018 , 11:29:54 am | Posted By CASANSAAR

In a response to the RTI application filed by a startup consultant, Varun Sethi, on April 9, the central bank said it does not have an internal committee that looks into VCs. However, the RBI is part of two different committees that have been constituted under the Ministry of Finance to study virtua...

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Category : RBI | Comments : 0 | Hits : 333

SEBI sets up panel to recommend ways to make stock market listing attractive for startups
Posted Date : 13-Jun-2018 , 11:13:28 am | Posted By CASANSAAR

Market regulator SEBI has set up a panel to recommend the ways to make stock market listing attractive for startups.  The panel has to submit the report within a period of one month. SEBI also said the group has been formed after discussions with various stakeholders. Members of the group...

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Category : SEBI | Comments : 0 | Hits : 293

Extension of Special GST Refund Fortnight till 16.6.2018
Posted Date : 13-Jun-2018 , 11:11:15 am | Posted By CASANSAAR

The Government has launched the second “Special Drive Refund Fortnight ”from 31.5.2018 to 14.6.2018. During the first Refund Fortnight from 15th to 29th March an amount of Rs.5350 crore was sanctioned and during this fortnight over Rs 7500 crore has been sanctioned. In view of overwhelmi...

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Category : GST | Comments : 0 | Hits : 447

Assessment of CA Students after completion of 1st and 2nd year of practical training
Posted Date : 13-Jun-2018 , 11:08:04 am | Posted By CASANSAAR

The Council has decided to assess students after completion of first and second year of practical training with online MCQ based tests. These tests would examine the knowledge gained by the student during the course of practical training and his ability to apply his subject specific skills while und...

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Category : Students Zone | Comments : 0 | Hits : 1264

RBI to modify loan rule for large borrowers
Posted Date : 12-Jun-2018 , 11:45:46 am | Posted By CASANSAAR

The Reserve Bank of India on Monday came out with draft guidelines on loan system for delivery of bank credit to improve discipline among larger borrowers enjoying working capital facility from the banking system. The draft stipulates a minimum level of ‘loan component’ in fund-based ...

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Category : RBI | Comments : 0 | Hits : 393

SEBI weighs custodians to shield retail investors
Posted Date : 12-Jun-2018 , 12:51:30 am | Posted By CASANSAAR

Defaulting brokers and vanishing share portfolios have prompted the capital market regulator to consider ways to protect the interests of retail investors who are often at the mercy of unscrupulous brokers misusing clients’ shares without consent.  The Securities and Exchange Board of ...

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Category : SEBI | Comments : 0 | Hits : 259

Over 1,300 new FPIs register with SEBI in FY18
Posted Date : 12-Jun-2018 , 12:50:02 am | Posted By CASANSAAR

More than 1,300 fresh foreign portfolio investors (FPIs) were registered with Sebi in 2017-18 on continued interest in the Indian capital markets, as per the regulator's data.  In comparison, close to 3,500 new FPIs were registered with Securities and Exchange Board of India (Sebi) in th...

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Category : SEBI | Comments : 0 | Hits : 379

Allahabad Bank referred 65 accounts to NCLT for resolution under IBC
Posted Date : 12-Jun-2018 , 10:49:48 am | Posted By CASANSAAR

State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal.  The bank said in its annual report that the it was focusing...

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Category : Insolvent Professional | Comments : 0 | Hits : 444

Interest-free loan from employer taxable - ITAT
Posted Date : 12-Jun-2018 , 10:43:32 am | Posted By CASANSAAR

 Interest-free loans extended by an employer are taxable in the hands of an employee as a perquisite, the Income Tax Appellate Tribunal (ITAT) has said. However, the valuation of the taxable benefit or perquisite, which forms part of the salary income of the employee, cannot be done in an ad...

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Category : Income Tax | Comments : 0 | Hits : 474

Authority's orders favour firms for anti-profiteering in times of GST
Posted Date : 12-Jun-2018 , 10:10:28 am | Posted By CASANSAAR

Allaying industry’s apprehensions, all three orders passed by the National Anti-Profiteering Authority under the goods and services tax (GST) regime have so far gone in favour of companies. In its latest order, the five member NAA has dismissed complaint against elevator manufacturer Schind...

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Category : GST | Comments : 0 | Hits : 316

6 more state-run banks may come under PCA
Posted Date : 11-Jun-2018 , 05:17:16 pm | Posted By CASANSAAR

Six more state-run banks are at risk of entering the Reserve Bank of India’s prompt corrective action (PCA) framework, officials said. These include Punjab National Bank, Union Bank of India and Syndicate Bank, they said, adding that this may reduce the chances of the finance ministry’s ...

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Category : Banking | Comments : 0 | Hits : 236

GST refund to foreign tourists at airports on the cards
Posted Date : 11-Jun-2018 , 08:36:26 am | Posted By CASANSAAR

Foreign tourists may soon get to claim GST refunds at airports at the time of exit as the revenue department is working on a mechanism to refund taxes paid by them on local purchases. Initially, only purchases made by tourists from big retailers would be eligible for Goods and Services Tax (GST) ...

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Category : GST | Comments : 0 | Hits : 439

Focus should be resolution, not liquidation - IBBI Chairman
Posted Date : 11-Jun-2018 , 08:32:58 am | Posted By CASANSAAR

The Chairperson of Insolvency and Bankruptcy Board of India (IBBI) M S Sahoo on Saturday said that the focus on cases coming under Insolvency and Bankruptcy Code (IBC) should be on resolution and not liquidation to maximise the value of corporate debtors. He said that the soul of the Code was to ...

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Category : Insolvent Professional | Comments : 0 | Hits : 224

Govt opens 10 joint-secretary level posts for private sector professionals
Posted Date : 11-Jun-2018 , 08:21:19 am | Posted By CASANSAAR

If you are a private sector professional above 40 years of age and with 15 years of work experience in any of the ten fields like economic affairs, civil aviation or commerce, the Narendra Modi government may hire you as a joint secretary. This “lateral entry” exercise is aimed at &ldquo...

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Category : Finance | Comments : 0 | Hits : 714

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