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Providing major relief to the MSME sector, RBI eased NPA classification norms for such units facing input credit linkages and associated issues. "In continuation of support and relief to MSMEs, NPA recognition for GST and non GST MSMEs now at 180 days for dues up to December 31, 2018. T...

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Category : RBI | Comments : 0 | Hits : 458

The President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.  This would give them due representation in the Committee of Creditors an...

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Category : Insolvent Professional | Comments : 0 | Hits : 292

The Reserve Bank of India (RBI) raised the repo rate to 25 basis points to 6.25 percent from the earlier 6 percent in the June bi-monthly policy meet on Wednesday. The reverese repo rate has been raised to 6 percent from the earlier 5.75 percent, raising the key rate by 25 basis points. "The...

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Category : RBI | Comments : 0 | Hits : 458

The Institute of Chartered Accountants of India (ICAI) has signed a pact with its South African counterpart to establish a framework for making recognition of their members easier and promote mobility of professionals between the countries. The mutual recognition agreement (MRA) signed between th...

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Category : ICAI | Comments : 0 | Hits : 504

Markets regulator Sebi has imposed 10 per cent cap on cross-shareholding in credit rating agencies, raised their net worth requirement to Rs 25 crore from Rs 5 crore and disallowed having a seat on the rival's board.  The new norms are likely to have an impact on global rating agencies l...

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Category : SEBI | Comments : 0 | Hits : 266

The Institute of Chartered Accountants of India is always committed to bring technological advancements in various processes of the Institute to better serve the members, students and other stakeholders. In this regard, ICAI has recently launched two online services for the benefit and ease of use o...

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Category : ICAI | Comments : 0 | Hits : 1113

The Reserve Bank of India (RBI) will announce its second bi-monthly Monetary Policy of 2018-19 this afternoon. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, began its meeting in Mumbai on Monday, and it will meet today as well before the policy will be announced. This is the fir...

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Category : RBI | Comments : 0 | Hits : 215

This is for kind information of the members that the last date for submitting Self Declaration form for claiming CPE Hours under Unstructured Learning Activities for the Calendar Year 2017 – has been extended from 31st May, 2018 to 30th June, 2018. The members who could not submit their sel...

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Category : CPE Hours | Comments : 0 | Hits : 518

Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful resolution under the IBC law from the very first ...

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Category : Insolvent Professional | Comments : 0 | Hits : 825

The Supreme Court on Monday directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case. “All we want is that no final order should be passed till 2nd July, the next date of he...

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Category : Insolvent Professional | Comments : 0 | Hits : 269

Market regulator SEBI has relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges. The move is expected to provide succour to various listed compani...

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Category : Insolvent Professional | Comments : 0 | Hits : 218

In the past one month, fifteen auditors have resigned prematurely, besides increasing audit qualifications. The total number of exits, so far, in this calendar year stands at a staggering 32. According to data from Prime Database, a primary market tracker, between January and May, 32 auditors hav...

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Category : Auditing | Comments : 0 | Hits : 2552

India is looking at creating a centralised Authority for Advance Rulings (AAR) for the goods and services tax (GST) after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax. A recent case in point being the divergent rulings by Karnataka and Maharashtra AA...

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Category : GST | Comments : 0 | Hits : 431

The Reserve Bank of India, RBI, is organizing Financial Literacy Week from today till 8th of this month, across the nation. This year the theme is Customer Protection. The aim is to create financial awareness among bank customers about financial products and services, good financial practices and di...

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Category : RBI | Comments : 0 | Hits : 235

Goods and services tax applies to exit loads charged by mutual funds, additional interest charged for default in payment of loan instalments and late payment charges levied by credit card companies, the government has said.  Securitisation, future contracts, derivatives and forward contracts...

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Category : GST | Comments : 0 | Hits : 974

The government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after...

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Category : Banking | Comments : 0 | Hits : 1161

International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said. Following an order passed in March by the New Delhi bench of the Authority for Advance Ruling (AAR) stating that ...

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Category : GST | Comments : 0 | Hits : 384

Country's largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said. "We are a public institution and investments in startups are generally considered very risky. W...

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Category : Banking | Comments : 0 | Hits : 195

The government on Friday launched three new reward schemes under which a person can get up to Rs. 5 crore for information on tax evasion and 'benami' (proxy) transactions and properties. While a person can get maximum Rs. 5 crore for giving specific information about substantial tax evasion ...

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Category : Income Tax | Comments : 0 | Hits : 466

The total gross GST revenue collected in the month of May2018 is Rs.  94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The t...

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Category : GST | Comments : 0 | Hits : 228

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the ea...

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Category : Income Tax | Comments : 0 | Hits : 230

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bi...

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Category : GST | Comments : 0 | Hits : 631

The last date for filing of return in FORM GSTR-6 by Input Service Distributors for the months from July, 2017 to June, 2018 is being extended till 31.07.2018.     GST@GoI‏Verified account @askGST_GoI 14h14 hours ago More The last date for filing ...

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Category : GST | Comments : 0 | Hits : 407

The government sought applications for the posts of chairperson and three full-time members of the National Financial Reporting Authority (NFRA).  In March, the Cabinet approved setting up of the NFRA, which would be an independent regulator for the auditing profession. The same month, the C...

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Category : Corporate Law | Comments : 0 | Hits : 693

Markets regulator Sebi allowed debt issuers to review ratings given by agencies, a move that will check the menace of 'rating shopping' and 'pick-and-choose' approach in their actions.  In the past, several firms have expressed dissatisfaction against credit rating agenc...

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Category : SEBI | Comments : 0 | Hits : 256

In a major relief to Reliance Communications, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against the debt-laden company, paving the way for sale of RCom’s assets worth ₹25,000 crore to Reliance Jio. This was after the Swedish telecom equ...

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Category : Insolvent Professional | Comments : 0 | Hits : 274

Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar. ICICI Bank in a regulatory filing said the enquiry will be headed by an inde...

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Category : Income Tax | Comments : 0 | Hits : 251

The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month. The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acqu...

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Category : Insolvent Professional | Comments : 0 | Hits : 207

Refunds of GST have been a concern for both the Government and Trade for the past several months. Till now, the Government has sanctioned more than Rs 30,000 crore as GST Refund. This includes an amount of Rs 16,000 crore of IGST and Rs 14,000 crore of ITC. The figures of ITC include sanction by bot...

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Category : GST | Comments : 0 | Hits : 1142

Employees’ Provident Fund Organisation (EPFO) has asked its field offices to credit 8(point)55 per cent rate of interest for 2017-18 into the Provident Fund accounts of around 5 crore subscribers.  According to an order issued by the EPFO, the Labour Ministry has conveyed approval to c...

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Category : General | Comments : 0 | Hits : 545