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GST council approves transition plan for new GST rates on residential properties
Posted Date : 19-Mar-2019 , 05:29:28 pm | Posted By CASANSAAR

GST council today approved a transition plan for new goods and services tax rates on residential properties under which developers of under-construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates. Revenue Secretary Ajay Bhu...

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Category : GST | Comments : 0 | Hits : 485

GST rates for new projects to be mandatory from April 1 - Revenue Secretary
Posted Date : 19-Mar-2019 , 03:41:34 pm | Posted By CASANSAAR

The GST Council on March 19 approved the transition plan for new GST tax structure for residential plots. "The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Aja...

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Category : GST | Comments : 0 | Hits : 516

Nine members appointed in Appellate Authority to handle cases against CA, CS
Posted Date : 19-Mar-2019 , 04:05:13 am | Posted By CASANSAAR

Even as an increasing number of complaints flood in concerning professional misconduct by chartered accountants (CA), company secretaries (CS) and cost accountants, the government has appointed a nine-member Appellate Authority to hear such cases. The new members include Anand Mohan Bajaj, Joint Sec...

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Category : NFRA | Comments : 0 | Hits : 1204

RBI urges banks to closely watch end use of funds via surveillance
Posted Date : 19-Mar-2019 , 09:15:46 am | Posted By CASANSAAR

The RBI is pushing banks to tighten the process of monitoring the end use of funds through enhanced surveillance as it seeks to arrest evergreening and prevent divergence of funds by corporate borrowers.  Senior bank executives said the urgency from the RBI has been heightened after the annu...

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Category : RBI | Comments : 0 | Hits : 456

Justice PC Ghose set to be named India's 1st Lokpal
Posted Date : 18-Mar-2019 , 08:14:58 am | Posted By CASANSAAR

Almost 50 years after the Lok Sabha first passed a Lokpal bill and more than five years after a popular anti-corruption movement led to the passage of the legislation in its latest form, retired Supreme Court judge Justice Pinaki Chandra Ghose is set to be India's first anti-corruption ombudsman...

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Category : Finance | Comments : 0 | Hits : 398

Govt to soon start selection process for new PFRDA Chairman
Posted Date : 18-Mar-2019 , 08:11:20 am | Posted By CASANSAAR

The government will soon start selection process for a new chairman of pension fund regulator PFRDA to succeed the present chief, Hemant G Contractor, whose term is slated to end in April. "The Finance Ministry will soon come out with an advertisement to find a successor to head the Pension Fun...

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Category : Finance | Comments : 0 | Hits : 352

RBI issues guidelines to prevent market abuse
Posted Date : 16-Mar-2019 , 08:59:03 am | Posted By CASANSAAR

The Reserve Bank of India has come out with guidelines to prevent misuse of price-sensitive information by participants in markets for financial instruments. The RBI said market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipul...

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Category : RBI | Comments : 0 | Hits : 491

Companies may pass on GST benefits to consumers by increasing grammage
Posted Date : 16-Mar-2019 , 08:52:15 am | Posted By CASANSAAR

The National Anti-Profiteering Authority (NAA) Friday said companies are free to offer volume benefit or price reduction to consumers, in the wake of rationalisation of GST rates. To evaluate cases of GST benefits, the NAA has decided to look into three yardsticks - proportionate grammage increas...

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Category : GST | Comments : 0 | Hits : 724

RBI categorises IDBI Bank as private sector lender
Posted Date : 15-Mar-2019 , 08:27:24 am | Posted By CASANSAAR

IDBI Bank has been categorised as a private sector lender following acquisition of majority stake by Life Insurance Corporation, RBI said. In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank. "IDBI Bank has been categorised ...

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Category : Income Tax | Comments : 1 | Hits : 1188

UDIN Being Made Mandatory in 2nd Phase for GST & Tax Audit Reports - ICAI
Posted Date : 14-Mar-2019 , 05:43:22 pm | Posted By CASANSAAR

UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases: All Certifi...

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Category : ICAI | Comments : 0 | Hits : 2872

EC gives a nod to GST Council meeting scheduled on March 19
Posted Date : 14-Mar-2019 , 06:43:21 am | Posted By CASANSAAR

The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector.  The next meeting will be held through videoconferencing, sources said.   Foll...

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Category : GST | Comments : 0 | Hits : 439

Taxpayers can compare tax liability declared in final, summary GST returns forms - GSTN
Posted Date : 13-Mar-2019 , 09:57:28 am | Posted By CASANSAAR

The GST Network on Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the t...

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Category : GST | Comments : 0 | Hits : 872

GST Council to meet on 19 March to finalise real estate tax structure
Posted Date : 12-Mar-2019 , 09:35:22 am | Posted By CASANSAAR

In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses. This would be the on...

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Category : GST | Comments : 0 | Hits : 430

Re-Constitution of Insolvency Law Committee for review of implementation of IBC 2016
Posted Date : 12-Mar-2019 , 09:20:13 am | Posted By CASANSAAR

he provisions relating to insolvency resolution for corporate persons (Part II of the Insolvency and Bankruptcy Code, 2016), regulation of insolvency professionals, agencies, information utilities and establishment of the Insolvency and Bankruptcy Board of India (the Board) (Part IV of the Code) and...

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Category : Insolvent Professional | Comments : 0 | Hits : 205

CA Exams Rescheduled due to General Elections - ICAI
Posted Date : 11-Mar-2019 , 03:24:31 pm | Posted By CASANSAAR

It is hereby notified for general information that in view of Elections to the 17th Lok Sabha Parliamentary Constituencies across the country, the Chartered Accountant Examinations initially scheduled from 2nd May 2019 to 17th May 2019 stand rescheduled and the said examinations shall now be held fr...

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Category : CA Exams | Comments : 0 | Hits : 1628

Bank Branch Statutory Audit Updates 2019
Posted Date : 11-Mar-2019 , 10:19:08 am | Posted By CASANSAAR

Bank Branch Statutory Audit Updates Panel of Statutory Bank auditors received by various banks.  Mails received from following banks as confirmed by Members :- Allahabad Bank Andhra Bank Bank of Baroda Bank of Maharashtra Bank of India (www.casansaar.com) Canara Bank Centr...

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Category : Bank Branch Audit | Comments : 22 | Hits : 53824

Operational creditors benefits equally from IBC - IBBI
Posted Date : 11-Mar-2019 , 09:25:33 am | Posted By CASANSAAR

The Insolvency and bankruptcy Board of India (IBBI) on Saturday said both operational and financial creditors have benefited alike from resolutions under the IBC. IBBI chairman M S Sahoo said that it would be unfair to say that resolutions under the Insolvency and Bankruptcy Code (IBC) were tilte...

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Category : Insolvent Professional | Comments : 0 | Hits : 121

No GST on tax collected at source levied on goods - FinMin
Posted Date : 09-Mar-2019 , 10:08:04 am | Posted By CASANSAAR

The finance ministry on Friday provided relief to traders by withdrawing a rule that required them to charge goods and services tax (GST) on the compulsory income tax to be collected at source (TCS) from consumers who make high value purchases such as premium cars. A circular issued in December had ...

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Category : GST | Comments : 0 | Hits : 810

Govt approves renewl of the MoU between ICAI and ICAEW
Posted Date : 08-Mar-2019 , 08:21:03 am | Posted By CASANSAAR

The government Thursday gave approval to the pact between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW). The Union Cabinet, chaired by Prime Minister Narendra Modi, gave ex-post facto approval of the memorandum of ...

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Category : ICAI | Comments : 0 | Hits : 1100

RBI notifies 2% interest subsidy scheme for short-term crop loans
Posted Date : 08-Mar-2019 , 08:14:11 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) Thursday notified the norms for banks with regards to two per cent interest subvention or subsidy for short-term crop loans during 2018-19 and 2019-20.  The Centre has already approved the scheme.  To provide short-term crop loans up to Rs 3 lakh to fa...

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Category : RBI | Comments : 0 | Hits : 282

51% vote enough for forensic audit of corporate debtor - NCLT
Posted Date : 08-Mar-2019 , 08:09:36 am | Posted By CASANSAAR

The Hyderabad bench of the National Company Law Tribunal (NCLT) on Thursday clarified that a 51 per cent vote of the Committee of Creditors (CoC) was enough to initiate a forensic audit of an insolvent company. Citing Section 21(8) of the Insolvency and Bankruptcy Code (IBC), the NCLT bench said ...

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Category : Insolvent Professional | Comments : 0 | Hits : 289

FinMin asks to be cautious while filing annual GST returns form
Posted Date : 08-Mar-2019 , 08:01:05 am | Posted By CASANSAAR

The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available. In a statement, the ministry said the annual returns form is now available on the common portal for filing and asked Goods and Serv...

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Category : GST | Comments : 0 | Hits : 681

Businesses need to pay up to Rs.20 for using Aadhaar services
Posted Date : 08-Mar-2019 , 02:25:50 am | Posted By CASANSAAR

Business organisations using Aadhaar services will now have to pay Rs.20 for each customer verification and 50 paise for authentication of each transaction carried out by the entities, the Unique Identification Authority of India (UIDAI) said on Thursday. “Aadhaar authentication services sh...

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Category : General | Comments : 0 | Hits : 287

FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme
Posted Date : 08-Mar-2019 , 07:51:12 am | Posted By CASANSAAR

The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises. Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders ha...

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Category : GST | Comments : 0 | Hits : 724

CBDT notifies relaxed norms for startups
Posted Date : 07-Mar-2019 , 10:24:56 am | Posted By CASANSAAR

The income tax (I-T) department has notified the modified norms for startups to enable them to seek 'angel tax' exemption for investments of up to Rs 25 crore. The modified norms, which are aimed at encouraging budding entrepreneurs, will be effective retrospectively from February 19, whe...

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Category : CBDT | Comments : 0 | Hits : 495

Income Tax Deptt to assess 80k big cash depositors during demonetisation
Posted Date : 07-Mar-2019 , 10:21:42 am | Posted By CASANSAAR

Over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17 will now be subject to a ‘best judgement’ ass...

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Category : Income Tax | Comments : 0 | Hits : 1313

IBBI signs a Cooperation Agreement with the International Finance Corporation
Posted Date : 07-Mar-2019 , 10:13:44 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement today with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). The agreement was signed by Mr. K. R. Saji Kumar, Executive Director, IBBI and Mr. Jun Zhang, Country Manager, IFC India,...

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Category : International Business | Comments : 0 | Hits : 195

Supreme Court to start hearing plea against RBI Feb 12 circular
Posted Date : 06-Mar-2019 , 07:33:24 am | Posted By CASANSAAR

The Supreme Court will start hearing on the power, sugar, and shipping companies’ challenge to the Reserve Bank of India’s (RBI) February 12 circular from Wednesday. With a total exposure of nearly Rs 2 trillion in the power sector alone, companies, hoping for a verdict in their favou...

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Category : RBI | Comments : 0 | Hits : 289

RBI fines SBI, ICICI Bank and 17 others for non-compliance on SWIFT use
Posted Date : 06-Mar-2019 , 07:28:09 am | Posted By CASANSAAR

India's central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT. The Reserve Bank of India (RBI) imposed the fines over the past four days, according to st...

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Category : RBI | Comments : 0 | Hits : 273

IBBI suggests ground rules for Insolvency Professionals, Committee of Creditors
Posted Date : 05-Mar-2019 , 09:39:09 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has come up with a charter of responsibilities for Insolvency Resolution Professionals (IRPs) and Committee of Creditors (CoC) so that stakeholders have a complete and clear understanding of their roles and responsibilities in a Corporate Insolvenc...

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Category : Insolvent Professional | Comments : 0 | Hits : 258

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