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RBI introduces new Prepaid Payment Instrument for your daily grocery payments
Posted Date : 25-Dec-2019 , 08:42:38 am | Posted By CASANSAAR

The Reserve Bank of India has given Indian consumers a new option to make their daily payments at local shops and retail outlets for the purchase of daily household goods and services. In a bid to give increased impetus to small ticket digital payments RBI on Tuesday has introduced a new Prepaid ...

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Category : RBI | Comments : 0 | Hits : 740

SEBI issues format for statement of deviation
Posted Date : 25-Dec-2019 , 08:40:49 am | Posted By CASANSAAR

Sebi on Tuesday issued a format for statement of deviation in funds raised to be submitted by the listed entities to stock exchanges on a quarterly basis. The format comes after Sebi noted that there is no uniformity in the formats of statement of deviation or variation in proceeds of public issu...

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Category : SEBI | Comments : 0 | Hits : 295

NBFC supervision to cover auditors, banks, rating companies
Posted Date : 25-Dec-2019 , 08:38:15 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has extended supervision to auditors, banks and rating companies to prevent defaults and ensure broader financial stability. “Apart from strengthening the existing four pillars of supervision — on-site examination, off-site surveillance, market intellig...

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Category : Auditing | Comments : 0 | Hits : 608

NFRA to rope in consultants for audit report review and other allied work
Posted Date : 25-Dec-2019 , 08:35:23 am | Posted By CASANSAAR

Audit regulator NFRA has decided to hire consultants to assist the regulator in identifying the audit reports that need to be taken up for review. Consultants — mainly chartered accountants -- are mainly proposed to be hired for a period of one year (on contract basis) to assist National Fi...

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Category : NFRA | Comments : 0 | Hits : 545

Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Posted Date : 25-Dec-2019 , 08:24:01 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of th...

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Category : Insolvent Professional | Comments : 0 | Hits : 99

Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
Posted Date : 24-Dec-2019 , 03:12:58 pm | Posted By CASANSAAR

Lok Sabha Speaker Om Birla has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to streamline the corporate insolvency resolution process, to the standing committee on Finance of which former prime minister Manmohan Singh is a member.The committee, chaired by BJP MP a...

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Category : Insolvent Professional | Comments : 0 | Hits : 111

GSTR 9C Utility available on GSTN Postal
Posted Date : 24-Dec-2019 , 10:49:43 am | Posted By CASANSAAR

Updated GSTR 9C Utility for F.Y.  2017-18 available on GSTN portal. Last date for GSTR -9 and GSTR-9C is 31st Jan 2020. ...

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Category : Income Tax | Comments : 0 | Hits : 639

GST on Notice Pay Recovery
Posted Date : 24-Dec-2019 , 08:18:39 am | Posted By CASANSAAR

GST on Notice Pay Recovery. Notice period serve नहीं किया तो देना होगा GST??? Myth busted by CA Vishal Jain.   Watch this video to know more.  https://youtu.be/TNr0CMGtACY ...

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Category : GST | Comments : 0 | Hits : 594

Technical limitations cannot be ground to deny input tax credit under GST - HC
Posted Date : 24-Dec-2019 , 08:14:52 am | Posted By CASANSAAR

The Delhi High Court has said that the rights of Goods & Services Tax (GST) assessees ‘cannot be subjugated’ to the poor and inefficient software systems adopted by the authorities. The ruling is likely to benefit assessees who suffer due to technical glitches. “The software...

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Category : GST | Comments : 0 | Hits : 920

IFSC banking units can open foreign currency current accounts
Posted Date : 24-Dec-2019 , 08:11:02 am | Posted By CASANSAAR

The RBI on Monday said IFSC Banking Units can open foreign currency current accounts of entities operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. However, IBUs are not allowed to open savings accounts. Issuing instructions regarding permis...

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Category : Banking | Comments : 0 | Hits : 167

New registrations by taxpayers being verified by GST council
Posted Date : 24-Dec-2019 , 08:07:57 am | Posted By CASANSAAR

The GST Council is verifying the 66.79 lakh new registrations by taxpayers, which could be fake or pertain to shell companies, Bihar Deputy Chief Minister Sushil Kumar Modi, who is also the convenor of Group of Ministers (GoM) on integrated GST, said on Monday. "The new taxpayers, who are 66...

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Category : GST | Comments : 0 | Hits : 918

Glitches in ITR processing lead to bloated tax liability on capital gains
Posted Date : 24-Dec-2019 , 08:05:21 am | Posted By CASANSAAR

Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies. ...

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Category : Income Tax | Comments : 0 | Hits : 458

Companies under IBC process may get GST relief
Posted Date : 23-Dec-2019 , 04:11:14 pm | Posted By CASANSAAR

The government may allow companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC) to pay current levies of goods and services tax (GST) without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy resolution process. Ministry of Corporate Affairs a...

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Category : GST | Comments : 0 | Hits : 316

Public sector bank unions decide to join national strike called on Jan 8
Posted Date : 21-Dec-2019 , 10:10:06 am | Posted By CASANSAAR

Bank unions have decided to join the national general strike which has been called on January 8, 2020. The strike has been called in protest against the central govt's labour policies and banking reforms, said the unions. Central Trade Unions viz. INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, ...

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Category : Banking | Comments : 0 | Hits : 455

IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
Posted Date : 21-Dec-2019 , 09:58:47 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore, a top government official said on Friday. He pointed out that though 44 per cent of recovery may not look very rosy but one should view ...

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Category : Insolvent Professional | Comments : 0 | Hits : 421

FinMin asks tax officials to identify evaders through data analytics
Posted Date : 21-Dec-2019 , 09:55:47 am | Posted By CASANSAAR

In a bid to meet ambitious tax target, the finance ministry on Friday held a review meeting with tax officials directing them to make special efforts to identify and book tax evaders through data analytics and information sharing. The meeting chaired by Revenue Secretary Ajay Bhushan Pandey. H...

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Category : Income Tax | Comments : 0 | Hits : 649

Minimum CRS score decreases in latest Express Entry draw of Canada
Posted Date : 20-Dec-2019 , 10:02:25 am | Posted By CASANSAAR

The Government of Canada issued 3,200 invitations to apply for Canadian Permanent Residence to Express Entry candidates in a draw held December 19.  The minimum Comprehensive Ranking System (CRS) score in this latest invitation round was 469, a decrease of three points over the previous draw...

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Category : International Business | Comments : 0 | Hits : 403

Question and Answers on ITC under GST
Posted Date : 19-Dec-2019 , 09:50:13 am | Posted By CASANSAAR

  Question and Answers on ITC under GST. Question and Answers on ITC under GST during the Webinar on Issues related to claiming of ITC under GST by CA. Gaurav Gupta.   This video is part of the Webinar on the issues related to claiming of ITC Under GST organised by CA Sansaar...

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Category : GST | Comments : 0 | Hits : 676

FinMin may develop app to file GST Returns, set up facilitation centres
Posted Date : 19-Dec-2019 , 09:43:38 am | Posted By CASANSAAR

The Finance Ministry is considering setting up facilitation centres and developing an app to help traders and small businesses file their Goods and Services Tax (GST) returns, The Times of India reported. The facilitation centres would be similar to the Aadhaar Seva Kendras. It comes as the Centr...

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Category : GST | Comments : 0 | Hits : 656

PNB loses UK High Court appeal in USD 45-million deceit claim
Posted Date : 19-Dec-2019 , 09:40:19 am | Posted By CASANSAAR

The British subsidiary of Punjab National BankNSE -0.55 % (PNB) has lost its UK High Court appeal in a USD 45-million deceit claim against seven individuals and two companies, based in India and the US. The issue in contention was whether the High Court of England and Wales should accept jurisdic...

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Category : Banking | Comments : 0 | Hits : 439

GST Council’s decisions regarding Law and Procedure related changes
Posted Date : 19-Dec-2019 , 09:15:34 am | Posted By CASANSAAR

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur  besides Finance ...

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Category : GST | Comments : 0 | Hits : 820

GST Council’s decisions On Rate Changes
Posted Date : 19-Dec-2019 , 09:14:13 am | Posted By CASANSAAR

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur  besides Finance ...

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Category : GST | Comments : 0 | Hits : 460

Reserve Bank of India releases Annual Report of Ombudsman Schemes
Posted Date : 19-Dec-2019 , 09:12:19 am | Posted By CASANSAAR

he Reserve Bank of India (RBI) released the Annual Report of the “Ombudsman Schemes of RBI for the year 2018-19” today. A. Banking Ombudsman Scheme The Banking Ombudsman Scheme (BOS) was notified by RBI in 1995 under Section 35A of the Banking Regulation Act, 1949. During...

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Category : RBI | Comments : 0 | Hits : 312

GST Council votes first time, Settles uniform lottery rate
Posted Date : 18-Dec-2019 , 08:11:57 pm | Posted By CASANSAAR

The GST Council, in its 38th meeting on Wednesday, voted for the very first time since its inception to settle for a uniform rate on lotteries across the country, Rajasthan Minister Shanti Dhariwal said. This is the first time since the launch of the new overarching indirect tax that the Council ...

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Category : GST | Comments : 0 | Hits : 261

NCLAT restores Cyrus Mistry as Chairman of Tata Group
Posted Date : 18-Dec-2019 , 03:55:37 pm | Posted By CASANSAAR

In what is being seen as a big win for Cyrus Mistry, the National Company Law Appellate Tribunal on Wednesday ordered restoration of him as the Executive Chairman of Tata Sons. The tribunal held the appointment of N Chandra as Executive Chairman illegal. However, the tribunal said the restorat...

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Category : Corporate Law | Comments : 0 | Hits : 266

No extension of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - CBIC
Posted Date : 18-Dec-2019 , 09:35:17 am | Posted By CASANSAAR

The Government has asked its tax officers across the country to urge indirect tax payers to make use of the ongoing dispute resolution scheme, Sabka Vishwas, which is due to close at the end of the month and made it clear that the deadline will not be extended. So far, over 52,000 applications have ...

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Category : Excise | Comments : 0 | Hits : 369

SEBI slaps Rs 8 crore fine on PC Jeweller promoters for insider trading
Posted Date : 18-Dec-2019 , 09:28:49 am | Posted By CASANSAAR

arkets regulator Sebi on Tuesday imposed a total fine of over Rs 8 crore on Shivani Gupta, Sachin Gupta, Amit Garg and Quick Developers Pvt. Limited for violating insider trading rules in PC Jeweller case. “A sum of Rs 6,17,60,184.13 shall be impounded jointly and severally, from Shivani Gu...

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Category : SEBI | Comments : 0 | Hits : 370

CBI arrests former Income Tax Commissioner In corruption case
Posted Date : 18-Dec-2019 , 09:24:13 am | Posted By CASANSAAR

The CBI arrested former Income Tax Commissioner SK Srivastava on Tuesday, months after the CBI registered a case against him on charges of cheating, forgery and obtaining undue favours from those who had filed appeals before him. A CBI spokesperson told NDTV that he will now be produced before a ...

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Category : Income Tax | Comments : 0 | Hits : 849

New GSTR 9 & GSTR 9C Utility would be available by 21.12.2019
Posted Date : 17-Dec-2019 , 01:10:44 pm | Posted By CASANSAAR

Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide Notification No. 56/2019 dated 14.11.2019. These changes do not impact the current tools required for preparation and filing of GSTR-9 and GSTR-9A for the financial year 2017-18...

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Category : GST | Comments : 0 | Hits : 433

e-Invoicing Procedure under GST
Posted Date : 17-Dec-2019 , 10:09:42 am | Posted By CASANSAAR

   e-Invoicing Procedure under GST ( e-Invoicing Procedure under GST explained by CA. Pradeep Gupta)   https://youtu.be/eYDUDruyJXc     Don't forget to Subscribe CA Sansaar YouTube Channel ...

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Category : GST | Comments : 0 | Hits : 380

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