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The government on Tuesday appointed CA S Gurumurthy and Satish Marathe patron of Sahakar Bharathi as part-time directors on the Reserve Bank of India (RBI) board after an approval from the appointments committee of the cabinet. Both appointments are for a four year term.  In a release the go...

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Category : RBI | Comments : 0 | Hits : 729

The Supreme Court has refused the Reserve Bank of India’s plea to stay proceedings in the Allahabad High Court against the central bank’s February 12 circular that prescribed tough norms for stressed assets.  It will hear on August 28 the banking regulator’s plea seeking tr...

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Category : Banking | Comments : 0 | Hits : 558

The ministry of corporate affairs (MCA) has received the Supreme Court’s backing against 300,000 disqualified directors for their failure to file financial statements and annual returns for three consecutive years. The apex court on Monday admitted a special leave petition of MCA and stayed a ...

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Category : MCA | Comments : 0 | Hits : 853

As many as 2.09 lakh 'non-filers' filed income tax returns in last fiscal and paid taxes worth Rs 6,416 crore, Minister of State for Finance Shiv Pratap Shukla said today. In a written reply to a question in the Rajya Sabha, he said the I-T department issued notices to 3.04 lakh persons who ...

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Category : Income Tax | Comments : 0 | Hits : 378

The government has asked telecom operators and internet service providers to suggest ways to block social media apps such as Facebook and WhatsApp during emergencies, a move the industry says will be difficult to enforce and violate the fundamental right of speech and expression. In an 18 July le...

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Category : General | Comments : 0 | Hits : 375

Unit holders in special economic zones (SEZ) are likely to start operations during the second half of 2019 in order to avail tax incentives before the sunset date, according to property consultant CBRE. Tax incentives granted to both developers and occupiers of SEZs will expire on March 31, 2020....

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Category : Income Tax | Comments : 0 | Hits : 321

Auto component industry today sought uniform 18 percent GST across the sector stating that low taxation would lead to better compliance and and larger tax base. The industry, which reported a growth of 18.3 percent to Rs 3.45 lakh crore in 2017-18, said the lower tax levy would also help in curtaili...

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Category : GST | Comments : 0 | Hits : 353

The Reserve Bank of India’s decision to discontinue the issuance of Letters of Undertaking (LoU) and Letters of Credit (LoC) for trade credit was a “knee-jerk reaction” to the Punjab National Bank fraud case and the facility should be restored at the earliest, the Parliamentary Sta...

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Category : RBI | Comments : 0 | Hits : 298

The National Company Law Appellate Tribunal (NCLAT) today extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata, a resolution applicant in this. Modifying its earlier order, the appellate tribunal has now said all three bidder --...

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Category : Insolvent Professional | Comments : 0 | Hits : 513

  Foreigners coming to India may not get GST refunds on goods purchased and carried back by them as the government has not invoked relevant provisions of the Integrated Goods and Services Tax Act yet, the Finance Ministry has said in reply to an RTI query. It was asked to provide details ...

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Category : GST | Comments : 0 | Hits : 1084

The export community has consistently faced issues with GST and to make life easier, the Government has proposed simplification in the new return filing process.  The entire return filing process is supposed to undergo a change with only one monthly return for taxpayers. Return filing dates ...

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Category : GST | Comments : 0 | Hits : 461

The Goods and Services Tax (GST) Council on Saturday cleared a pilot project to offer digital incentives, in the form of cashback of 20 per cent of GST paid on business-to-consumer transactions using RuPay and BHIM platforms, subject to a cap of Rs 100 per transaction. Revenue shortfall concerns ...

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Category : GST | Comments : 0 | Hits : 1231

The Centre has reportedly favoured a pause in further rate cuts on the goods and services tax (GST) due to the revenue shortfall, estimated at over Rs 40,000 crore in the first quarter of this fiscal. This is hasty, on two counts. The slew of changes that have periodically been brought about show th...

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Category : GST | Comments : 0 | Hits : 862

The Goods and Services Tax (GST) Council is meeting in New Delhi today. The meeting, to be chaired by Finance Minister Piyush Goyal, will discuss the concerns and suggestions of the Micro, Small and Medium Enterprises, among other issues.  The 29th meeting of the Council is also likely to di...

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Category : GST | Comments : 0 | Hits : 409

The constitutional validity of the Centre’s proposed National Financial Reporting Authority (NFRA) which will replace the Institute of Chartered Accountants in India (ICAI) and wield penal and civil power over the practising CAs has been challenged in Madras high court. A division bench of ...

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Category : NFRA | Comments : 0 | Hits : 600

Sebi today said it has done away with the category of sub-brokers as market intermediaries, which require registration with the regulator.  Besides, the markets regulator said no person will be granted a fresh sub-broker registration, and the registered ones will have time till the end of th...

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Category : Shares & Stock | Comments : 0 | Hits : 424

The government is ready to make further changes to the Insolvency and Bankruptcy Code if required, a senior official said on Friday. While noting that the Code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, includi...

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Category : Insolvent Professional | Comments : 0 | Hits : 379

The Goods and Service Tax Council (GST) may replace 12 per cent and 18 per cent slabs with 14-15 per cent, Bihar Deputy Chief Minister and GST Council member Sushil Modi said on Thursday. Modi added that the GST Council can think of bringing the petroleum products under the new tax regime only after...

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Category : GST | Comments : 0 | Hits : 558

Tata Steel Ltd on Friday moved the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order that allowed revision of bids for debt-laden Bhushan Power and Steel Ltd (BPSL). A lawyer representing Tata Steel informed the court that the company has sought urgent hearing on...

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Category : General | Comments : 0 | Hits : 370

  The Customs Department plans to permit e-commerce shipment via foreign post offices. Exports by Post Regulations, 2018, prescribing the Postal Bill of Export-I for E-commerce shipments and Postal Bill of Export-II for non-E-commerce shipments, have been issued. Further, Circular ...

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Category : General | Comments : 0 | Hits : 212

  The Government has proposed around 46 Amendments to the Goods and Services Tax (GST) laws viz., the Central Goods and Services Tax Act, 2017 along with the respective State Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017, Union Territory Goods and Services Tax...

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Category : GST | Comments : 0 | Hits : 208

Under the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations:   Under clause (c) of sub-section (...

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Category : Income Tax | Comments : 0 | Hits : 235

  Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for...

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Category : Corporate Law | Comments : 0 | Hits : 202

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigati...

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Category : MCA | Comments : 0 | Hits : 237

ICAI had introduced elective subjects in Paper 6 in the CA Final (New) course exam from May 2018 exam and onwards, which is being held on open book methodology. In this regard, it is hereby clarified that it has been decided as follows in respect of Paper 6 Electives- of Final (New) course exam: ...

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Category : ICAI | Comments : 0 | Hits : 340

GST officers have arrested two city based businessmen for evading taxes worth Rs 201 crore by fraudulently issuing invoices of Input Tax Credit (ITC) without actual supply of goods.  The Central GST Delhi West Commissionerate has arrested two Rohini-based businessmen in the plastic granule i...

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Category : GST | Comments : 0 | Hits : 2824

GST refund claims of Rs 54,378 crore of exporters have been cleared by the Centre and state tax officials till July end, the finance ministry said today. As of July 31, 2018, the total amount of Integrated GST (IGST) refund claims disposed by CBIC is Rs 29,829 crore, taking the disposal rate to 93 p...

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Category : GST | Comments : 0 | Hits : 1943

Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the ‘Board’) to perform the following functions u/s 28B of the Chartered Accountants Act, 1949:- a) to make recommendations to the...

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Category : ICAI | Comments : 0 | Hits : 770

The Cabinet gave approval to GST laws amendments today, which included hiking threshold limit for availing composition scheme dealers to Rs. 1.5 crore, among other things. The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing mon...

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Category : GST | Comments : 0 | Hits : 1311

The Reserve Bank of India (RBI) on Wednesday said it will soon release guidelines on what it called co-origination of loans by banks and non-bank finance companies (NBFCs) for the priority sector. Bankers said the move could help banks meet priority sector lending targets in a more convenient and or...

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Category : RBI | Comments : 0 | Hits : 766