The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration.
Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind...
The Income Tax department of the central government, the sales tax department of the state government and other local authorities “who are entitled for dues arising out of the existing law” can now initiate corporate insolvency resolution process against such companies who owe them the d...
Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.
These exemptions have been extended for exporters buying inputs domestically or impo...
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than afford...
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI). The MoU was signed by Mr. Anand Baiwar, Executive Director of the SEBI and Mr. Ritesh Kavdia, Executive Director of the IBBI at Mumbai.
2. T...
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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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 ...
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...
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 ...
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...
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...
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...
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...
