7.75% Savings (Taxable) Bonds, 2018 - Amendments
Posted Date : 10-Jan-2018 , 08:52:19 am | Posted By: CASANSAAR
RBI/2017-18/119
IDMD.CDD.No.1728/13.01.299/2017-18
January 08, 2018
The Chairman & Managing Director
State Bank of India & 18 Nationalised Banks
Axis Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd.,
Stock Holding Corporation of India ltd.(SHCIL)
Dear Sir/Madam,
7.75% Savings (Taxable) Bonds, 2018 - Amendments
Please refer to ourCircular RBI/2017-18/114 IDMD.CDD.No.1671/13.01....
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RBI |
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Insolvency professional not to outsource his responsibilitie
Posted Date : 06-Jan-2018 , 07:21:14 am | Posted By: CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) read with regulations made thereunder cast specific duties and responsibilities on an insolvency professional. An insolvency professional is required to perform certain tasks under the Code while acting as an Interim Resolution Professional, a Resolution Professional, a Liquidator or a Bankruptcy Trustee for various processes. For example, an insolvency professional is required to manage the operations of the corporate debtor as a going concern. He...
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Corporate Laws |
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Insolvency professional to ensure compliance with provisions of the applicable laws
Posted Date : 06-Jan-2018 , 07:20:02 am | Posted By: CASANSAAR
A corporate person undergoing insolvency resolution process, fast track insolvency resolution process, liquidation process or voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (Code) needs to comply with provisions of the applicable laws (Acts, Rules and Regulations, Circulars, Guidelines, Orders, Directions, etc.) during such process. For example, a corporate person undergoing insolvency resolution process, if listed on a stock exchange, needs to comply with every pro...
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Corporate Laws |
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Insolvency professional to use Registration Number and Registered Address in all his communications.
Posted Date : 06-Jan-2018 , 07:18:47 am | Posted By: CASANSAAR
It has been observed that a few insolvency professionals are using different addresses and emails while communicating with the stakeholders, despite repeated advice from the Insolvency Bankruptcy Board of India (IBBI) to use the addressees and emails registered with the IBBI in all their communications....
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Corporate Laws |
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Submission of Financial Information to Information Utilities
Posted Date : 05-Jan-2018 , 10:09:47 am | Posted By: Manya
RBI/2017-18/115
DNBR.PD(ARC)CC.No.05/26.03.001/2017-18
January 04, 2018
The Chairman/ Managing Director/ Chief Executive Officer
All registered Asset Reconstruction Companies
Dear Sir/Madam,
Submission of Financial Information to Information Utilities
Please refer to circular DBR.No.Leg.BC.98/09.08.019/2017-18 dated December 19,
2017 on the captioned subject. Instructions contained therein are applicable to all
registered Asset Reconstruction Companies (ARCs) a...
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RBI |
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Refinancing of External Commercial Borrowings
Posted Date : 05-Jan-2018 , 10:08:07 am | Posted By: Manya
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to paragraph 2 of the Statement on Developmental and Regulatory Policies issued along with the Fifth Bi-monthly Monetary Policy Statement for 2017-18. In terms of the extant provisions in paragraphs 2.15 and 2.16 (xiii) of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised ...
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RBI |
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XBRL Returns – Harmonization of Banking Statistics
Posted Date : 05-Jan-2018 , 10:06:20 am | Posted By: Manya
The Reserve Bank of India had constituted an inter-departmental Task-force in December 2014, to provide “harmonised” definitions of major balance sheet/ profit and loss/ off-balance sheet items covered in the banking/ regulatory returns received across RBI departments. A set of harmonised definitions for 106 data elements reported in multiple returns was released vide press release dated March 30, 2017. The Reserve Bank has now harmonized the definitions for another set of 83 data el...
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RBI |
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Master Direction – Foreign Investment in India
Posted Date : 05-Jan-2018 , 10:04:18 am | Posted By: Manya
Foreign Investment in India is regulated in terms of clause (b) sub-section 3 of
section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA)
read with Foreign Exchange Management (Transfer or Issue of a Security by a
Person resident Outside India) Regulations, 2017 issued vide Notification No. FEMA
20(R)/2017-RB dated November 7, 2017. These Regulations are amended from
time to time to incorporate the changes in the regulatory framework and published
through amendment noti...
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RBI |
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7.75% Savings (Taxable) Bonds, 2018
Posted Date : 04-Jan-2018 , 11:47:10 am | Posted By: Manya
It has been decided by the Government of India to issue 7.75% Savings (Taxable) Bonds, 2018 with effect from January 10, 2018 in terms of GoI notification F.No.4(28) - W&M/2017 dated January 03, 2018. A copy of the Government Notification is enclosed. The salient features of the Bond are detailed below. A copy of the Circular, Government Notification and Press Release with regard to this Scheme also have been placed on our website (www.rbi.org.in).
...
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RBI |
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Cessation of 8 percent GoI Savings (Taxable) Bonds 2003
Posted Date : 02-Jan-2018 , 05:59:25 pm | Posted By: Manya
Government of India
Ministry of Finance
Department of Economic Affairs
Budget Division, (W&M Section)
New Delhi, January 01, 2018
Notification
Cessation of 8 percent GoI Savings (Taxable) Bonds 2003
No.F.4(10)-W&M/2003 : The Government of India, hereby notifies that the 8 percent GoI Savings(Taxable) Bonds, 2003 as per Notification F.4(10)-W&M/2003, dated March 21, 2003 shall cease for subscription with effect from the close of business on Tuesday, the 2n...
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RBI |
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CBEC amends composition rate for Traders & Manufacturers in UT
Posted Date : 02-Jan-2018 , 10:20:33 am | Posted By: CASANSAAR
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act) read with section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenu...
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GST |
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CBEC amends Composition rate for Traders & Manufacturers
Posted Date : 02-Jan-2018 , 10:16:31 am | Posted By: CASANSAAR
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.8/2017- Central Tax, dated the 27 th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide numbe...
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GST |
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CGST (Fourteenth Amendment) Rules,2017
Posted Date : 29-Dec-2017 , 06:21:15 pm | Posted By: Manya
G.S.R……(E):- In exercise of the powers conferred by section 164 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following
rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-...
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GST |
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Notifies the date from which E-Way Bill Rules shall come into force
Posted Date : 29-Dec-2017 , 06:19:51 pm | Posted By: Manya
G.S.R. …..(E).— In exercise of the powers conferred by section 164 of the
Central Goods and Services Tax Act, 2017 (12 of 2017), the Central
Government hereby appoints the 1st day of February, 2018, as the date from
which the provisions of serial numbers 2(i) and 2(ii) of notification No. 27/2017
– Central Tax dated the 30th August, 2017, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1121 (E),
dated the 30th Augu...
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GST |
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Waives the late fee payable for failure to furnish the return in FORM GSTR-4
Posted Date : 29-Dec-2017 , 06:17:51 pm | Posted By: Manya
G.S.R……(E):- In exercise of the powers conferred by section 128 of the Central Goods and
Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act),
the Central Government, on the recommendations of the Council, hereby waives the amount
of late fee payable under section 47 of the said Act, by any registered person for failure to
furnish the return in FORM GSTR-4 by the due date, which is in excess of an amount of
twenty five rupees for eve...
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GST |
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Extends the due dates for monthly furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of more than Rs.1.5 crores.
Posted Date : 29-Dec-2017 , 06:16:24 pm | Posted By: Manya
G.S.R. (E):— In exercise of the powers conferred by the second proviso to subsection
(1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12
of 2017) (hereinafter in this notification
referred to as the Act) and in supersession of notification No. 58/2017 – Central Tax dated the 15th
November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section
(i), vide number G.S.R 1414 (E), dated the 15th November, 2017, ...
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GST |
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Extends the due dates for quarterly furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of upto Rs.1.5 crore.
Posted Date : 29-Dec-2017 , 06:14:08 pm | Posted By: Manya
G.S.R. (E):— In exercise of the powers conferred by section 148 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), and in supersession of notification No. 57/2017 – Central Tax
dated the 15th November, 2017, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1413 (E), dated the 15th
November, 2017, except as respects things done or omitted to be done before such supersession, the
Central Government, on the recommen...
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GST |
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Prompt implementation of Governments’ instructions by agency banks
Posted Date : 22-Dec-2017 , 08:55:47 am | Posted By: CASANSAAR
RBI/2017-18/111
DGBA.GBD/1616/15.02.005/2017-18
December 21, 2017
All Agency Banks
Dear Sir / Madam,
Prompt implementation of Governments’ instructions by agency banks
It is brought to our notice that some agency banks are not adhering to instructions/ notifications issued by Government (Central as well as States) promptly by stating that further communications have not been received by them from RBI.
2. In this connection, all agency banks are advised to scrupulously fo...
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RBI |
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Extension of time limit for intimation in FORM GST CMP-03
Posted Date : 22-Dec-2017 , 08:45:57 am | Posted By: CASANSAAR
In exercise of the powers conferred by sub-rule (4) of rule 3 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017 (hereafter referred to as “the Act”), on the recommendations of the Council, and in supersession of Order No. 05/2017-GST dated 28th October, 2017, the period for intimation of details of stock held on the date preceding the date from which the option to pay tax under section 10 of the Act is exercised in...
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GST |
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Manual filing of applications for Advance Ruling and appeals before Appellate Authority for Advance Ruling
Posted Date : 22-Dec-2017 , 08:43:07 am | Posted By: CASANSAAR
As per rules 104 and 106 of the CGST Rules, 2017 (hereinafter referred to as “the CGST Rules”) the application for obtaining an advance ruling and filing an appeal against anadvance ruling shall be made by the applicant on the common portal. However, due to the unavailability of the requisite forms on the common portal, a new rule 107A has been inserted vide notification No. 55/2017-Central Tax, dated 15.11.2017, which states that in respect of any process or procedure prescribed in ...
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GST |
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Manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger
Posted Date : 22-Dec-2017 , 08:42:01 am | Posted By: CASANSAAR
Due to the non-availability of the refund module on the common portal, it has been decided by the competent authority, on the recommendations of the Council, that the applications/documents/forms pertaining to refund claims on account of inverted duty structure (including supplies in terms of notification Nos. 40/2017-Central Tax (Rate)and 41/2017-Integrated Tax (Rate) both dated 23.10.2017), deemed exports and excess balance in electronic cash ledger shall be filed and processed manually till f...
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GST |
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Issues in respect of maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc
Posted Date : 22-Dec-2017 , 08:40:51 am | Posted By: CASANSAAR
Various communications have been received regarding the difficulties being faced by a principal and an auctioneer in relation to maintaining books of accounts at each and every additional place of business related to stock of goods like tea, coffee, rubber, etc. meant for supply through an auction. Therefore, in exercise of the powers conferred under section 168 (1) of the Central Goods and Services Tax Act, 2017, for the purpose of uniformity in the implementation of the Act, it has been decide...
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GST |
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Clarification on issues regarding treatment of supply by an artist in various States and supply of goods by artists from galleries
Posted Date : 22-Dec-2017 , 08:39:53 am | Posted By: CASANSAAR
Various representations have been received regarding taxation of the supply of art works by artists in different States other than the State in which they are registered as a taxable person. In such cases, if the art work is selected by the buyer, then the supplier issues a tax invoice only at the time of supply. It has been represented that the artists give their work of art to galleries where it is exhibited for supply. There seems to be confusion regarding the treatment of this activity wheth...
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GST |
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CBEC amends Form GSTR-1, GST RFD-01& Form GST RFD-01A
Posted Date : 22-Dec-2017 , 08:37:46 am | Posted By: CASANSAAR
G.S.R……(E):- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-
(1) These rules may be called the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Central Goods and Services...
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GST |
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CBEC extends time limit for filing GSTR-5A to 31.01.2018
Posted Date : 22-Dec-2017 , 08:36:45 am | Posted By: CASANSAAR
G.S.R. (E).— In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) and in supersession of notification No. 61/2017-Central Tax, dated the 15th November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1417 (E), dated the 15th November, 2017, except as r...
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GST |
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CBEC extends time limit for filing GSTR-5 to 31.01.2018
Posted Date : 22-Dec-2017 , 08:36:12 am | Posted By: CASANSAAR
G.S.R. (E).- In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act) and in supersession of notification No. 60/2017-Central Tax, dated the 15th November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1416 (E), dated the 15th November, 2017, except as respects things done or omitted to be done b...
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GST |
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CBEC extends time limit for filing GST ITC-01 to 31.01.2018
Posted Date : 22-Dec-2017 , 08:34:42 am | Posted By: CASANSAAR
G.S.R. …..(E).- In pursuance of section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act) and clause (b) of sub-rule (1) of rule 40 of the Central Goods and Services Tax Rules, 2017 and in supersession of notification No. 44/2017- Central Tax, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1258 (E), dated the 13th October, 2017, except as respec...
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GST |
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CBDT amends rules for Service of notice, requisition, summons, order etc
Posted Date : 22-Dec-2017 , 08:31:04 am | Posted By: CASANSAAR
NOTIFICATION
New Delhi, the 20th December, 2017
G.S.R. 1527(E).—In exercise of the powers conferred by section 282 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income –tax (25th Amendment) Rules, 2017.
(2) They shall come into force from the date of their publication in the Official Gaz...
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CBDT |
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Submission of Financial Information to Information Utilities - RBI
Posted Date : 19-Dec-2017 , 02:35:30 pm | Posted By: Manya
RBI/2017-18/110
DBR.No.Leg.BC.98/09.08.019/2017-18
December 19, 2017
All Scheduled Commercial Banks (Including RRBs),
Small Finance Banks, Local Area Banks,
All Co-operative Banks,
All NBFCs and All India Financial Institutions
Dear Sir/Madam
Submission of Financial Information to Information Utilities
According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial creditor shall submit financial information and information relating to assets in relation to...
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RBI |
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Extension of due date of deposit of TDS/ TCS for the month of October to 08.11.2017
Posted Date : 15-Dec-2017 , 08:55:49 am | Posted By: CASANSAAR
F. No. 275/38/2017-IT(B)
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
North Block, New Delhi
Date: 13th December, 2017
ORDER UNDER SECTION 119 OF THE INCOME-TAX ACT, 1961
Due to certain technical issues faced by NSDL’s gateway for e-payment of tax on 7th November, 2017, some taxpayers/ deductors were unable to make e-payment of tax deducted/ collected for certain period on that date. In order to redress genuine hardsh...
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Category :
Income Tax |
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