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  • Complex GST process hitting ecommerce startups
    Posted Date : 19-Nov-2017 , 11:17:35 am | Posted By CASANSAAR

    Online sales of auto components have been hit by complex GST model for ecommerce players, online marketplace boodmo said. Exclusion of e-commerce businesses from the composite scheme, a higher tax rate of 28 per cent for auto components and for logistics of spare parts as well, and a complex GST ...

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  • Draft notification on conversion of Indian Branch of Foreign Bank into Indian Subsidiary Co.
    Posted Date : 18-Nov-2017 , 08:08:20 am | Posted By CASANSAAR

      Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017.    &...

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  • Union opposes government demand to get additional surplus from RBI
    Posted Date : 17-Nov-2017 , 12:41:06 am | Posted By CASANSAAR

    The Reserve Bank Employees Union has opposed the reported move by the finance ministry to ask the central bank to part with more surplus from the past year to aid the Rs 2.1-trillion bank recapitalization.  The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government ...

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  • Industry pitches for bringing natural gas under GST
    Posted Date : 17-Nov-2017 , 10:26:47 am | Posted By CASANSAAR

    More than four months after the launch of GST, the industry has pitched for inclusion of natural gas in the new indirect tax regime so as to help producers contain cost and aid in moving towards a gas-based economy. In letter to Finance Minister Arun Jaitley, industry body Ficci has said that kee...

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  • Cabinet approves the establishment of the National Anti-profiteering Authority under GST
    Posted Date : 16-Nov-2017 , 04:19:43 pm | Posted By CASANSAAR

    The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday's sharp reduction in the GST rates of a large nu...

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  • Benami assets: Registered properties valued above Rs 30 lakh under income tax scanner
    Posted Date : 16-Nov-2017 , 10:24:22 am | Posted By CASANSAAR

    In its fight against black money, the Income Tax Department is matching the tax history of people with property registrations valued above Rs 30 lakh under the provisions of the anti-benami Act. Any mismatch between the reported income and asset ownership will help tax department to identify any tax...

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  • No GST on advance taken by FMCG companies
    Posted Date : 16-Nov-2017 , 10:14:36 am | Posted By CASANSAAR

    In a big relief to all FMCG companies and others that take advance from dealers before they supply goods, no goods and services tax (GST) would be levied on such advance.  The department of revenue has issued a notification allowing the relaxation after the same was approved in the GST Counc...

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  • High Court questions 12% GST on sanitary napkins
    Posted Date : 16-Nov-2017 , 10:07:20 am | Posted By CASANSAAR

    The Delhi High Court on Wednesday questioned the central government`s decision to impose 12 per cent tax on sanitary napkins under the GST regime, saying it has exempted "bindi, kajal, sindoor" which seem more essential than sanitary napkins. The court said the government needs to look ...

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  • SC seeks centre's response on plea to regulate Bitcoin
    Posted Date : 15-Nov-2017 , 08:19:04 am | Posted By CASANSAAR

    A plea to regulate the flow of Bitcoin and ensure that this virtual currency be made accountable to the exchequer today led the Supreme Court to seek a response from the Centre. A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud issued notice to the ministries of...

    Continue Reading... Category : General | Comments : 0 | Hits : 715

  • Third appeal in tax cases should be filed selectively - CBEC
    Posted Date : 15-Nov-2017 , 08:14:39 am | Posted By CASANSAAR

    The finance ministry has said the tax department should file a third appeal in a case, after losing the first two, only selectively and after a critical examination, a move aimed at cutting down litigations. The Tax Policy Research Unit (TPRU) had suggested that the revenue department should not ...

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  • 300 pc jump in PAN applications post note ban - CBDT
    Posted Date : 15-Nov-2017 , 08:10:52 am | Posted By CASANSAAR

    There was a 300 per cent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the CBDT said. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the Centre announced to s...

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  • GST: changes in the returns filing process
    Posted Date : 14-Nov-2017 , 10:38:41 am | Posted By CASANSAAR

    The Goods and Services Tax Council took a slew of decisions during its 23rd meeting in Guwahati on Friday to benefit consumers and businesses alike. While consumers will stand to benefit from a number of rate cuts, including the tax on restaurants, businesses stand to benefit from a significant easi...

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  • CBDT may shelve plan to seek corporate tax estimates in advance
    Posted Date : 14-Nov-2017 , 08:02:20 am | Posted By CASANSAAR

    Giving corporates and professionals a breather, the Central Board of Direct Taxes may junk its proposal directing them to submit their tax payment estimate for the next two quarters in advance. In September, the CBDT came up with a draft notification directing companies with an annual income of �...

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  • Finance minister Arun Jaitley hints at further trimming of GST
    Posted Date : 14-Nov-2017 , 07:55:09 am | Posted By CASANSAAR

    Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi. "Rationalisation process i...

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  • SC sends bizman to two-day ED custody in bank fraud case
    Posted Date : 14-Nov-2017 , 07:48:50 am | Posted By CASANSAAR

    The Supreme Court today sent Delhi-based businessman to two-day custody of the Enforcement Directorate (ED) in a Rs 5,000 crore money laundering case. A bench comprising Chief Justice Dipak Misra and justices A M Khanwilkar and D Y Chandrachud allowed the ED to quiz Gagan Dhawan till November 15 ...

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  • Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies
    Posted Date : 13-Nov-2017 , 05:59:18 pm | Posted By CASANSAAR

    Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to...

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  • August surplus clinched GST rate cut, talks on for shift to two-rate regime
    Posted Date : 13-Nov-2017 , 10:25:09 am | Posted By CASANSAAR

    The Centre and the states have been debating changes in goods and services tax (GST) rates, especially in the top bracket, but it was a surplus earned during August that appears to have finally given both the confidence to move ahead and slash rates on over 175 products in the top slab. Sources t...

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  • IPPB Bank to become operational in 650 districts by April 2018
    Posted Date : 11-Nov-2017 , 03:42:30 pm | Posted By CASANSAAR

    The government today said India Post Payments Bank will become operational in all 650 districts of the country by April next year.  They will facilitate financial inclusion. In reply to a question, Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1....

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  • Changes in GST Rates as recommended by GST Council
    Posted Date : 11-Nov-2017 , 09:03:44 am | Posted By CASANSAAR

    Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati      In the meeting held today, that is 10th November, 2017, the Council has recommended major relief in GST rates on certain g...

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  • Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017
    Posted Date : 11-Nov-2017 , 09:01:52 am | Posted By CASANSAAR

    The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the followingfacilitative measuresfortaxpayers: Return Filing The return filing process is to be further simplified in the following manner: All taxpayers would file return in FORM GST...

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  • GST Changes recommended in Composition Scheme
    Posted Date : 11-Nov-2017 , 08:55:10 am | Posted By CASANSAAR

    The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today.   i. Uniform rate of tax @ 1% under composition scheme for manufacturers andtraders (for traders, turnover will be counted only for ...

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  • Businesses can revise GST transition claim form now
    Posted Date : 10-Nov-2017 , 07:29:33 pm | Posted By CASANSAAR

    GST Network today said businesses can now make changes to the forms uploaded on the portal to claim transition credit. "The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017," GSTN said i...

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  • GST rate on mass consumption items cut to 18% from highest slab of 28%
    Posted Date : 10-Nov-2017 , 07:28:18 pm | Posted By CASANSAAR

    The GST Council today decided to reduce tax rate on a wide range of mass use items from chewing gums to detergents to 18 per cent from current 28 per cent. Bihar Deputy Chief Minister Sushil Kumar Modi said this in Guwahati, where the full GST council meeting headed by Union Finance minister Aru...

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  • GST Council to give across the board relief today
    Posted Date : 10-Nov-2017 , 09:12:30 am | Posted By CASANSAAR

    Hounded from all sides over the shoddy implementation of the newly-introduced goods and services tax (GST), the decision making body for the new indirect tax GST Council that will be meeting today in Guwahati could look at further raising the threshold for composition scheme, move a large number of ...

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  • Now, link all your insurance policies to Aadhaar and PAN
    Posted Date : 10-Nov-2017 , 08:49:24 am | Posted By CASANSAAR

    In a directive that is likely to pose a huge logistical challenge to insurance providers, the regulator has made it mandatory for companies to link Aadhaar with every individual policy. The move comes even as the Supreme Court has asked banks not to spread panic through text messages on deadlines fo...

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  • RBI release new outsourcing norms for NBFCs
    Posted Date : 10-Nov-2017 , 08:32:43 am | Posted By CASANSAAR

    Non-banking financial companies (NBFCs) cannot outsource core management functions like internal audit, strategic and compliance functions for know your customer (KYC) norms, sanction of loans and management of investment portfolio.  In a notification on its website on Thursday RBI issued fr...

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  • Global regulators want to limit accountants' say on audit rules
    Posted Date : 10-Nov-2017 , 08:28:58 am | Posted By CASANSAAR

    Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest. Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession ...

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  • High Court annuls 6 ICDS provisions, upholds its overall validity
    Posted Date : 10-Nov-2017 , 08:25:46 am | Posted By CASANSAAR

    The Delhi High Court has struck down six of the 10 provision under the Income Computation and Disclosure Standards (ICDS) as they overrode past judicial precedents. It, however, upheld the overall premise of this accounting principle for computing taxable income.  The introduction of ICDS ha...

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  • RBI asks banks to provide doorstep banking facilities to senior citizens & divyangs
    Posted Date : 10-Nov-2017 , 08:17:58 am | Posted By CASANSAAR

    The RBI has asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year.  Banks have been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided ...

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  • 23rd GST Council Meet to begin in Guwahati today
    Posted Date : 09-Nov-2017 , 07:39:10 am | Posted By CASANSAAR

    The 23rd meeting of the Goods and Services Tax (GST) Council will begin in Guwahati today. The two-day meeting will review the impact of the new tax regime in the first quarter of its implementation.  In an interview to All India Radio, Union Finance Minister Arun Jaitley said, the Council i...

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