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  • GST win-win deal for all - Finance Minister
    Posted Date : 19-Jul-2017 , 05:15:25 pm | Posted By CASANSAAR

    Finance Minister Arun Jaitley today described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parli...

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  • Pass Percentage & Toppers of CA CPT June 2017 Exam
    Posted Date : 18-Jul-2017 , 12:56:03 pm | Posted By CASANSAAR

    The result of the Common Proficiency Test held in JUNE 2017 was declared recently.            The details of percentage of candidates passed in the above said          examinations are given below:   ...

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  • Pass Percentage & Toppers of CA Final May 17 Exams
    Posted Date : 18-Jul-2017 , 12:22:13 pm | Posted By CASANSAAR

    The Result of Chartered Accountants Final Examination has been declared.  www.casansaar.com The Details of Percentage of candidates passed in the above said examinations are given below.     No. of Candidates Passed Candidates  Pass % ...

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  • Good Luck - CA Final, ISA & CPT Exams Result expected today at 2 pm
    Posted Date : 18-Jul-2017 , 11:08:54 am | Posted By CASANSAAR

    The results of Chartered Accountants in India (ICAI) will be declared today on official exam results website icaiexam.icai.org at around 2 pm. The Institute of Chartered Accountants in India (ICAI) will declare results for CA Final (May 2017) and CPT (June 2017). The institute will also publis...

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  • Supreme Court to hear out RBI objection to information under RTI
    Posted Date : 18-Jul-2017 , 11:02:40 am | Posted By CASANSAAR

    The Reserve Bank of India on Monday told the Supreme Court that a host of laws mandate the banking regulator to maintain secrecy on borrowings and borrowers — information that cannot be revealed to all and sundry under RTI, the 2005 transparency law.  This prompted the apex court to sa...

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  • GST - Increase in the Compensation Cess rate on cigarettes
    Posted Date : 18-Jul-2017 , 10:54:16 am | Posted By CASANSAAR

    In pursuance of the recommendations of the GST Council in its 14th Meeting held on 18.05.2017 and 19.05.2017, the Compensation Cess rates under Section 8 (2) of the Goods and Services Tax (Compensation to States) Act, 2017, was notified vide notification No.1/2017-Compensation Cess (Rate), date...

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  • GST - Growing Stronger Together
    Posted Date : 17-Jul-2017 , 04:50:22 pm | Posted By CASANSAAR

    Prime Minister Narendra Modi today hoped the "growing stronger together" spirit of GST will bring enthusiasm to Parliament proceedings and that political parties will engage in high standard of debate and provide value addition during the Monsoon session. Terming the start of the sessio...

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  • Income Tax dept transfers 245 commissioners for non performance
    Posted Date : 17-Jul-2017 , 08:17:35 am | Posted By CASANSAAR

    In one of the biggest reshuffles of income tax commissioners so far, the Central Board of Direct Taxes (CBDT) has transferred 245 commissioners across the country. While performance was one of the main criteria for transferring officials in key positions and shifting out non-performers from signific...

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  • GST Council meet today to take stock of implementation
    Posted Date : 17-Jul-2017 , 08:12:49 am | Posted By CASANSAAR

    Two weeks into the new levy, the Goods and Services Tax Council will meet on Monday to review its implementation. “The 19th meeting of GST Council under the chairmanship of Finance Minister Arun Jaitley will be on Monday,” said the Finance Ministry. However, this meeting will be he...

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  • Jan Dhan deposits surge to Rs 64,564 crore
    Posted Date : 17-Jul-2017 , 07:51:26 am | Posted By CASANSAAR

    Deposits in Jan Dhan accounts have touched a new high of Rs 64,564 crore, of which over Rs 300 crore came in the first seven months of demonetisation, according to government data. The Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi's pet scheme, aims at bringing hitherto...

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  • Cost Accountants give undertaking to HC on use of ICAI acronym
    Posted Date : 16-Jul-2017 , 08:37:32 pm | Posted By CASANSAAR

    The Institute of Cost Accountants of India has given an undertaking to the Madras High Court that it will consider changing its acronym from 'ICAI' to 'ICOAI', and submit the compliance report before it on August 21 after a meeting of the body next month. When a petition by V Venk...

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  • Govt asks businesses to register under GST by July 30
    Posted Date : 16-Jul-2017 , 08:22:21 pm | Posted By CASANSAAR

    The government on Saturday asked traders to get registered under the Goods and Services Tax (GST) regime by 30 July. Traders with turnover of below Rs20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime that kicked in from 1 J...

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  • Businesses can upload sale, purchase invoices on GSTN portal from July 24
    Posted Date : 16-Jul-2017 , 08:18:35 pm | Posted By CASANSAAR

    Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from July 24, a top company official said today. The Goods and Services Tax has kicked in from July 1 and so far, the GST Network, the company handling the IT backbone for new tax regime, has ...

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  • No action against lawyers, law firms for GST non-compliance - Delhi HC
    Posted Date : 15-Jul-2017 , 07:03:02 am | Posted By CASANSAAR

    The Delhi High Court has directed the Centre not to take any coercive steps against lawyers and law firms for not registering or complying with the Central Goods and Services Tax (CGST) Act, Integrated Goods and Services Tax (IGST) Act or the Delhi Goods and Services Tax (DGST) Act, till a clarifica...

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  • Taxpayers have to opt for GST composition scheme by July 21
    Posted Date : 15-Jul-2017 , 06:51:30 am | Posted By CASANSAAR

    Small businesses with turnover of up to Rs 75 lakh have time till July 21 to opt for composition scheme under the Goods and Services Tax regime, GST Network said.. To opt for composition scheme, the taxpayer needs to log into his account at the GST Portal www.gst.gov.in and select 'Applicatio...

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  • IT Dept seeks explanation from 5.56 lakh more taxpayers for demonetisation deposits
    Posted Date : 14-Jul-2017 , 05:10:52 pm | Posted By CASANSAAR

    The Income Tax Department has, in the second phase of Operation Clean Money (OCM), identified 5.56 lakh people whose deposits during the demonetisation window do not match their income profile. "These are persons whose tax profiles were found to be inconsistent with the cash deposits made by...

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  • Non-executive chairman can be part of bank's audit committee - RBI
    Posted Date : 14-Jul-2017 , 07:38:40 am | Posted By CASANSAAR

    Reserve Bank said the non-executive chairman of a bank can also be nominated to the audit committee of board of directors.  Earlier, any one of the non-executive/non-official directors was supposed to chair the audit committee of the board of the directors of a public sector bank.  I...

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  • No GST on housing society RWA with Rs 5K/month subscription
    Posted Date : 14-Jul-2017 , 07:31:59 am | Posted By CASANSAAR

    Services provided by housing societies resident welfare association will not become expensive under the Goods and Services Tax (GST) regime, the finance ministry said today. Resident welfare association will be required to pay GST on monthly subscription/contribution charged from its members if s...

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  • Services by educational institution to students, faculty and staff are exempt from GST
    Posted Date : 13-Jul-2017 , 10:39:02 pm | Posted By CASANSAAR

    No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation;  Services provided by an educational institution to students, faculty and staff are fully exempt from GST.    There are some reports th...

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  • GST - No Reverse Charge on Sale of old jewellery by an individual to a jeweller
    Posted Date : 13-Jul-2017 , 10:17:47 pm | Posted By CASANSAAR

    Further clarification on tax in reverse charge on gold ornaments;  Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered ...

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  • Sensex breaches 32,000 mark for first time
    Posted Date : 13-Jul-2017 , 10:04:57 pm | Posted By CASANSAAR

    The Sensex at the Bombay Stock Exchange breached the 32,000 mark for the first time ever in morning trade.  Later, the Sensex remained strong, and had surged 236 points, or 0.7 percent, to 32,041 a short while ago.  The Nifty at the the National Stock Exchange also touched a new intr...

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  • Rs 3.5 crore cash, 5 kg gold recovered from Income Tax official
    Posted Date : 13-Jul-2017 , 07:12:29 am | Posted By CASANSAAR

    The CBI recovered Rs 3.5 crore cash and 5 kg gold during searches at the Kolkata residence of Jharkhand's Principal Commissioner of Income Tax in connection with a corruption case, the agency said. The recoveries were made during simultaneous searches launched by the agency in the morning at ...

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  • Bombay High Court dismisses plea on GST
    Posted Date : 12-Jul-2017 , 09:30:13 am | Posted By CASANSAAR

    The Bombay High Court on Tuesday dismissed a public interest litigation seeking deferring the implementation of the Goods and Services Tax (GST) till the beginning of the next financial year. The petition, filed by retired professor K S Pillai, had challenged the Union government’s decision...

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  • SEBI amends guidelines for foreign investors looking to operate at IFSC
    Posted Date : 12-Jul-2017 , 09:11:43 am | Posted By CASANSAAR

    Markets regulator sebi has amended the guidelines for eligible foreign investors looking to operate at the International Financial Services Centre, IFSC. According to the new guidelines, a trading member of a stock exchange in the IFSC can now carry out the due diligence for an eligible foreign i...

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  • No GST is applicable on free food supplied in anna kshetras run by religious institutions
    Posted Date : 11-Jul-2017 , 06:55:39 pm | Posted By CASANSAAR

      No GST is applicable on free food supplied in anna kshetras run by religious institutions; prasadam supplied by religious places like temples, mosques, churches, gurudwaras, dargahs, etc. attracts Nil CGST and SGST or IGST, as the case may be.          &...

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  • Result of CA Final & CPT Exams held in May/June 2017 to be declared on 18th July 2017
    Posted Date : 11-Jul-2017 , 06:37:04 pm | Posted By CASANSAAR

    The result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 are likely to be declared on Tuesday, the 18th July 2017 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and up...

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  • GST to apply on rental income beyond Rs 20 lakh - RS
    Posted Date : 11-Jul-2017 , 07:09:55 am | Posted By CASANSAAR

    Rental income from residential property has been exempt from the goods and services tax (GST) but any earning over Rs20 lakh annually from renting or leasing for commercial purposes would attract the levy. Revenue secretary Hasmukh Adhia said that if the house property is rent out for shop or off...

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  • Govt clarifies GST rate for Sanitary Napkins
    Posted Date : 10-Jul-2017 , 10:38:02 pm | Posted By CASANSAAR

    There are some remarks made by various column writers on GST rate on sanitary napkins. It may be mentioned that the tax incidence on this item before and after GST is the same or less.  Sanitary napkins are classifiable under heading 9619. In pre-GST, they attracted concessional excise duty ...

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  • Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST
    Posted Date : 10-Jul-2017 , 10:34:27 pm | Posted By CASANSAAR

    It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subje...

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  • FM Arun Jaitley launches new tax payer service module Aaykar Setu
    Posted Date : 10-Jul-2017 , 10:29:19 pm | Posted By CASANSAAR

    Finance Minister Arun Jaitley today launched a new tax payer service module called Aaykar Setu. It compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module.  Speaking on the occasion, Mr Jait...

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