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  • GST registration for businesses to reopen on June 25
    Posted Date : 14-Jun-2017 , 05:56:53 pm | Posted By CASANSAAR

    If you have not been able to register on the GST Network within the deadline ending on Thursday, do not panic! There's one more chance coming your way as the registration for existing excise, service tax and VAT payers will reopen on June 25.  There are about 80 lakh excise, service tax ...

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  • CAs could be punished for money laundering if clients hide ill-gotten wealth
    Posted Date : 14-Jun-2017 , 08:18:40 am | Posted By CASANSAAR

    The Government has moved to punish Chartered Accountants if they help clients hide ill-gotten wealth through opaque bank transactions, or money laundering, two top officials said on Tuesday. The proposal to tweak the Prevention of Money Laundering Act (PMLA) came from the revenue department on th...

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  • RBI identifies 12 mega defaulters for insolvency, their total NPA Rs 175000 Cr
    Posted Date : 14-Jun-2017 , 07:59:37 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) is moving to resolve the bad loan crisis with an Internal Advisory Committee (IAC) of the RBI having identified 12 accounts of corporate borrowers who owe over Rs 5,000 crore each — and overall involve an amount of close to Rs 175,000 crore — for insolvenc...

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  • Extension of GST Implementation Date are False - Revenue Secretary
    Posted Date : 13-Jun-2017 , 11:08:16 am | Posted By CASANSAAR

    Revenue Secretary Dr. Hasmukh Adhia has tweeted.. The rumours about GST implementation being delayed are false. Please do not be misled by it. In Social Media there was a news regarding Extension of GST Implimentation to Sept. (GST implement date extended to 01.09.2017... Declared in today...

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  • ATMs to open accounts; allow cheque clearance and fund transfer
    Posted Date : 13-Jun-2017 , 08:32:39 am | Posted By CASANSAAR

    ATM manufacturer and service provider NCR Corporation on Monday unveiled a new multi-channel integrated solution to facilitate more functions on an ATM to reduce costs for opening newer branches for banks. The US-based company’s new CxBanking solutions have features in an ATM other than bas...

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  • Centre proposes to postpone e-way bill citing lack of software
    Posted Date : 13-Jun-2017 , 08:31:31 am | Posted By CASANSAAR

    With just a few days left for the rollout of the goods and services tax (GST), the centre is in favour of postponing by a few months the implementation of the e-way bill, which requires movement of goods above Rs50,000 to be pre-registered online. However, with states unwilling to defer the provi...

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  • Individual Advocates Including seniors exempted from GST registration
    Posted Date : 13-Jun-2017 , 08:27:52 am | Posted By CASANSAAR

    In a decision taken in the 16th meeting of GST Council held on 11th of June,2017, the Council has decided to exempt individual advocates including Senior Advocates from GST registration.  Services provided or agreed to be provided to a person including a business entity with a turnover up to...

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  • Government rules out centralised registration for banks under GST
    Posted Date : 13-Jun-2017 , 08:21:18 am | Posted By CASANSAAR

    The Government has ruled out centralised registration for banks under the goods and services tax (GST) and has mandated separate registration for each state they operate in.  Banks have been demanding a single centralised registration system, like at present, arguing that multiple registrati...

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  • Aadhaar must for filing returns from July 1 - CBDT
    Posted Date : 12-Jun-2017 , 07:55:22 am | Posted By CASANSAAR

    The CBDT made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1. The policy—making body of the Income Tax Department issued a statement stating that the Supreme Court yesterday had only given a “partial relief&rd...

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  • GST council reduced tax levels on 66 goods - FinMin
    Posted Date : 12-Jun-2017 , 07:46:36 am | Posted By CASANSAAR

    Finance minister Arun Jaitley today said GST council reduced tax levels on 66 goods as against representations received for 133 items. Addressing media after he 16the meeting of GST council in New Delhi, he said composition amount under GST raised to 75 lakh rupees for traders, manufacturers, restau...

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  • DGFT creates GST Facilitation Cell for exporters
    Posted Date : 10-Jun-2017 , 08:37:53 pm | Posted By CASANSAAR

    DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other offic...

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  • GST Council to meet on June 11 to review rates, amend rules
    Posted Date : 10-Jun-2017 , 07:55:07 am | Posted By CASANSAAR

    The Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley will chair the 16th Meeting of the GST Council scheduled to be held on Sunday, 11th June, 2017 at Vigyan Bhavan in the national capital. The one day Meeting will also be attended among others by the Finance Ministers...

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  • Government plans more SBI-like mergers, India may soon have another global-sized bank
    Posted Date : 09-Jun-2017 , 10:22:59 pm | Posted By CASANSAAR

    Enthused by the success of SBI merger, the Finance Ministry is considering clearing another such proposal in the public sector banking space by this fiscal end with a goal to create 4-5 global sized lenders.  Five associate banks and Bharatiya Mahila Bank became part of SBI on April 1, 2017,...

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  • GST Council constitutes 18 Sectoral Groups for smooth roll-out of GST
    Posted Date : 09-Jun-2017 , 10:07:57 pm | Posted By CASANSAAR

    As decided in the 14th Meeting of the GST Council held on 18th-19th May, 2017 in Srinagar, J&K, 18 Sectoral Groups have been constituted representing various sectors of the economy in order to ensure smooth roll-out of GST. These 18 Sectoral Groups representing various sectors of the e...

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  • SC upholds law making Aadhaar mandataory for PAN, ITR
    Posted Date : 09-Jun-2017 , 10:00:12 pm | Posted By CASANSAAR

    The Supreme Court today upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided. In effect, those who possess an Aadhaar card must link it to their Permanent A...

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  • Aadhaar mandatory for PAN cards - Supreme Court verdict today
    Posted Date : 09-Jun-2017 , 10:03:08 am | Posted By CASANSAAR

    The Supreme Court will pronounce its judgement today on a batch of petitions challenging the constitutional validity of making Aadhaar mandatory for filing income tax returns and allotment of PAN. A bench comprising Justices A K Sikri and Ashok Bhushan had on May 4 reserved the verdict on the ple...

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  • CBDT notifies new Safe Harbour Regime
    Posted Date : 09-Jun-2017 , 09:51:21 am | Posted By CASANSAAR

    In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of th...

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  • Income Tax dept will probe cases of spike in income under revised returns
    Posted Date : 09-Jun-2017 , 09:32:37 am | Posted By CASANSAAR

    Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.  These cases are in addition to the 1 lakh high-risk cases already identified by the income tax department for scrutiny based on information gathered...

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  • J-K Gov summons legislature for special session on GST
    Posted Date : 09-Jun-2017 , 09:28:57 am | Posted By CASANSAAR

    Jammu and Kashmir Governor N N Vohra today summoned the state legislature for a special session on June 17 to discuss the draft GST legislation approved by the state government. Yesterday, the state government had approved the draft legislation and expressed its desire to hold a special assembly ...

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  • RBI directs bank branches to comply with PPO order
    Posted Date : 09-Jun-2017 , 09:26:43 am | Posted By CASANSAAR

    The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost. The Finance Ministry's Central Pension Accounting Office in September 2014 had issued a memorandum asking Centralised Pension Proce...

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  • Income Tax department might follow the GST path
    Posted Date : 08-Jun-2017 , 07:17:17 am | Posted By CASANSAAR

    India is soon going to follow the one-nation, one-tax principle after the implementation of the goods and services tax (GST) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the Income Tax Department.  The department might...

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  • EPFO extends deadline for submitting Aadhaar number to June 30
    Posted Date : 08-Jun-2017 , 07:12:24 am | Posted By CASANSAAR

    Employees' Provident Fund Organisation, EPFO has extended the deadline for submitting Aadhaar number to 30th of this month for its members.  However, the deadline for submission of Aadhaar number will be 30th of September in case of north-east States.  EPFO has directed its field...

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  • GST Council clears 3-tier Project Management
    Posted Date : 06-Jun-2017 , 10:17:21 pm | Posted By CASANSAAR

    With the Goods and Services Tax (GST) set to be rolled out from July 1, the GST Council has approved constitution of a three-tier structure for ‘project management’ of GST, consisting of the office of revenue secretary Hasmukh Adhia at the top, followed by a Project Management Team calle...

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  • Cabinet Secretary asks Ministries to set up GST facilitation cells
    Posted Date : 06-Jun-2017 , 10:13:11 pm | Posted By CASANSAAR

    Cabinet Secretary P.K.Sinha has asked the Secretaries of different Ministries/departments to set up a Goods and Services Tax (GST) Facilitation Cell in their respective department/ministry. The Cell will be in constant touch with the major industry and business associations relating to the respec...

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  • Income Tax department sets capital gains tax rules straight on Esop, FDI
    Posted Date : 06-Jun-2017 , 05:37:21 pm | Posted By CASANSAAR

    In a significant decision, the Income-Tax Department has clarified about tax rules for capital gains tax made on certain equity investments in case no securities transactions tax (STT) has been paid, putting an end to the uncertainty that arose from the budget proposal relating to such transactions....

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  • RBI clarifies PCA does not restrict bank's public operation
    Posted Date : 06-Jun-2017 , 08:11:17 am | Posted By CASANSAAR

    The Reserve Bank of India has clarified that the Prompt Corrective Action (PCA) framework invoked on banks will not restrict operations for the general consumers or public at large. Amid some misinformed reports in media including social media, the RBI has clarified in a statement on Monday that ...

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  • 24 States pass the State GST (SGST) Act While 7 States have yet to pass the SGST Act
    Posted Date : 06-Jun-2017 , 08:03:03 am | Posted By CASANSAAR

    24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya,Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act.    Twenty Four (24) States have passed the State GST (SGST) Act till today i.e. 5th June, 2017 while 7...

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  • Prime Minister reviews progress towards GST implementation
    Posted Date : 05-Jun-2017 , 09:56:26 pm | Posted By CASANSAAR

    Prime Minister Narendra Modi has directed that maximum attention be paid to cyber-security in IT systems concerned with Goods and Services Tax. Reviewing the progress towards beginning of GST from 1st of next month, Mr. Modi asserted that the implementation of new tax regime is the culmination of th...

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  • CAG will audit GSTN - Finance Minister
    Posted Date : 05-Jun-2017 , 09:52:27 pm | Posted By CASANSAAR

    Clearing the air on audit of the firm providing IT backbone for GST, Finance Minister Arun Jaitley today said the Comptroller and Auditor General of India will audit the Goods and Services Tax Network (GSTN). In a rebuff of party colleague Subramanian Swamy, he defended the equity structure of GS...

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  • ICAI penalises four for encouraging money laundering during demonetization
    Posted Date : 05-Jun-2017 , 08:48:37 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India on Friday found four persons guilty of advising individuals for encouraging money laundering during the demonetisation drive. In lieu of this, the ICAI facilitated a three-month suspension, along with a fine of Rs. one lakh each under the Chartered ...

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