NICAI Updates

[Raj Chawla]

Respected Members:

Quotes of the Day:

1. We come with nothing, we go with nothing, but one great thing we can achieve in our beautiful life is... A little remembrance in someone's mind and a small place in someone's heart.
   
2. Relations should be like two zeroes. When we try to add, they are the same. When we subtract, they are again the same. If someone try to divide, It's just impossible.
   

 

NICAI Updates:

1. Finance Ministry has clarified that next week only two bank holidays will be there on 2nd September as Sunday and 8th September as second Saturday. 3rd September is not national holiday. 
   
2. Finance Ministry is considering an amendment in the law to raise penalties against companies that fail to pass on GST rate cuts to consumers. At present, the penalty for such an act is 10,000 or the amount of tax evaded, whichever is higher
   
3. CBIC has issued a circular to clarify that the forwarding of samples for testing to the Outside Laboratories till the upgradation of the Revenue Laboratories.
   
4. Supreme Court reserved its verdict on the SFIO's plea to stay a Delhi High Court order in a case concerning Bhushan Steel's erstwhile promoter Neeraj Singal. It said it will pass orders on the plea of the SFIO, while agreeing to hear the probe agency's appeal against the release order. 
   
5. DGFT has eased down the process of making intimation to Regional Authorities about Block-wise fulfillment of EO under the EPCG Scheme by facilitating intimations without using the digital signatures.
   
6. SEBI  is working on facilitating participation of mutual funds and commencement of portfolio management services in the commodity derivatives market. MCX and custodian banks have submitted a report to SEBI on how issues pertaining to MF participation can be facilitated. 

Cost Audit and XBRL:  For any help and assistance in Cost Audit and XBRL, Please contact Mob. 9711081083

With best regards,

CA Raj Chawla

FCA, FCS, FCMA, LLB, MIMA, DISA

Ex Chairman- NIRC of ICAI

Candidate for Central Council of ICAI December 2018

712, New Delhi House, 27

Barakhamba Road, New Delhi-110001

011-43581083, 43581084

98110-81083, 97110-81083

rajch...@gmail.com