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Indirect Tax
Issue related to taxability of ‘tenancy rights’ under GST
(i) Whether transfer of tenancy rights to an incoming tenant, consideration for which is in form of tenancy premium, shall attract GST when stamp duty and registration charges is levied on the said premium, if yes what would be the applicable rate? (ii) Further, in case of transfer of tenancy rights, a part of the consideration for such transfer accrues to the outgoing tenant, whether such supplies will also attract GST? 2. The issue has been examined. The transfer of tenancy rights against tenancy premium which is also known as “pagadi system” is prevalent in some States. In this system the [..] Read more at:
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Circular_No.44.pdf
SEBI
Master Circular for Credit Rating Agencies
Securities and Exchange Board of India (SEBI) has been issuing various circulars/guidelines from time to time. In order to enable the industry and other users to have access to all the applicable circulars/ directions at one place, Master Circular for Credit Rating Agencies (CRAs)has been prepared. This Master Circular is a compilation of the circularsissued by SEBI up to March 31,2018, which are operational as on the date of this circular.In case of any inconsistency between the Master Circular and the applicable circulars, the contents of the relevant circular shall [..] Read more at:
Additional Risk management measures for derivatives segment
Based on the feedback received from the Clearing Corporations and the recommendations of the Risk Management Review Committee (RMRC) of SEBI, the following additional risk management measures are required to be complied with and implemented by the stock exchanges/clearing corporations for derivatives segment.Margin Collection Requirement 2.For the Equity Derivatives segment, the client margins which are required to be compulsorily collected and reported to the Exchange/Clearing Corporation, as the case may be, by the Clearing members/ Trading members shall include initial margin, exposure margin/extreme loss margin, calendar [..] Read more at:
ICAI
Implementation Guide on Reporting Standards (Revised SA 700, Revised SA 705 and Revised SA 706) issued by the Auditing and Assurance Standards Board. - (02-05-2018)
In 2016, ICAI issued the revised auditor’s reporting standards i.e. Revised SA 700 – ‘Forming an Opinion and Reporting on Financial Statements’, Revised SA 705 – ‘Modifications to the Opinion in the Independent Auditor’s Report’ and Revised SA 706 - 'Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report’. These standards have prescribed new formats of audit reports and have completely changed the manner of auditor’s reporting. These standards are effective for audits of financial statements for periods beginning on or after April 1, 2018. In view [..] Read more at:
https://resource.cdn.icai.org/50035aasb39630.pdf
Miscellaneous News
EPFO says no data leakage from their data centre
EPFO has taken advance action by closing the server and host service through Common Service Centres pending vulnerability checks as part of the data security and protection. EPFO has been taking all necessary precautions and measures to ensure that no data leakage takes place.
With regard to the news item being circulated in the social media platform that there has been vulnerabilities in the EPFO data, based on which a letter has been written to the Chief Executive Officer, Common Service Centre (CSC) to plug such vulnerabilities.
In this regard, it is informed that warnings regarding vulnerabilities in data or software is a routine administrative process based on which the services which were rendered through Common Service Centres have been discontinued w.e.f. 22nd March 2018. The news is relating to the services through common service centres and not about EPFO Software or data centre. No confirmed data leakage has been established or observed so far.
As such, there is nothing to be concerned about the news item. EPFOis continuously monitoring and will continue to be vigilant about it in future.
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