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GST
GST 9- Annual GST Return- 23 Suggestion by ICAI
Indirect Tax Committee of ICAI has submitted 23 Suggestions on GST 9- Annual GST Return to Hon’ble Union Minister of Finance, Shri Arun Jaitley, which are as follows:- Suggestions on GST Annual return form EXECUTIVE SUMMARY Total amount of ITC availed through Form GSTR 3B It is suggested that Table 6 (A) figures be auto populated from table 4A to 4D as applicable in spite of only from 4A. It is suggested that since there is no difference in treatment of ITC on Goods & services and such details were not asked in earlier period returns therefore the bifurcation of the same in the Annual return leads to recapturing [..] Read more at:
http://onlinelawsolutions.com/gst-9-annual-gst-return-23-suggestion-by-icai.html
Cabinet approves increasing of Government ownership in Goods and Services Tax Network and change in the existing structure with transitional plan
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modihas approved increasing of Government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with transitional plan as per following: Acquisition of entire 51% equity held by the Non-Government Institutions in GSTN equally by the Centre and the State Governments and allow GSTN Board to initiate the process for acquisition of equity held by the private companies. The restructure GSTN, with 100% government ownership shall have equity structure between the Centre (50%) and the States (50%). To allow change in [..] Read more at:
Custom Duty
Seeking to amend Notification No. 52/2017 dated 30th June, 2018
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.52/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary vide number G.S.R. 787 (E), dated the 30th June, 2017, namely:- In the said notification, in the Table, against Sl. No. 4, in column (4), for the word “Nil”, the figure “5%” shall be substituted. 2. This notification shall be effective from the 27th September [..] Read more at:
http://onlinelawsolutions.com/seeking-to-amend-notification-no-522017-dated-30th-june-2018.html
Seeking to amend Notification No. 57/2017 dated 30th June, 2018
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 57/2017- Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide, number G.S.R. 798 (E), dated the 30th June, 2017, namely:- In the said notification, in the Table, for S.No. 18 and the entries [..] Read more at:
http://onlinelawsolutions.com/seeking-to-amend-notification-no-572017-dated-30th-june-2018.html
Seeking to amend Notification No. 50/2017 dated 30th June, 2018
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide, number G.S.R. 785(E), dated the 30th June, 2017 [..] Read more at:
http://onlinelawsolutions.com/seeking-to-amend-notification-no-502017-dated-30th-june-2018.html
Seeking to ammend First Schedule of Customs Tariff Act, 1975
G.S.R. (E).-WHEREAS the Central Government on being satisfied that the import duty leviable on goods, falling under Chapters 39, 40, 42, 64, 71 and 84 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action. NOW, therefore, in exercise of the powers conferred by sub-section (1) of section 8A of the said Customs Tariff Act, the Central Government hereby directs that the First Schedule to the said Customs Tariff Act shall be amended in the following manner, namely:- In the First Schedule to the said Customs [..] Read more at:
http://onlinelawsolutions.com/seeking-to-ammend-first-schedule-of-customs-tariff-act-1975.html
Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, in the manner as specified in the corresponding entry in column (3) of the said Table, namely :- [..] Read more at:
ICAI
ANNOUNCEMENT - Unique Document Identification Number (UDIN)
It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices, the Professional Development Committee of ICAI has implemented an innovative concept of UDIN i.e. Unique Document Identification Number to secure the certificates/documents attested/certified by practicing Chartered Accountants which will be made mandatory with effect from 1st January, 2019. Full time Practicing CAs can [..] Read more at:
http://onlinelawsolutions.com/announcement-unique-document-identification-number-udin.html
ICSI
Exposure Draft of ICSI Guidance on Diligence Report on Governance for Banks
The Reserve Bank of India vide Circular DBOD.No.BP.BC.110/08.12.001/2008-09 dated February 10, 2009, mandated a due diligence for lending under consortium arrangement / Multiple Banking Arrangement. In terms of para 2(iii) of the above Circular, in order to strengthen the information sharing system among banks in respect of the borrowers enjoying credit facilities from multiple banks, the banks are required to obtain regular certification by a professional, preferably a Company Secretary, regarding compliance with various applicable statutory prescriptions as per specimen given in Annex III to the above Circular. With the [..] Read more at:
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