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GST Master Guide Cum Reckoner : UPDATED TILL 31.05.2018
GST Master Guide Cum Reckoner is now available. The book contains Section & Rule wise Index, Due Dates (illustrating relevant notifications), complete CGST Act, IGST Act, and Compensation Cess Act and along with relevant rules, notifications, circulars, press release incorporated at relevant places. All the changes have been properly displayed. The book comes in 2 volumes.To Purchase: CLICK HERE
WHATS APP UPDATES
It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. Time: 12 months Price: Rs. 500/- + 18% GST To subscribe: Click Here
Income Tax
Notices for assessment/reassessment of income of old cases
Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations: i. Under clause (c) of sub-section (1) of section 149 of the Act, in cases where income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment, such cases can be reopened up to sixteen years from end of the relevant assessment year. Information regarding number of cases in which notices were issued under the [..] Read more at:
http://onlinelawsolutions.com/notices-for-assessmentreassessment-of-income-of-old-cases.html
GST
GST collections from July, 2017 to June 2018
The Government maintains month-wise data of Goods & Services Tax collection. The details of collections from July, 2017 to June 2018 are at Annexure. The accounting of GST collections in the Central Government is done on the cash basis. Accordingly, the accounting with regard to CGST, IGST and Compensation Cess is done upon the happening of actual event of collections, refunds and settlements. The details are at Annexure. The Government maintains the data of IGST collected and apportioned. The month-wise details are at Annexure. Apart from the regular monthly IGST settlement, the Government has done [..] Read more at:
http://onlinelawsolutions.com/gst-collections-from-july-2017-to-june-2018.html
Revenue from the Goods and Services Tax (GST) touched Rs. 7.19 lakh crore between August, 2017 and March, 2018
The revenue from the Goods and Services Tax (GST) touched Rs. 7.19 lakh crore between August, 2017 and March, 2018. The Monthly Revenue Average from GST was at Rs. 89,885 crore for the said period. The details of month-wise Goods & Services tax collection are as follows: The introduction of e-way bill is expected to improve overall Goods and Services Tax (GST) compliance. The Gross Revenue Collection in the month of April, 2018 (Rs.1,03,459 crore), May, 2018 (Rs. 94,016 crore), June, 2018 (Rs. 95,610 crore) and July, 2018 (Rs. 96,483) which is higher than the monthly average of GST collection in the last [..] Read more at:
E-Way Bill System Summary
The E-way Bill System has been introduced nation-wide for inter-State movement of goods with effect from 1st April, 2018 while the States were given the option to choose any date till 3rd June, 2018 for the introduction of the E-way bill system for intra-State supplies. Consequently, all the States have notified the E-way bill system for intra-State supplies, the last being the National Capital Territory of Delhi which introduced it with effect from 16th June, 2018. The objectives of E-way bill system are as below: single and unified E-way bill for inter-State and intra-State movement of goods for the whole country in self-service mode [..] Read more at:
http://onlinelawsolutions.com/e-way-bill-system-summary.html
Amendments to the Goods and Services Tax (GST) Laws
The Government has proposed around 46 Amendments to the Goods and Services Tax (GST) laws viz., the Central Goods and Services Tax Act, 2017 along with the respective State Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017, Union Territory Goods and Services Tax Act, 2017 and GST (Compensation of States) Act, 2017. The details are placed on the Government’s website www.mygov.inat the following link:https://www.mygov.in/groupissue/stakeholder-consultation-proposed-changes-gst-laws/ The Government has invited comments from the [..] Read more at:
http://onlinelawsolutions.com/amendments-to-the-goods-and-services-tax-gst-laws.html
Minimise impact of GST on private security industry: FICCI
Govt. considers FICCI’s plea to minimise impact of GST on private security industry We will do whatever is possible to reduce the 18% GST levied on the industry: MoS Finance, Shiv Pratap Shukla NEW DELHI, 3 August 2018: Finance Ministry is actively considering FICCI’s recommendation to reduce the GST rate on private security agencies from the current level of 18% to minimise the impact of the levy on the industry and capitalise on its job-creation potential. This assurance was held out today by Minister of State for Finance, Mr. Shiv Pratap Shukla, while inaugurating FICCI’s Private Security Industry (PSI) [..] Read more at:
http://onlinelawsolutions.com/minimise-impact-of-gst-on-private-security-industry-ficci.html
Custom Duty
Government permits e-commerce shipment via Foreign Post Offices
The Customs Department plans to permit e-commerce shipment via foreign post offices. Exports by Post Regulations, 2018, prescribing the Postal Bill of Export-I for E-commerce shipments and Postal Bill of Export-II for non-E-commerce shipments, have been issued. Further, Circular No. 14/2018-Customs dated 4th June 2018 has been issued clarifying the procedure for e-commerce exports, other than e-commerce exports and personal imports through posts. Exports by e-commerce are allowed through notified foreign post offices. However, as per the extant notification of 26th July, 2018 issued by Department [..] Read more at:
http://onlinelawsolutions.com/government-permits-e-commerce-shipment-via-foreign-post-offices-.html
Seeks to further amend notification No. 50/2017-customs dated 30th June 2017, to give effect to serial number 14A and the second proviso to the notification from the 18th day of september, 2018 to delay the implementation of retaliatory duties against US till 18th September, 2018
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, namely:- [..] Read more at:
MCA
2,25,910 companies under MCA scanner
2,25,910 companies under scanner of MCA for not filing returns for Year 2015-16 & 2-16-17 Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of Companies the Act on the basis of non- filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by ROCs before striking off names of companies. Shri Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies [..] Read more at:
http://onlinelawsolutions.com/225910-companies-under-mca-scanner.html
MCA ordered inquiry in 87 real estate companies
MCA ordered inquiry in 87 real estate companies in 2017-18 Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities. The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account [..] Read more at:
http://onlinelawsolutions.com/mca-ordered-inquiry-in-87-real-estate-companies.html
SEBI
Role of Sub-Broker (SB) vis-a-vis Authorized Person (AP)
Under the current regulatory framework, Sub-Brokers (‘SB’) need to seek registration from SEBI under SEBI (Stock Broker and Sub-Broker) Regulations, 1992, and Authorized Persons (‘AP’) need to seek registration from the concerned Exchange. There is no difference in the operative role of a Sub-Broker and that of an Authorized Person. 2. SEBI Board in its meeting held on June 21, 2018 decided to discontinue with Sub-Broker as an intermediary to be registered with SEBI. 3. In view of the same, the need for the category of Sub-Broker as a market intermediary may no longer be required. Therefore, it is decided that [..] Read more at:
http://onlinelawsolutions.com/role-of-sub-broker-sb-vis-a-vis-authorized-person-ap.html
RBI
Reform in Banks: Government working on a four-pronged strategy to improve the health of the Banking Sector
Government has taken note of Standard & Poor’s (S&P) Global Ratings, a prominent global rating agency, which states, inter-alia, that “the worst is almost over for India’s banks”. It further states that India is at the tail-end of its bad-loan recognition problem as a stringent non-performing loan recognition coupled with tighter yet faster resolution under India’s new bankruptcy law and rebounding corporate profits, will help banks gradually recover from a protracted bad-debt cycle and the Government’s ongoing recapitalisation programme of Rs 2.1 lakh crore will help shore up depleted capital positions of the banks. It also states [..] Read more at:
ICAI
Open Book Exam in the Elective Subjects of Paper 6 of Final (New) Course
Open book exam in the elective subjects of Paper 6 of Final (New) course ICAI had introduced elective subjects in Paper 6 in the CA Final (New) course exam from May 2018 exam and onwards, which is being held on open book methodology. In this regard, it is hereby clarified that it has been decided as follows in respect of Paper 6 Electives- of Final (New) course exam: Candidates will be permitted to bring their own material to the exam hall and consult them for answering the questions in the exam. Such material may include study materials, practice manuals, revisionary test papers supplied by ICAI, text books, bare [..] Read more at:
ICAI Empanelment to act as Observers at Examination Centres
EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS NOVEMBER / DECEMBER 2018. It is proposed to empanel members to act as Observers for the forthcoming NOVEMBER / DECEMBER 2018 Chartered Accountants Examinations scheduled as under: Eligibility criteria for empanelment: Members who fulfill the following criteria are eligible for empanelment, to act as Observers. i) He/she should not be more than 65 years of age as on the date of empanelment; i.e. 1 0th August, 2018. ii) His/her name should have been [..] Read more at:
http://onlinelawsolutions.com/icai-empanelment-to-act-as-observers-at-examination-centres.html
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