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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
Action on those Converting Black Money into White during Demonetization
Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 2017, ITD conducted searches in 900 groups, involved in various activities and business, leading to seizure of Rs. 900 crores, including cash seizure of Rs. 636 crores. During the same period, 8239 surveys were conducted leading to detection of undisclosed income of Rs. [..] Read more at:
Income Tax Notices
Income Tax Notices have been issued by the Income Tax Department and the Enforcement Directorate. In respect of Income Tax Department, assesses including, non-resident assesses are served notices/summons consequent to the initiation of various proceedings under the Income-Tax Act, 1961, including, for assessment of income, collection, recovery and taxes, whenever required. Where information is received indicating holding of assets by NRIs, necessary enquiry is made to examine whether the assets have been disclosed in any returns of income and whether the assets would have been acquired from income chargeable [..] Read more at:
http://onlinelawsolutions.com/income-tax-notices-.html
GST
Seeks to lay down the special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process : CGST
In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby specifies the persons who did not file the complete FORM GST REG26 of the Central Goods and Services Tax Rules, 2017 but received only a Provisional Identification Number (PID) (hereinafter referred to as “such taxpayers”) till the 31st December, 2017 may now apply for Goods and Services Tax Identification Number (GSTIN). 2. The special procedure to be followed for registration of such taxpayers is as detailed below:- (i) The details [..] Read more at:
Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017 till 30.09.2019: CGST (RATE)
In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 8/2017 – Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 680 (E), dated the 28th June, 2017, and last [..] Read more at:
Seeks to exempt payment of tax under section 7(4) of the UT GST Act, 2017 till 30.09.2019 : UGST (RATE)
In exercise of the powers conferred by sub-section (1) of section 8 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 8/2017 –Union Territory Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 717 (E), dated the 28th June, 2017, and last amended [..] Read more at:
20% GST cashback on BHIM, Rupay transactions approved by GST Council
GST Council in its 29th meeting on Saturday (4th July 2018) decided to start a pilot project to give 20 per cent cashback of the GST paid subject to cap of Rs 100 on all UPI and USSD transactions as well as transactions made using RuPay card and BHIM app. The move is aimed to promote digital transactions in the country. “We have decided the broad framework of the pilot project which is aimed at promoting digital transactions. We believe that this will help in increasing compliance and give a boost to the formal economy,” Finance Minister Piyush Goyal said.Although Government has already decided worked our broad framework [..] Read more at:
Suggestions by FICCI related to MSMEs submitted to GST council
FICCI welcomes the initiative taken by the GST council to specifically discuss the issues and concerns being faced by MSMEs. “The decision of the GST council to set up a group of ministers comprising Finance Ministers of Bihar, Assam, Delhi, Punjab, and Kerala under the chairmanship of Minister of State for Finance Mr. Shiv Pratap Shukla will help in addressing the problems faced by the MSMEs,” said Mr. Rashesh Shah, President, FICCI. Mr. Shah added, “the emphasis of the GST council on the fitment committee providing solutions with regard to the rate changes required, along with the pilot project for providing [..] Read more at:
http://onlinelawsolutions.com/suggestions-by-ficci-related-to-msmes-submitted-to-gst-council.html
Custom Duty
Appointment of Common Adjudicating Authority by DGRI-reg.
In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30th November 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), issued by the Government of India, Ministry of Finance, Department of Revenue, under clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the [..] Read more at:
http://onlinelawsolutions.com/appointment-of-common-adjudicating-authority-by-dgri-reg.html
Seeks to prescribe effective rate of customs duty on Screw or SIM socket / other mechanical items (metal) for cellular mobile phone
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:- In the said [..] Read more at:
Seeks to further amend notification No. 82/2017-customs dated 27th October 2017, to increase Ad-valorem component of BCD from 10% to 20% on 328 tariff lines of carpets, apparels and other textile products
In exercise of the powers conferred by the sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 82/2017, dated the 27th of October, 2017, published in the Gazette of India, Extraordinary vide number G.S.R.1341 (E), dated the 27th of October, 2017, namely: - In the said notification, in the Table, - [..] Read more at:
MCA
SFIO investigating 21 cases in 2017-18
The Corporate Affairs Minister said that during the last three years, 94 complaints/prosecution were disposed of by the various Courts by levying a total fine of Rs 5,90,909/-. In addition to this, an amount of Rupees 61,32,500/- was collected as compounding fee as ordered by the Courts. Further, in one case imprisonment for a period of one year and four months and in 3 cases punishment till rising of Courts along with fine was also imposed by the Courts. This was stated by Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary in Rajya Sabha today. [..] Read more at:
http://onlinelawsolutions.com/sfio-investigating-21-cases-in-2017-18.html
Centralised Scrutiny and Prosecution Mechanism sends notice to 272 companies on CSR compliance for FY 2015-16
Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Rajya Sabha today that the Ministry has established Centralised Scrutiny and Prosecution Mechanism (CSPM) in April, 2018 for the financial year 2015-16 onwards on pilot basis for enforcement of CSR provisions. CSPM has been tasked to start with examination of records of top 1,000 companies mandated to spend on CSR. Based on inquiry, preliminary notices have been issued to 272 companies. This was stated by Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary in Rajya Sabha today. [..] Read more at:
ICAI
ICAI writes to Dainik Bhaskar for publishing misleading headline
Your attention is drawn to the News item titled “Chartered Accountants ki round table Conference” (as attached) that appeared in Dainik Bhaskar, Jaipur edition, dated July 30, 2018. It has been stated in the news item that Global Center for Entrepreneurship and Commerce & Association of Chartered Certified Accountant had organized a Round Table Conference at Jaipur. The headline of the news item mentions that a Round Table Conference of Chartered Accountants, whereas the content of the news item mentions about the Round table Conference organized by Global center for Entrepreneurship and Commerce [..] Read more at:
http://onlinelawsolutions.com/icai-writes-to-dainik-bhaskar-for-publishing-misleading-headline.html
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