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MONTHLY JOURNAL
Monthly Journal (E-Book) covers articles on important topics, due dates, notifications/circulars/press releases/etc of the preceding month. It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. To Purchase: CLICK HERE
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GST
Seeks to prescribe the due dates for filing FORM GSTR-3B for the months from July, 2018 to March, 2019
In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from July, 2018 to March, 2019 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month [..] Read more at:
Seeks to prescribe the due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto Rs.1.5 crores for the period from July, 2018 to March, 2019
In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall follow the special procedure as mentioned below for furnishing the details of outward supply of goods or services or both. 2. The said persons may furnish the details of outward supply of goods [..] Read more at:
Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months from July, 2018 to March, 2019
In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from July [..] Read more at:
Filings of GST Returns
The Goods and Services Tax Council has simplified the return filing process for small businesses. The GST Council, in its 28th meeting held on 21st July, 2018 in New Delhi, in principle approved the new return formats and associated changes in law for small businesses. Taxpayers who have a turnover upto Rs. 5 crores in the previous financial year shall have facility to file quarterly return with monthly payment of taxes on self-declaration basis. For such taxpayers, simplified returns have been designed called Sahaj and Sugam. Those taxpayers who have no purchases, no output tax liability and no input tax credit to [..] Read more at:
http://onlinelawsolutions.com/filings-of-gst-returns-.html
Impact and Awareness of GST
Steps taken by the Government to increase awareness about the features of Goods and Services Tax (GST) are as follows: conducting workshops and seminars regularly across the country, posting of laws, rules, notifications and other information on the departmental website, placing of Frequently Asked Questions (FAQs) and topic-wise and sector-wise informational brochures on the website, setting up of GST Seva Kendras in GST field offices to provide assistance to taxpayers and other stakeholders, extensive use of social media platforms for dissemination of information, broadcast of television commercials, release [..] Read more at:
http://onlinelawsolutions.com/impact-and-awareness-of-gst-.html
Anti-Profiteering Mechanism under GST
The month-wise details of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess collected by the Government till 31st July, 2018 are as under: In the absence of any past precedent, it shall be difficult to compare the GST revenue collection with the corresponding months of the previous years due to a number of factors like overlap of taxpayers pre and post introduction of GST, variation in exemption limits between Centre and States and among States and mechanism of apportionment of fund under IGST. GST collection has been shown [..] Read more at:
http://onlinelawsolutions.com/anti-profiteering-mechanism-under-gst-.html
Custom Duty
Appointment of Common Adjudicating Authority by DGRI-reg dt 10.08.2018
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:
SEBI
Enhanced monitoring of Qualified Registrars to an Issue and Share Transfer Agents
SEBI constituted a Committee under the Chairmanship of Shri R. Gandhi, Former Deputy Governor, Reserve Bank of India to review the regulations and relevant circulars pertaining to Market Infrastructure Institutions (MIls). The Committee also looked into the desirability of extending the extant framework of MIIs to certain market intermediaries including the Registrars to an Issue and Share Transfer Agents (RTAs) servicing more than 2 crore folios (hereinafter referred to as “Qualified RTAs” or “QRTAs”). 2. Based on the recommendations of the Committee and the public comments received on the same [..] Read more at:
Guidelines to Control Black Money in Share Market
Securities and Exchange Board of India (SEBI), vide circular dated April 27, 2007, has mandated that PAN would be the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction. Schedule VII of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, inter alia, states that: For registration of transfer of securities, the transferee(s) as well as transferor(s) shall furnish a copy of their PAN card to the listed entity. For securities market transactions and/or for off-market or private transactions involving transfer of shares in physical form, the [..] Read more at:
http://onlinelawsolutions.com/guidelines-to-control-black-money-in-share-market-.html
RBI
Instruction for Safety of Lockers in Banks
Reserve Bank of India (RBI) has issued instructions to banks regarding the safety of bank lockers for exercising due care and necessary precaution for the protection of the lockers provided to the customer, reviewing the systems in force for their operation on an ongoing basis and taking necessary steps, having well-documented security procedures, properly training staff concerned in the procedure, and internal auditors ensuring that procedures are strictly adhered to. Further, as per an RBI communication to banks (in the context of an incident of bank burglary in which safe deposit lockers were broken open and jewellery reportedly [..] Read more at:
http://onlinelawsolutions.com/instruction-for-safety-of-lockers-in-banks-.html
ICAI
Convocation
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organizes Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the new members into the fraternity. ICAI invites members enrolled during the period 1st November, 2017 to 31st May, 2018 to participate in the Convocation for awarding the “Certificate of Membership” amidst the august gathering of distinguished dignitaries. The schedule of the proposed Convocation is as follows: [..] Read more at:
http://onlinelawsolutions.com/convocation.html
Announcement for the Certificate Course on Cooperatives at Kolkata
Announcement for the Certificate Course on Cooperatives at Kolkata The Committee for Co-operatives and NPO Sectors of ICAI is starting its next batch for the Certificate Course on Cooperatives at Kolkata. The duration of the Course is 6 full day classes on Friday, Saturday & Sunday from 9.30 am to 5.30 pm. Eligibility for the Course: The course is open for the members of the Institute of Chartered Accountants of India as well as for the students who have cleared CA final examination. The batch at Kolkata is rescheduled to be commenced at a later date. The revised dates of the batch will be announced soon [..] Read more at:
Office hours arising out of Security Arrangements for Independence Day – 2018
No. ICAI/HRD/29/2018 10th August, 2018 CIRCULAR All Employees at Headquarter, IP Marg Sub: Office hours arising out of Security Arrangements for Independence Day – 2018 In compliance with the safety and security advice received from Delhi Police Authority, the working hours of the Office of the Institute at Indraprastha Marg, New Delhi – 110002, will be regulated as per details given below:- It is further clarified out that in terms of the said advice, the premises will remain closed from 12.00 noon on 12.08.2018, upto 12.00 noon on 13.08.2018 and from 12:00 noon on 14.08.2018 Employees are requested to [..] Read more at:
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