Chartered Accountants Firms to get Registration Number in 24 Hours: ICAI
Read more at: http://www.taxscan.in/chartered-accountants-firms-registration-icai/28199/
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GST Dept recovers Rs. 1.12 Lakh Crore wrongly availed Input Tax Credit in GSTR-3B
Read more at: http://www.taxscan.in/dept-recovered-rs-1-12-lakh-crore-wrongly-availed-credit-gstr-3b/28217/
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1. Notification No. 49/2018-Central Tax
Notification amending the CGST Rules, 2017 (Tenth Amendment Rules, 2018). to specify GST Audit Report Form 9C.
2. Notification No. 50/2018-Central Tax
Seeks to bring Section 51 of the CGST Act (provisions related to TDS) into force w.e.f 01.10.2018
3. Notification No. 51/2018- Central Tax
_Seeks to bring Section 52 of the CGST Act (provisions related to TCS) into force w.e.f 01.10.2018
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Govt Notifies Implementation of TDS, TCS Provisions under GST [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-implementation-tds-tcs-provisions-gst/28263/
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Govt Notifies Format of GST Audit Form [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-format-gst-audit-form/28269/
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The CBIC has notified the Central GST (Tenth Amendment) Rules, 2018 wherein it has notified Form GSTR-9C for Audit Report and Reconciliation Statement.
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Economic updates
👉Govt Notifies October 1 as the date for implementing the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions under GST law.
👉CBIC notifies the GST Audit Report Form ‘FORM GST-9C’ by amending the CGST Rules, 2017. GSTR 9C should be filed by the taxpayers whose Annual Turnover exceeds Rs 2 Crores during the financial year.
👉CBIC clarifies that 12% GST would be applicable on Trading of Priority Sector Lending Certificates (PSLCs). It has also clarified that GST on PSLCs for the period July 1, 2017 to May 27, 2018 will be paid by the Seller Bank on Forward Charge Basis.
👉Flipkart deal: Income Tax Deptt asks Walmart to explain tax break up of Rs 7,439 crore which was deposited with the Govt as Withholding Tax and also asks Walmart to furnish details of 46 shareholders of Flipkart and how much each of them have gained from the deal
👉MCA notifies provisions of sections 66 to 70 of Companies Amendment Act 2017 relating to Appointment and Remuneration of Managerial Personnel. Now, Public Companies will no longer require Govt ’s Approval for paying Managerial Remuneration to key executives beyond the prescribed threshold if they have got the nod of shareholders.
👉MCA amends Appointment and Remuneration of Managerial Personnel Rules and also amends Schedule V of the Companies Act 2013
👉With an aim to deepen the Commodity Derivatives Market, SEBI's board is likely to approve a proposal to allow trading in this segment by Foreign Entities with exposure to the Indian Physical Commodity Market.
