GST Offline utility of Form GSTR-10 (Final Return) is now available in the download section of GST portal. The excel based offline utility is designed to help taxpayers to prepare their Form GSTR-10 offline.
CBIC extends Mandatory RFID sealing due date to 01.11.2018. References have been received regarding Circular 19/2018-Customs dated 18th June 2018 seeking a postponement in the date for mandatory RFID sealing in case of movement of goods under warehousing bond.
GST Council set up a committee of seven state finance ministers to examine the legality and recommend the methodology for levying an ‘additional tax’ to raise revenue for floods-ravaged Kerala.
RBI issued draft directions for the prohibition of abuse in the fixed income markets, stating, among other things, that market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipulate the process of calculation of a benchmark rate or reference rate.
MCA has A High Level Committee on CSR (HLC-2018) to review the existing framework and guide and formulate the roadmap for a coherent policy on Corporate Social Responsibility ( CSR).
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👉🏻Govt looks to plug gaps in exits of Auditors, Directors
(Govt is looking to tighten the noose around auditors and directors, who quit the company when it lands into trouble — often citing “personal reasons”)
👇🏻 👇🏻 👇🏻
https://goo.gl/Fv2R7z
👉🏻Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh
(Companies that availed of more than Rs 25 lakh credit under GST regime in lieu of levies paid under the previous system will soon have to give details of their purchase ledgers for six months)
👇🏻 👇🏻 👇🏻
https://goo.gl/AHhabA
👉🏻SBI halves daily ATM cash withdrawal limit to Rs 20,000
(The country’s largest lender, State Bank of India (SBI), has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000)
👇🏻 👇🏻 👇🏻
https://goo.gl/m5X5Nq
👉🏻CBDT instructs CCITs to mop up tax collection
(Chief Commissioners have also been told that recovery efforts should be made for pending demands. Income tax officers have been told that extra efforts should be made for appeal disposals to be settled as early as possible)
👇🏻 👇🏻 👇🏻
https://goo.gl/87RyuQ
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NCLAT : In Insolvency and Bankruptcy Board of India vs. Wig Associates Pvt. Ltd. & Ors.
IBBI having no locus standi to challenge the finding by Adjudicating Authority and gives the liberty to IBBI to inform the Resolution Professional to move appeal under Section 61 of the code to ensure that law is properly explained at the appellate stage.
Read full case law at : https://dasgovernance.com/2018/10/01/nclat-in-insolvency-and-bankruptcy-board-of-india-vs-wig-associates-pvt-ltd-ors/
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Attention Taxpayers: Govt may introduce New GST Return to check Transitional Claims
Read more at: http://www.taxscan.in/taxpayers-govt-gst-return-transitional-claims/29077/
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GST payable on Transit Fee collected by Forest Division from Private Entities: AAAR [Read Order]
Read more at: http://www.taxscan.in/gst-payable-transit-fee-collected-forest-division-private-entities-aaar/29084/
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Tax Audit Due Date: Rajasthan HC directs CBDT to consider further 15 Days Extension [Read Order]
Read more at: http://www.taxscan.in/rajasthan-hc-directs-cbdt-consider-15-days-further-extension-tax-audit-reports-itrs/29115/
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02.10.18 Economic News
👉PNB Fraud: In An International Crackdown By Indian Agencies, Enforcement Directorate(ED) attaches Nirav Modi's Assets worth Rs 637 Crore, spanning over Five Countries situated in London, New York, Mumbai etc.
👉GST Collection Rises in September, stands at Rs 94,442 Crore as against Rs 93,690 Crore in August, but are still short of the Rs 1 Lakh Crore Monthly Target set by the Government.
👉In a move to curb tax evasion and to boost up the revenue figures, the Govt may introduce another return form to the Companies that availed of more than Rs 25 Lakh Credit under GST regime in lieu of levies paid under the previous system, to check Transitional Claims. Such companies will soon have to give details of their Purchase Ledgers for Six Months before the New Tax Regime was rolled out
👉Tax Audit Due Date: Rajasthan HC directs CBDT to consider further 15 Days Extension and also extension of due date for the purpose of explanation 1 to Section 234A of the Income Tax Act for waiver of interest and decide the same by passing speaking order preferable before 10.10.2018
👉RBI to infuse upto Rs.36,000 Crore via Open Market Operations (OMO) in the Second, Third and Fourth Week of October by purchase of Government Bonds.
👉IL&FS Crisis: NCLT Approves Govt's Takeover of IL&FS Board. Govt takes control of IL&FS and forms 6 Member Board led by Mr. Uday Kotak
👉NSE Indices, an NSE Group Company Launches 2 Dynamic Asset Allocation Indices -- Nifty50 & Short Duration Debt – Dynamic P/E index and Nifty & Short Duration Debt – Dynamic P/B index.
👉BSE on Monday kicked off its Commodity Derivatives Segment, with 142 Members on Board. This is the First Time a Stock Exchange is Offering Contracts in Commodity Derivatives in the Country.
👉The Asian Development Bank (ADB) and Govt of India sign $150 Million Loan to finance continued improvements to Road Connectivity and Efficiency of the International Trade Corridor in West Bengal and North-Eastern Region of lndia.
