CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019 [Read Notification]
Read more at: http://www.taxscan.in/cbic-extends-due-date-filing-form-gstr-7-months-oct-dec-jan-31st-2019/31162/
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CBDT has explained the scope of limited scrutiny cases selected under CASS cycles 2017 and 2018 where the issues referred to by the law-enforcement/ intelligence/ regulatory authority or agency.
ITAT has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The tribunal has also ruled that the onus is on the I-T Department to prove an assessee has parked undeclared income arising from India in foreign bank accounts.
Notification No. 66/2018 – Central Tax dated 29/11/2018 in which Government has extended date of filing of GSTR-7 for the month of October to December upto 31st January, 2019.
RBI may have to conduct open market operations (OMOs) of another Rs 1.6 trillion in the fourth quarter of the current financial year to tide over the banking liquidity crisis, Bank of America Merrill Lynch (BofAML) said in a report.
The World Bank Group member International Finance Corporation (IFC) has invested a record $2.6 billion in India in 2017-18 – a rise of 136% over the figure two years ago -- in the key priority areas of infrastructure, logistics, inclusion, and sustainability
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ICAI to start E-Hearing of Disciplinary Cases from January
Read more at: http://www.taxscan.in/icai-start-e-hearing-disciplinary-cases-january/31167/
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Govt extends Eligibility Criteria for Registration for GST Practitioners Exam
Read more at: http://www.taxscan.in/govt-extends-eligibility-criteria-registration-gst-practitioners-exam/31159/
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👉🏻CBDT allows taxman to widen certain Limited Scrutiny cases
(CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by assessees)
👇🏻 👇🏻 👇🏻
https://goo.gl/dC7GJK
👉🏻Interest subsidy for MSME sector exporters increased to 5 per cent - RBI
(RBI said the interest subsidy on post and pre-shipment export credit has been increased to 5 per cent from 3 per cent.)
👇🏻 👇🏻 👇🏻
https://goo.gl/oxrHos
👉🏻Examination for Confirmation of Enrollment of GST Practitioners
(Only those GSTPs of the relevant category were invited to register on examination portal whose enrolment on GST Network was approved as on 15.11.2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/raDxyp
👉🏻RBI reduces minimum holding period for securitisation of loan portfolios
(Minimum holding period requirement for non-banking finance company originating loans, will now be set at six monthly or two quarterly installments
👇🏻 👇🏻 👇🏻
https://goo.gl/29RZQG
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👉The CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by assessees.
👉A nine member committee constituted by SEBI is looking to make recommendations that could lead to Indian companies listing their shares directly on stock exchanges outside India and foreign companies accessing Indian stock markets. The recommendations, if accepted, could lead to Indian companies directly listing their shares outside India in jurisdictions such as Singapore, Luxembourg or even New York. At the same time multinationals, that don’t have a presence or permanent establishment in India, would be able to directly list their shares on Indian stock exchanges.
👉The National Company Law Tribunal’s Kolkata bench has admitted the insolvency plea against power transmission company EMC, which has defaulted on payments to the tune of Rs 6,500 crore to banks and other creditors, two people familiar with the matter said.
👉Faced with the prospect of paying goods and services tax (GST) on ‘free services’ provided to customers who maintain a minimum balance in their accounts, top lenders including State Bank of India, ICICI Bank and HDFC Bank are considering passing on this cost to them.
👉To boost MSME sector exports, the Reserve Bank said Thursday the interest subsidy on post and pre-shipment export credit has been increased to 5 per cent from 3 per cent. The increased subsidy is applicable from November 2.
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GST Collections..
Total Gross GST revenue collected in November, 2018 is Rs. 97,637 crore of which CGST is Rs. 16,812 crore, SGST is Rs. 23,070 crore, IGST is Rs. 49,726 crore (including Rs. 24,133 crore collected on imports) & Cess is Rs. 8,031 crore(including Rs. 842 crore collected on imports). Regards.
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1. ICAI: Auditing and Assurance Standards Board (AASB) issues Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements.
2. GST: CBIC extends the due date for filing of FORM GSTR-7 (TDS Return) for the months of Oct, 2018 to Dec, 2018 to 31 JAN 2019 - *Notification No.66/2018 – Central Tax, dt.29.11.2018.
3. IT: Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans – Shree Krishana Kripa Feeds Vs CIT (2018 (11) TMI 145 - Punjab & Haryana High Court).
4. VCES: Voluntary Compliance Entitlement Scheme - correction sought in the erroneous declaration made in VCES-1 to reduce the tax liability allowed - Bhushan Bal Kulkarni Vs ACIT (2018 (11) TMI 1396 - Bombay High Court).
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NCLAT : In Rajeev K Aggarwal vs. Panipat Texo Fabs Pvt. Ltd. & Ors.
The dispute raised before the Adjudicating Authority and even before this court at a belated stage cannot be termed as a pre-existing dispute. Raising of dispute in regard to quality of goods being inferior/substandard or defective for the first time in reply to demand notice or in response to notice served by the Adjudicating Authority would not constitute a prior and pre-existing dispute.
Read full case law at : https://dasgovernance.com/2018/12/02/nclat-in-rajeev-k-aggarwal-vs-panipat-texo-fabs-pvt-ltd-ors/
