# Elections date
Delhi/Gurgoan - 7 & 8th Dec 2018
Other Cities - 8th December
Timing : 8am to 8pm
# MCA : Form GNL-1 is likely to be revised on MCA21 w.e.f 7th December, 2018.
# ICAI Revised Implementation Guide to SA 230, “Audit Documentation” issued by the Auditing and Assurance Standards Board.
https://resource.cdn.icai.org/52985aasb42474.pdf
# Kerala HC : No seizure of goods on ground that they were not accompanied with part-B of e-way bill.
# CBIC in a clarification to the FAQ for TCS said that e-commerce companies are not liable to collect TCS on supplies made by entities with turnover not exceeding 20/10 lakhs and are not registered under GST.
# Upcoming Due Dates
07-12-2018- Deposit of TDS/TCS for the month of November 2018
11-12-2018 - Due date for filing GSTR -1 for the month of Nov 2018 having annual Aggregate turnover More than 1.50 Crore.
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ICAI releases FAQ on GST reconciliation Statement in GSTR-9C* [Read FAQs]
Read more at: http://www.taxscan.in/icai-faq-gst-reconciliation-statement-gstr-9c/31280/
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👉Income tax department is looking to introduce technology and automation based reforms to make tax return filing easier. Taxpayers could soon get PAN cards in just Four Hours and file their income tax returns using Pre-Filled ITR Forms.
👉As per a Senior Govt Official, The New Simplified GST Return Forms will be rolled out from April 1, 2019
👉Good news for Borrowers: RBI proposes that Banks will now have to link the Interest Rates charged by them on different categories of loans to the External Benchmarks instead of the presently used Internal benchmarks for Better Transmission of the Policy Rates
👉RBI plans to introduce an 'Ombudsman Scheme' to provide Cost-Free Mechanism to Redress Grievances of customers related to Digital Transactions.
👉SEBI’s Regulatory Panel on Overseas Listings by Indian companies has recommended that Domestic Firms be allowed to list only in jurisdictions that have treaty obligations to share information, and would cooperate with India in the event of an Investigation
👉SEBI makes the Settlement Rules more attractive to help Fast-Track Cases by including Confidentiality and Lenient Terms for approvers, but not to settle cases of defaulters and fugitive economic offenders.
👉NSE launches Futures on Overnight Call Rate (MIBOR) to provide participants an opportunity to manage risk exposures. MIBOR (Mumbai Inter-Bank Offer Rate) is the interest rate at which banks borrow from another for short term purposes.
👉The Indirect Tax Committee of the ICAI releases FAQ on GST reconciliation Statement in GSTR-9C. It is the GST reconciliation Statement for a particular FY to be filed by taxpayers on or before 31st December after being certified by CAs. It must be filed along with the GSTR-9 (Annual Returns) and the Audited Financial Statements on the GST Portal or be filed through the facilitation centre.
👉ICAI releases Revised Implementation Guide to Standard on Auditing (SA) 230: Audit Documentation
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Department of Revenue has put into effect new rules with respect to PAN from December 5 to check tax evasion and allow more options to the taxpayers. The changes in the Income Tax Rules, 1962, have already been notified by the CBDT in a notification on November 19, 2018.
PAN Changes: A resident person other than an individual - such as HUF, firm, charitable trusts, AOP, BOI, a local authority or company - who enters into a financial transaction amounting to Rs 2.50 lakh or more in a financial year and who has not been allotted any PAN, shall apply for one by May 31 of the next financial year.
Indenting agents of foreign companies may get partial relief on IGST. Sources said that the finance ministry officials have assured the indenting agents — agents of foreign companies, who sell their products in India and overseas by charging a commission — that it will consider their demand for exempting them from IGST but only partly.
GST Audit: With less than a month left for the deadline to file the annual GST returns and audit reports, businesses are still awaiting the online utility on the GST portal as well as more clarity on various provisions and are hoping to get an extension in the due date.Almost all registered taxpayers under the GST are required to file annual returns by December 31 in GSTR-9.
RBI, in the fifth bi-monthly monetary policy statement, kept the repo rate, the rate at which the central bank lends money to commercial banks, under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent, for the second consecutive time this year.
MCA: Forms INC-20, MSC-1, MGT-3, INC-5, FC-1, FC-2, FC-3, STK-2, 23D, MGT-14, 23ACA-XBRL, CG-1, Form 66 and DIR-5 are revised on MCA21 Company Forms Download page w.e.f 6th December, 2018.
SEBI regulatory panel on overseas listings by Indian companies has recommended that domestic firms be allowed to list only in jurisdictions that have treaty obligations to share information, and would co-operate with New Delhi in the event of an investigation
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👉🏻RBI keeps key rates unchanged
(RBI expectedly kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialise.)
👇🏻 👇🏻 👇🏻
https://goo.gl/dRCLr7
👉🏻Simplified GST return forms to be rolled out from April 1 - Rev Secretary
(The new simplified GST return forms will be rolled out from April 1, 2019, revenue secretary Ajay Bhushan Pandey said)
👇🏻 👇🏻 👇🏻
https://goo.gl/Ljy36M
👉🏻I-T department working on pre-filled income tax return forms - CBDT
(Income tax payers will soon get pre-filled ITR forms that will make the process of filing returns easier - CBDT)
👇🏻 👇🏻 👇🏻
https://goo.gl/ggwnQN
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GSTR-3B is not in addition to GSTR-3: Delhi HC admits Petition, seeks Response from Govt [Read Order]
Read more at: http://www.taxscan.in/gstr-3b-gstr-3-delhi-hc-petition/31284/
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GSTN Alert: Taxpayers can select GSTP to prepare Appeal Form
Read more at: http://www.taxscan.in/gstn-gstp-prepare-appeal-form/31296/
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Goods detained for not uploading Part-B of E-Way Bill can be Released on Furnishing a Bank Guarantee: Kerala HC [Read Order]
Read more at: http://www.taxscan.in/goods-detained-not-uploading-part-b-e-way-bill-released-furnishing-bank-guarantee-kerala-hc/31298/
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Press Council of India passes Orders against Newspapers for publishing Misleading News against CA Profession
Read more at: http://www.taxscan.in/press-council-news-publishing-misleading-ca/31306/
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Goods detained for not uploading Part-B of E-Way Bill can be Released on Furnishing a Bank Guarantee: Kerala HC [Read Order]
Read more at: http://www.taxscan.in/goods-detained-not-uploading-part-b-e-way-bill-released-furnishing-bank-guarantee-kerala-hc/31298/
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Club liable to pay GST on Subscriptions, Sponsorship Fees and Sale of Souvenirs: AAR [Read Order]
Read more at: http://www.taxscan.in/club-gst-subscriptions-sponsorship-aar/31287/
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CAIT urges Due Date Extension for GST Return Filing
Read more at: http://www.taxscan.in/due-date-extension-gst/31308/
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SUPREME COURT : In The State of Bihar & Ors. vs. Bihar Rajya Bhumi Vikas Bank Samiti
Whether Section 34(5) of the Arbitration and Conciliation Act, 1996, inserted by Amending Act 3 of 2016, is mandatory or directory? Held, it is directory.
Read full case law at : https://dasgovernance.com/2018/12/07/supreme-court-in-the-state-of-bihar-ors-vs-bihar-rajya-bhumi-vikas-bank-samiti/