Updates
1) IT: For e-proceedings of scrutiny cases under income tax, please submit your response within 24th December, today. Uploading window will auto close 7 days prior to time barring date.
2) MCQs in ICAI Exams : https://www.businesstoday.in/top-story/icai-to-introduce-multiple-choice-questions-in-ca-inter-final-exam-from-2019/story/303315.html
3) ADDITIONAL Fee payable to MCA after 31.12.2018 for Annual filing of Financial statements for f.y. 2017-18 will be Rs 6,100/- for AOC 4 and Rs. 3,100/- for Annual Returns plus Rs. 100/- per day per document thereafter, if date of AGM is 30 September. It can be more, depending on the date of AGM.
4) West Bengal College Audit Empanelment: Application must reach by 21 January between 12 noon to 4 pm. Visit: wbhed.gov.in
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> Key updates of 31st GST Council Meeting.
(1) GST Rates of 7 items reduced from 28% to 18% . Items include tyres, VCR, billiards & snookers and lithium batteries.
(2) GST Rate of 33 items have come down from 18% tax slab to 12% and 5% tax bracket as they are common man’s consumption goods. These items include Third Party insurance Vehicle and Solar Power Systems
(3) Only 34 items will be taxed at 18% GST Rate or more
(4) All items except luxury goods would be taxed under 28% GST Rate
(5) The GST Council is also looking into introducing composition scheme for the real estate sector. A view on Real Estate sector will be taken in next GST Council meeting
(6) A composition Scheme will be framed for Small Service provider. Threshold and mechanism will be decided in next GST Council Meeting
(7) MSME Committee may re-consider the thresh hold limit of 20 Lakh for larger interest.
(8) Centralized authority for Advance ruling in case of conflicting views of Advance Ruling Authorities. The decision of Centralized authority will bind the whole country.
(9) New GST Refund filing system will be introduced on pilot basis with effect from 1st April 2018
(10) Addition GST fees waived for returns filed upto 31st March 2019
(11) GST Annual return due date has been extended to 30th June 2019
(12) ITC for last FY invoices allowed upto March 31, 2019
(13) New GST Return to be launched on trial basis from April 1, 2019 Next GST Council meeting will be held in January 2019
(14) Late fee shall be completely waived for all taxpayers in case FORM GSTR-1 FORM
(15) GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.
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👉The Sales Tax Bar Association approaches the Delhi High Court seeking measures to resolve the technical glitches in the GST portal.
👉A two-judge bench of the Supreme Court holds that the assessable value must be determined on the basis of the value shown in the Bill of Entry. (Commissioner of Central Excise and Service Tax, Noida v/s M/s. Sanjivani Non-Ferrous Trading Pvt Ltd)
👉The Ministry of Home Affairs empowers ten security and intelligence agencies, including the tax authorities CBDT, Directorate of Revenue Intelligence and CBI, IB and NIA to intercept and monitor information on computer devices.
👉The Income Tax Dept starts issuing notices to several companies that have received FDI, claiming that the ‘Premiums’ they received on such transactions are ‘Unexplained Credits’ that can be held as income, much similar as in Angel Tax.
👉SEBI bans Assam-based Grass Root Finance & Investment Company (GFIC) and 12 others from securities markets for at least four years, for raising funds.
👉The 'Alternative Mechanism' headed by Finance Minister Arun Jaitley decides to merge 3 banks -Bank of Baroda, Vijaya Bank and Dena Bank- with a view to create global size lender, which will be stronger and sustainable.
👉The govt’s flagship scheme, Ayushman Bharat, provides health care to 600,000 people in first 3 months since its launch. About 3 million beneficiary e-cards have been generated facilitating access to quality health care under the scheme.
👉The Enforcement Directorate finds alleged money laundering in connection with the merger of Air India & Indian Airlines along with the acquisition of 11 aircraft by the two airlines during the UPA regime.
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Chartered Accountant Firms can apply for empanelled with CAG Office from January
Read more at: http://www.taxscan.in/ca-firms-empanelled-cag/31911/
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CBDT has asked field officials to desist from taking any coercive action against angel tax notices being slapped on start-ups or recovery of demands of completed assessments from these firms till a policy decision is taken.
Delhi High Court has recently held that the audit objection is merely an ‘information’ based on which, re-assessment under section 147/ 148 of the Income Tax Act, 1961 cannot be made.
Lucknow bench of the ITAT held that the AO cannot make an addition merely on the ground of the assessee made frequent withdrawal and deposit of his own money, which is not prohibited under any law.
Minimum Additional Fee payable to MCA after 31.12.2018 for Annual filing of Financial statements for y.e.31.3.2018 will be filing fee plus Rs 6,100/- for Financial Statements (Form AOC-4) and Rs. 3,100/- for Annual Returns (Form MGT-7)* plus Rs. 100/- per day per document thereafter.
SEBI said it was planning a sandbox policy to support technology developments in financial markets. The Sandbox policy will allow companies to test products in a closed environment, a particular geography or among a set of users, before they are allowed roll out commercially meeting all regulations.
RBI announced a cap on the outstanding stock of ECB at 6.5 percent of GDP at current market prices. Based on the GDP figures at March-end 2018, the soft limit works out to $160 billion for the current financial year.
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New Simplified GST Returns Mandatory from July Only
Read more at: http://www.taxscan.in/new-gst-returns-july/31987/
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👉Due date for furnishing the Annual Returns in FORM GSTR-9, FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the FY 2017-18 shall be further extended till 30.06.2019.
👉The GST Council, decides to implement the newly simplified GST returns from next April on a trial basis and shall be mandatory from 1st July 2019 only.
👉The 31st GST Council meeting has exempted the services of certain entities and professionals from the ambit of GST, like the services supplied by the rehabilitation professionals.
👉The Govt reduces the GST rate on cinema tickets costing over Rs 100 to 18% from 28%. For the cheaper tickets, the rate has been reduced to 12% from 18%.
👉AO can reopen case under sec 147 to assess alleged Bogus Capital gains from penny stocks, Gujarat High Court in matter of PURVIBEN SNEHALBHAI PANCHHIGAR V/s ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1(3).
👉RBI shortlist six major IT companies, including TCS, Wipro and IBM India, to set up a wide-based digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters.
👉With an intent to act as a fecilitator in the startup space, BSE, launched BSE Startups and as part of the launch, the leading bourse has signed an agreement with Cornerstone Ventures Investment Advisers and Venture Catalysts.
