👉🏻SC stays HC order disallowing black money law to operate retrospectively
(Supreme Court stayed the Delhi High Court order which had held that the 2016 black money law cannot be allowed to operate with retrospective effect from July 2015 to book and probe offenders)
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http://bit.ly/2JXUa0S
👉🏻HC allows ITC under GST regime to realtor making shopping mall
(Orissa HC has resolved an important issue of blocked credit under the GST regime for real estate companies constructing commercial spaces for the purpose of letting it on rent or lease)
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http://bit.ly/2VHU13E
Finance commission may not extend GST compensation:
READ MORE- https://www.gststation.in/finance-commission-may-not-extend-gst-compensation/
No fund crunch to clear dues: Telangana state:
READ MORE- https://www.gststation.in/no-fund-crunch-to-clear-dues-telangana-state/
👉CBDT proposes changes to Increase Scrutiny of Charitable Trusts and floats a Draft Notification to amend Tax Audit Form in Section 10B of Income Tax Act that would change the Tax Audit Report for Charitable Trusts, thereby increasing the responsibility of the auditors significantly. It has invited inputs from stakeholders and the general public on the draft notification.
👉CBDT allows AMCs to Directly Manage Offshore Funds out of India. This comes after the CBDT removed a Taxation Related Constraint that prevented Indian AMCs from taking up Direct Fund Management activity for the Offshore Funds.
👉In further consolidation of the Public Sector Banking Industry, Punjab National Bank (PNB) could take control of 2 to 3 small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank. PNB could start the process of taking control of the banks in the next three months
👉SEBI proposes to reduce time taken for Rights Issue Process to around 31 days as well as make the application and allotment process more efficient. Currently, rights issue process takes 55-58 days from the time company decides to launch the issue till listing.
👉SEBI is planning to tweak Share Buyback Norms by proposing that it would consider Consolidated Numbers instead of Standalone Financial Metrics.
👉SEBI proposes norms for Technology Startups and New-Age Companies that are Listed on the Innovators Growth Platform (IGP) to trade on the Main Board of Stock Exchanges. According to a consultation paper floated by SEBI, a company should be listed on an IGP platform for at least 1 year and have at least 200 Shareholders for it to be eligible to trade on the main board.
GSTN releases prototype of simplified return filing system:
READ MORE- https://www.gststation.in/gstn-releases-prototype-of-simplified-return-filing-system/
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💡Minimum fees for GST Audit
ICAI Recommends minimum fees of Rs 40000 for GST Audit in Delhi, Mumbai, Calcutta, Chennai, Pune, Hyderabad, Bangalore & Ahmedabad & 20000 for other cities.
This sounds gravitating but looking to the work in light of Certification as True and correct instead of True and Fair we have to charge even higher fees based on magnitude of Risk & Work involved
GST: Government eyes higher ease of doing business rankings:
READ MORE- https://www.gststation.in/gst-government-eyes-higher-ease-of-doing-business-rankings/
Absence of dissolution clause in trust deed cannot be the basis for refusing registration to a trust
Read more
https://thetaxtalk.com/2019/05/23/absence-of-dissolution-clause-in-trust-deed-cannot-be-the-basis-for-refusing-registration-to-a-trust/