finance ministry may soon consult the law ministry on how best to provide relief to foreign portfolio investors (FPIs) from the super-rich surcharge that was announced in the July 5 budget. The government is exploring various options and the one considered most effective and legally feasible will be taken up.
Sebi has approached the finance ministry to seek special relaxations for technology companies that want to issue shares with differential voting rights (DVRs). The regulator had announced a new framework for DVR issuances after a board meeting on June 27. However, some of the regulations it has proposed will need amendments in laws such as the Companies Act and the Securities Contract Rules.
RBI said housing finance companies (HFCs) would be treated as a category of non-banking financial companies, and that it would come up with revised guidelines for mortgage lenders after reviewing the regulatory framework. Until the new norms are announced, HFCs have to comply with the framework issued by the National Housing Bank (NHB), the RBI said.
The President of India has given his assent for the latest amendments in the landmark Consumer Protection Act, 2019 which aims to protect the rights of consumers by establishing authorities for timely and effective administration and settlement of consumers’ dispute.
ICAI Result : CA Exam May 2019 Result Old Syllabus; Group I -18.40 %; Group II -23.72 % ; Both Group - 7.63 % (10,816 Qualified as CAs) New Syllabus; Group I -16.87 %; Group II -17.55 % ; Both Group - 20.85 % (3,369 Qualified as CAs). Foundation Result is 18.58%
Taking another step towards better taxpayer service and accountability in official dealing, CBDT introduces Document Identification Number (DIN) for all correspondence made by the tax department to assessees. DIN will be allotted to all notices and orders from the Tax Department starting October 1, and any communication not in conformity with this new system will be treated as invalid.
GST Council is likely to meet next on September 20 in Goa. "The agenda hasn't been finalised yet. But, the Healthcare Industry's demand on Input Tax Credit maybe considered. The government is also likely to debate lowering the rates on certain categories of automobiles and also likely to look at increasing the rate on premium real estate, but also restore the provision of input tax credit.
CBIC is seeking Public Feedback to keep a check on duty and GST evasion by Foreign E-Commerce Companies. The agency is reportedly looking for Tech-Enabled Solutions to plug loopholes in the system.
North eastern states registered over 30% growth in GST collection during the first 4 months of the current fiscal 2019-20, much more than the increase witnessed in larger manufacturing states. Growth in GST collection recorded by most of the 7 Sister States is over 3 times the national average of 9%.
RBI asks Banks not to count Failed Transactions at ATMs due to Technical Reasons as part of “Free ATM Transactions” permitted every month. Further, Non-Cash Withdrawal Transactions which constitute ‘on-us’ transactions shall also not be part of the number of free ATM transactions.
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Key highlights of today’s meeting between the FM and Prime minister Modi
#Prime minister agrees that there is a strong need for the growth revival and the government will go to any extend to get the economy back on track .
#Government strongly believes that a vibrant capital market is a must to achieve its divestment target .
# The proposed surcharge on the FPIs to be reversed .
# Long term capital gain tax to be enhanced to 3 years .
# slowdown in the auto sector is eminent . Government worried about the job losses . GST rate to be slashed to 18% across all auto segments .
# A one time stimulus package for the real estate developers is being worked up on .
Prime minister has asked the finance ministry to roll out these measures by the weekend .
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Demonetisation Bomb ®
I-T Department has spread its net wide and deep for catching those who have deposited unaccounted cash during demonetisation. In the latest directive to the officers, a 17-point checklist has been created, which has to be updated on a server for further action.
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GST: ICAI stresses on need for simple laws for citizens and business class:
READ MORE- https://www.gststation.in/gst-icai-stresses-on-need-for-simple-laws-for-citizens-and-business-class/
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👉🏻RBI makes it easier to deposit gold under scheme
(Banks may, at their discretion, also allow the depositors to deposit their gold directly with the refiners that have facilities to carry out final assaying and to issue the deposit receipts of the standard gold of 995 fineness)
👇🏻 👇🏻 👇🏻
http://bit.ly/31LnX2w
👉🏻Govt panel gets time till Monday to submit direct tax code report
(The much-awaited report on the new direct tax code (DTC), which will replace the existing income tax act of 1961, will be submitted to finance minister on Monday)
👇🏻 👇🏻 👇🏻
http://bit.ly/31IDJLq
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The CBIC has come out with detailed FAQ on Sabka Vishwash ( Legacy Dispute Resolution Scheme 2019) most important feature I.e. who all are eligible is given below:
Where SCN is pending for adjudication for demand of Excise Duty or Service Tax and final hearing has not been concluded on 30th June 2019.
Where one or more appeal is pending before either Commissioner Appeal CESTAT and judgement is not reserved as on 30th June 2019.
if appeal or writ petition is pending before High Court or Supreme Court then that petition or appeal is required to be withdrawn from HC or SC and after withdrawal of such petition or appeal and only thereafter Declaration under this scheme can be filed to avail benefit of this scheme.
Where SCN has been issued for levy of penalty and late fee and final hearing has not taken place as on 30th June 2019.
Where recoverable arrears are pending I.e. duty or tax stood determined pursuant to order of authorities under the Act or by order of Tribunal or Court.
Where cases are under investigation or audit or enquiry and duty or tax has been quantified and intimated to party as on 30th June 2019 or admitted by the party in a statement as on 30th June 2019. ( if duty or taxes has not been quantified as on 30th June 2019 after enquiry investigation or audit then benefit of the scheme cannot be availed in other words quantification is must).
Party wishes to make voluntary disclosure I.e. previously though Excise duty or Service Tax was payable ( whether recovered or not from customers) but not paid to govt and now party wishes to avail the scheme they can do so.
If the party has already paid Excise Duty or Service Tax with accrued interest of his own without issuance of SCN then party can avail benefit of sub-section (2) Of Section 11A of Central Excise Act I.e. intimate department and under this provision, department is prohibited from issuing SCN for levy of penalty.
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Stern action if GST returns are not filed, warns Chief Commissioner:
READ MORE- https://www.gststation.in/stern-action-if-gst-returns-are-not-filed-warns-chief-commissioner/
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India’s tax administration needs a mindset change: Nirmala Sitharaman:
READ MORE- https://www.gststation.in/indias-tax-administration-needs-a-mindset-change-nirmala-sitharaman/
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Delhi: Two persons arrested in cases of fraudulent IGST refund claims:
READ MORE- https://www.gststation.in/delhi-two-persons-arrested-in-cases-of-fraudulent-igst-refund-claims/
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Ramesh B. Desai & Ors. Vs. Bipin Vadilal Mehta & Ors. ( for the applicability of law of limitation on fraud)
Facts :
The Company Petition seeking rectification of register in accordance with section 155 of Companies Act, 1956 was filed by Ramesh B. Desai & 8 others who are shareholders of the company on 10.11.1987 but after nearly 8 years on 20.3.1995 an application was filed by Bipin Bhai & Priyam bhai Mehta (Respondent No. 2 & 3 in company petition) praying that the company petition be dismissed as barred by Limitation. The Respondent No 2 & 3 prayed fraud by using Company’s Funds under Section 77 of the Act. The Petitioners could not have detected the fraud earlier in the year 1982 & came to know in 1987.
Issue :
Whether the Petitioner could avail the benefit of Section 17(1)(b) of the Limitation Act, as they were claiming that they did not get knowledge of the transaction prior to May, 1987 & that the petition was within the time from date on which they got knowledge of the transaction.
Held :
The Appeal of the Company is allowed As the Company petition cannot be held to be barred by limitation as the petitioners had not been given opportunity to lead evidence & the findings of the high court has been reversed on that point & the finding of high court on point of continuing wrong & condonation of delay are set aside.
MANU/SC/2996/2006