Daily Archives: October 1, 2016

IT Strategy for GST

By | October 1, 2016

The IT Strategy for GST Empowered Group on IT Infrastructure on GST headed by Shri Nandan Nilekani Preface The broad IT plan for enabling GST was presented to the Government of India and the Empowered Committee of State Finance Ministers under the Chairmanship of Dr. Asim Dasgupta on July 21, 2010. This document is a… Read More »

Category: GST

GST- 8 things you must know

By | October 1, 2016

1. GST applicable on ‘supply’ In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ or services made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied by State). As GST will be applicable on ‘supply’ the erstwhile taxable events… Read More »

Category: GST

GST System Architecture Principles

By | October 1, 2016

GST System Architecture Principles GST system is a Government program built as a critical national IT infrastructure and needs to sustain openness in the long run and a program of this scale has never been attempted before. GST system shall be built on the following core principles: 2.1 Platform Approach GST system will be built… Read More »

Category: GST

Introduction to GSTN

By | October 1, 2016

1.1 Introduction to GST System The Goods and Services Tax (GST), which will replace the State VAT, Central Excise, Service Tax and a few other indirect taxes, will be a broad-based, single, comprehensive tax levied on goods and services. It will be levied at every stage of the production distribution chain by giving the benefit… Read More »

GST Council – Conclusion of two Meetings

By | October 1, 2016

Conclusion of two GST Council Meetings The Government of India is committed to implement GST by 1st April 2017. The Central Government is consistently making progress towards implementation of biggest tax reform in India. On 12th September 2016, the Union Cabinet have approved setting up of the GST Council and its secretariat with its office… Read More »

Validity of Import licenses of plastic/ PET scrap issued under previous Hazardous Waste Rules 2008

By | October 1, 2016

Instruction F.No. 401/26/2014-Cus.-III(Pt.) Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi North Block, New Delhi Dated 30th September, 2016 To, All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise, All Principal Commissioners/Commissioners of Customs/Customs (Preventive), All Principal Commissioners/Commissioners… Read More »

ICDS Notification S.O. 892(E) -31.03.2015 rescinded

By | October 1, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi 29th September, 2016 S.O. 3078(E). — In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961(43 of… Read More »

Income-tax (23rd Amendment) Rules 2016 -Form 3CD Amended-Tax Audit

By | October 1, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th September, 2016 INCOME-TAX S.O. 3080(E).— In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act,… Read More »

ITR filing due date is extended for All Assessee : CBDT

By | October 1, 2016

Due Date of ITR filing is extended for ALL ASSESSEES – CBDT F.No.225/195/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, ITA.II Division New Delhi, the 30th of September, 2016 Order under Section 119 of the Income-tax Act, 1961 dated 9th September, 2016 In continuation of order… Read More »

GST Council falters on service tax control

By | October 1, 2016

Aconsensus reached between the Centre and states on administering 1.1 million service tax assessees in the first GST Council meeting was short- lived as it broke down on Friday. The high- powered body broadly resolved the issue of area- based exemptions and approved rules for registration and refunds under the proposed regime. The other thorny… Read More »

GST Composition Scheme for Small Businessmen : Analysis

By | October 1, 2016

GST Composition Scheme Section 8 of Model GST law deals with  GST Composition Scheme { Read GST Composition Scheme Analysis after CGST Act 2017 ] Key Points about GST Composition Scheme (a)         GST Composition Scheme is based on recommendations of the GST Council (b)         GST Composition Scheme is subject to prescribed conditions… Read More »

RBI Direction – Monitoring of Frauds in NBFCs (Reserve Bank) Directions 2016.

By | October 1, 2016

BI/DNBS/2016-17/49 Master Direction DNBS. PPD.01/66.15.001/2016-17 September 29, 2016 NOTIFICATION Master Direction – Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016. In exercise of the powers conferred by sections 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934), and of all the powers enabling it in this behalf,… Read More »

RBI Master Direction -NBFC Auditor’s Report (Reserve Bank) Directions 2016

By | October 1, 2016

RBI/DNBS/2016-17/48 Master Direction DNBS. PPD.03/66.15.001/2016-17 September 29, 2016 Master Direction – Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016 In exercise of the powers conferred by sub-section (1A) of Section 45MA of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, and… Read More »

Category: RBI

RBI Master Direction- NBFC Returns (Reserve Bank) Directions, 2016

By | October 1, 2016

RBI/DNBS/2016-17/47 Master Direction DNBS.PPD.02/66.15.001/2016-17 September 29, 2016 NOTIFICATION Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 In exercise of the powers conferred by sections 45 JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), and of all the powers enabling it in… Read More »

RBI issued norms for Publishing of photographs of Wilful defaulters

By | October 1, 2016

DBR.CID. BC. No.17/20.16.003/2016-17 September 29, 2016 The Chairmen / Chief Executive Officers of All Scheduled Commercial banks (including RRBs), All India Financial institutions (EXIM Bank, NHB, NABARD and SIDBI) Dear Sir/Madam Publishing of photographs of Wilful defaulters Please refer to our Master Circular on Wilful Defaulters DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015 inter alia outlining the… Read More »

Category: RBI

Banks to process payment using Aadhaar-based biometric authentication: RBI

By | October 1, 2016

RBI/2016-17/70 DPSS.CO.PD No.892/02.14.003/2016-17 September 29, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised Card Payment Networks / White Label ATM Operators / Payments Banks / Small Finance Banks Dear Madam / Sir, Aadhaar-based… Read More »

Category: RBI

RBI Master Circular- Credit Facilities to Minority Communities – Modification

By | October 1, 2016

RBI/2016-17/67 FIDD.GSSD.BC.No.15/09.10.01/2016-17 September 29, 2016 The Chairman/ Managing Director All Scheduled Commercial Banks (excluding RRBs and Foreign banks with less than 20 branches) Dear Sir / Madam, Master Circular- Credit Facilities to Minority Communities – Modification Please refer to our Master Circular FIDD.GSSD.BC.No.01/09.10.01/2016-17 dated July 01, 2016. 2. In partial modification of the Circular, para… Read More »

Category: RBI

Doubling Farmers’ Income by 2022 -RBI advise to Lead banks

By | October 1, 2016

RBI/2016-17/66 FIDD.CO.LBS.BC.No.16 /02.01.001/2016-17 September 29, 2016 The Chairman and Managing Directors SLBC Convener Banks/ Lead Banks Dear Sir/ Madam, ‘Doubling Farmers’ Income by 2022’ – Measures As you are aware, the Government of India in the Union Budget 2016-17 had announced its resolve to double the income of farmers by 2022. Several steps have been… Read More »

Category: RBI

Increase on limits for investment by FPIs in Central Government Securities

By | October 1, 2016

Investment by Foreign Portfolio Investors (FPI) in Government Securities RBI/2016-17/72 A.P. (DIR Series) Circular No. 4 September 30, 2016 To, All Authorised Persons Madam/Sir Investment by Foreign Portfolio Investors (FPI) in Government Securities Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of… Read More »

Category: FDI

GST Council Okays Draft Rule

By | October 1, 2016

The Goods and Services Tax (GST) Council approved draft rules for the proposed levy and agreed to a refund mechanism for central and state tax holidays that will continue under the new regime, marking further progress toward rolling out India’s biggest indirect tax reform by April 1 next year. The GST Council will now meet… Read More »

Annual Filing Check List for ROC-Forms ADT-1, AOC-4, MGT-7

By | October 1, 2016

Annual Filing Check List for ROC Forms ADT-1, AOC-4, MGT-7 1) ADT-1 (Appointment of Auditors) 2) AOC-4 (Balance Sheet and Profit & Loss Account) 3) MGT-7 (Annual Return) Form  Details Particulars ADT-1 (Appointment of Auditors) Auditors Detail a) Name of the auditor or auditor’s firm b) Income tax permanent account number of auditor or auditor’s firm c) Auditor’s firm’s registration number d)… Read More »

Revised ICDS Notified, Exemption to Individuals and HUF Not liable for Tax Audit

By | October 1, 2016

Income computation and disclosure standards -ICDS NOTIFICATION New Delhi, the 29th September, 2016 S.O. 3079 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to this notification to be followed… Read More »

IDS 2016: Uploading of Form-1 filed manually -Facility enabled

By | October 1, 2016

F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 30th September, 2016 To, All Principal Chief Commissioners of Income-tax Sub.: Uploading of Form-1 filed under the Income Declaration Scheme, 2016 – reg. CBDT Instruction No.10 of 2016 dated 28.09.2016 provides that in cases where the… Read More »

MVAT Settlement of Arrears in Disputes Act Due date extended to 15.11.2016

By | October 1, 2016

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Settlement of Arrears in Disputes (Second Amendment) Ordinance, 2016 (Mah. Ord. XXIV of 2016), is hereby published under the authority of the Governor. By order and in the name of the Governor of Maharashtra,… Read More »

ICAI clarified auditor’s rotation under the SQC 1

By | October 1, 2016

1. The Council of the Institute of Chartered Accountants of India (ICAI), at its 359th meeting held on September 16-17, 2016 considered an issue regarding the difference in requirements relating to the auditor’s rotation under the SQC 1, “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and… Read More »

Govt given back date Service Tax Exemption on transportation by educational institutions to students, faculty and Staff

By | October 1, 2016

Service Tax Exemption on  Service of transportation, by educational institutions to students, faculty and staff for the period commencing on and from the first day of April, 2013 and ending with the tenth day of July, 2014. Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 45/2016-Service… Read More »

Revised Arrest Guidelines for Failure in Service Tax Payment

By | October 1, 2016

Circular No 201/11/2016-Service Tax F.No. 137/47/2013-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Service Tax Wing New Delhi, the 30th September, 2016 To All Principal Chief Commissioners/ Chief Commissioners of Central Excise/Service Tax Principal Directors General/ Directors General of Goods & Service Tax/ Systems/Central Excise Intelligence/ Audit/Tax… Read More »

USA-Drought-Stricken Farmers can defer tax on gains from forced livestock sales

By | October 1, 2016

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; 37 States and Puerto Rico Affected WASHINGTON — Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax… Read More »

CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives

By | October 1, 2016

CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives under the Income-tax Act. Under the Andhra Pradesh Re-organisation Act, 2014 the Government of India is extending special assistance to four districts of Rayalseema and three districts of North coastal Region of Andhra Pradesh. To further boost the industrial activities, the CBDT has notified these… Read More »