Daily Archives: August 2, 2018

Banks shall use Foreign Currency conversion rate announced by FBIL : RBI

By | August 2, 2018

RBI/2018-19/34 DBR.Ret.BC.No.01/12.01.001/2018-19 August 02, 2018 The Chairperson / CEOs of all Scheduled and Non- Scheduled Banks Dear Sir/Madam, Maintenance of CRR/SLR on Foreign Currency Assets/Liabilities– Reference rate for INR/USD and exchange rate of other major currencies. Please refer to our circular DBOD.No.Ret.BC.113/12.01.001/2011-12 dated June 29, 2012 on Maintenance of CRR on FCNR(B) Scheme advising banks to be… Read More »

Category: RBI

Fugitive Economic Offenders Act 2018 : Notification : Download/Print

By | August 2, 2018

Fugitive Economic Offenders Act 2018 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 1st August, 2018/Shravana 10, 1940 (Saka) The following Act of Parliament received the assent of the President on the 31st July, 2018, and is hereby published for general information:— THE FUGITIVE ECONOMIC OFFENDERS ACT, 2018 NO. 17 OF 2018 [31st… Read More »

Specific Relief (Amendment) Act 2018 :Notification : Download /Print

By | August 2, 2018

Specific Relief (Amendment) Act 2018 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 1st August, 2018/Shravana 10, 1940 (Saka) The following Act of Parliament received the assent of the President on the 1st August, 2018, and is hereby published for general information:— THE SPECIFIC RELIEF (AMENDMENT) ACT, 2018 NO. 18 OF 2018 [1st… Read More »

Exp. incurred on education of director’s son not allowed as Business Expense : BOMBAY HC

By | August 2, 2018

Exp. incurred on education of director’s son not allowed as Business Expense In the case in hand, Appellants-Assessee is a company manufacturing copper foils. Son of one of the directors was sent to USA for completing course in Business Administration which was ‘general’ in nature and had no direct nexus with the business activities of… Read More »

NO GST on Project Management Consultancy services for Pradhan Mantri Awas Yojna : AAR

By | August 2, 2018

Project Development and Management Consultancy services (‘PDMC’) provided by Applicant to recipient under the Contract for AMRUT; and the Project Management Consultancy services (‘PMC’) under the Contract for PMAY would qualify as an activity in relation to function entrusted to Panchayat or Municipality under Article 243G or Article 243W respectively, of the Constitution of India. AUTHORITY FOR ADVANCE… Read More »

Last 2 Months to take GST ITC credits for FY 2017-18

By | August 2, 2018

With the completion of the first financial year coinciding with the introduction of GST, most businesses are now close to finalising their financials for FY 2017-18. The GST provisions has adopted the financial year cycle to provide for a definitive timeline for availing input credits, including tax adjustments via credit notes etc. This timeline has… Read More »

Category: GST

Seva Bhoj Yojna for GST Refund started from 01.08.2018

By | August 2, 2018

Seva Bhoj Yojna for GST Refund started from 01.08.2018 Ministry of Culture Government launches the scheme ‘Seva Bhoj Yojna’, beginning today. Scheme seeks to reimburse Central Share of CGST and IGST on Food/Prasad/Langar/Bhandara offered by Religious/ Charitable  Institutions Posted On: 01 AUG 2018 7:15PM by PIB Delhi The Ministry of Culture, Government of India has… Read More »

GST Fraud in India : Study Material

By | August 2, 2018

GST Fraud GST Evasion of Rs 201 crore : Delhi based businessmen arrested on 01.08.2018 for issing ITC invoices without actual Supply GST Fraud in Delhi of Rs 28 crore : 2 arrested GST Fraud : Two Businessmen arrested for creating fictitious invoices GST Tax Evasion through Railways : UP govt Circular No 1718045 Dated… Read More »

GST Evasion of Rs 201 crore : Delhi based businessmen arrested

By | August 2, 2018

Ministry of Finance Central GST Delhi West Commissionerate arrests two Rohini based businessmen today in national capital in a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods involving tax evasion of approximately Rs. 201 crore relating to Plastic Granule Industry Posted On: 01 AUG 2018 6:58PM by PIB… Read More »

New GST News 02.08.2018

By | August 2, 2018

New GST News 02.08.2018 [ Join online GST Course by CA Satbir Singh ] New GST News New Books for GST , Income Tax & Law Practice (Till July 2018) [Video] New GST Monthly Returns Process [Video] New Quarterly GST Return Process How to View and Download GST Notices and Orders on GST Portal GST… Read More »

Category: GST

Limited Insolvency Examination 2018 syllabus & format

By | August 2, 2018

Insolvency and Bankruptcy Board of India (Press Release) No. IBBI/PR/2018/23 31 st July, 2018 Limited Insolvency Examination, 1st November, 2018 The Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted… Read More »

Notification No 34/2018 : Information received from foreign jurisdiction can’t be share without CBDT permission

By | August 2, 2018

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION (ii) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 25th of July, 2018 NOTIFICATION In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act,… Read More »

Reverse Repo Rates w.e.f 01.08.2018 Revised by RBI

By | August 2, 2018

Liquidity Adjustment Facility – Repo and Reverse Repo Rates RBI/2018-2019/31 FMOD.MAOG. No.126 /01.01.001/2018-19 August 1, 2018 All Scheduled Commercial Banks (excluding RRBs), Scheduled Urban Co-operative Banks and Standalone Primary Dealers Madam/Sir, Liquidity Adjustment Facility – Repo and Reverse Repo Rates As announced in the Third Bi-monthly Monetary Policy Statement, 2018-19 today, it has been decided by the… Read More »

Category: RBI

Marginal Standing Facility Rate revised from 01.08.2018 by RBI

By | August 2, 2018

Marginal Standing Facility RBI/2018-2019/30 FMOD.MAOG.No.127/01.18.001/2018-19 August 1, 2018 All Scheduled Commercial Banks (excluding RRBs) Madam/Sir, Marginal Standing Facility As announced in the Third Bi-monthly Monetary Policy Statement, 2018-19 today, it has been decided by the Monetary Policy Committee (MPC) to increase the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 6.25… Read More »

Category: RBI

Change in Bank Rate w.e.f 01.08.2018 by RBI

By | August 2, 2018

RBI/2018-19/32 DBR.No.Ret.BC.03/12.01.001/2018-19 August 1, 2018 The Chairperson / CEOs of all Scheduled and Non Scheduled Banks Dear Sir / Madam, Change in Bank Rate Please refer to our circular DBR.No.Ret.BC.107/12.01.001/2017-18 dated June 6, 2018 on the captioned subject. 2. As announced in the Third Bi-Monthly Monetary Policy Statement 2018-19 dated August 1, 2018, the Bank Rate stands adjusted… Read More »

Category: RBI

Changes in Standing Liquidity Facility w.e.f 01.08.2018 by RBI

By | August 2, 2018

Standing Liquidity Facility for Primary Dealers RBI/2018-19/33 REF. No. MPD.BC. 384/07.01.279/2018-19 August 01, 2018 All Primary Dealers, Standing Liquidity Facility for Primary Dealers In the Third Bi-monthly Monetary Policy Statement 2018-19 of the Monetary Policy Committee (MPC), the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points to 6.50 per… Read More »

Category: RBI