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CBIC clarifies on GST implications for electricity charges
Posted Date : 07-Nov-2023 , 09:04:29 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that when electricity charges are bundled with renting of immovable property and/or maintenance of premises, it will be considered a composite supply and subject to Goods and Services Tax (GST) at 18%. This is applicable even if th...

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Category : GST | Comments : 0 | Hits : 1106

Govt approves extension of BoM, Central Bank MDs' tenure
Posted Date : 06-Nov-2023 , 08:32:49 am | Posted By CASANSAAR

The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India. According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of B...

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Category : Banking | Comments : 0 | Hits : 1090

FinMin launches GST Amnesty Scheme for filing appeals against demand orders
Posted Date : 04-Nov-2023 , 10:25:05 am | Posted By CASANSAAR

The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on...

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Category : GST | Comments : 0 | Hits : 1533

RBI imposes Penalty on PNB, Federal Bank, 2 other entities
Posted Date : 03-Nov-2023 , 08:15:34 pm | Posted By CASANSAAR

The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India P...

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Category : RBI | Comments : 0 | Hits : 1676

People can send Rs 2,000 notes by post to RBI offices for direct credit in bank accounts
Posted Date : 03-Nov-2023 , 07:03:33 am | Posted By CASANSAAR

People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts. This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank. Besides, the RBI is offering TLR (Tripl...

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Category : RBI | Comments : 0 | Hits : 1046

CBI begins probe into multi-crore PNB embezzlement case
Posted Date : 03-Nov-2023 , 06:50:54 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) has started probe into the multi-crore banking fraud in which a former Punjab National Bank (PNB) employee, M.P. Rijil, allegedly swindled ?21 crore from multiple bank accounts, including the eight accounts maintained by the Kozhikode Corporation.  T...

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Category : Banking | Comments : 0 | Hits : 935

Govt appoints Sanjay Kallapur and R. Narayanaswamy as part-time members of NFRA
Posted Date : 01-Nov-2023 , 08:17:35 pm | Posted By CASANSAAR

The Central Government has appointed Sanjay Kallapur and R. Narayanaswamy as the part-time members of India’s independent accounting regulator, the National Financial Reporting Authority (NFRA). The appointment is valid for a period of three years. A notification issued by the Ministry o...

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Category : NFRA | Comments : 0 | Hits : 1701

GST revenue collection for Oct. 2023 is second highest ever, records increase of 13% Y-o-Y
Posted Date : 01-Nov-2023 , 08:13:06 pm | Posted By CASANSAAR

The gross GST revenue collected in the month of October, 2023 is ? 1,72,003 crore out of which ? 30,062 crore is CGST, ? 38,171 crore is SGST, ? 91,315 crore (including ? 42,127 crore collected on import of goods) is IGST and ? 12,456 crore (includin...

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Category : GST | Comments : 0 | Hits : 975

J&K Bank's Central Statutory Auditors Removed Prematurely
Posted Date : 01-Nov-2023 , 08:08:38 am | Posted By CASANSAAR

The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts with respect to funds raised via the employee stock  purchase scheme 2023 (ESPS). The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely. The Comp...

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Category : Auditing | Comments : 0 | Hits : 3586

CA firms classified as professional, not eligible for ESI benefits - Gujarat HC
Posted Date : 31-Oct-2023 , 07:28:54 am | Posted By CASANSAAR

A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high cou...

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Category : ICAI | Comments : 0 | Hits : 1162

Remuneration to a director for providing corporate guarantee to be taxed under GST - CBIC
Posted Date : 31-Oct-2023 , 07:23:58 am | Posted By CASANSAAR

Remuneration or consideration received, directly/indirectly by a serving or separated director, for providing corporate guarantee will be treated as taxable value for GST, the Central Board of Indirect Taxes & Customs (CBIC) has said. This is part of a clarificatory circular, sent by CBIC to its...

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Category : GST | Comments : 0 | Hits : 786

GSTN Advisory related to changes in GSTR-5A
Posted Date : 30-Oct-2023 , 08:13:49 am | Posted By CASANSAAR

"Notification 51/2023 dated 29.09.2023 has introduced Table 5B in GSTR 5A w. e. f 01.10.2023. In this notification, Table 5B has been introduced to report supplies made to Registered GSTINs (B2B supplies). This would be implemented shortly at GSTN and till such time, OIDARs are advised to file ...

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Category : GST | Comments : 0 | Hits : 665

Bank Fraud - ED arrests 2 Promoters, CA of Pharma company, Searches Ashoka University
Posted Date : 29-Oct-2023 , 09:11:45 am | Posted By CASANSAAR

The Enforcement Directorate (ED) on Saturday arrested two promoters of a Chandigarh-based pharma company, who are also the co-founders of the Sonepat-based Ashoka University, and a chartered accountant in a money-laundering probe linked to an alleged bank fraud. Official sources said the central ...

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Category : Banking | Comments : 0 | Hits : 791

Finance Ministry Notifies Prospective 18% GST on Corporate Guarantees
Posted Date : 28-Oct-2023 , 08:07:06 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has said that Goods and Services Tax (GST) will apply to corporate guarantees between related entities such as parent firms and subsidiaries from Thursday, 26 October. The order gives effect to the decision announced by the GST Council on 8 Octo...

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Category : GST | Comments : 0 | Hits : 1090

MCA to soon launch centre to process all compliances for companies
Posted Date : 28-Oct-2023 , 08:00:07 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) will soon open its Central Processing Centre (CPC) for processing of forms related to all compliances for companies.  This is aimed to free up capacity at the offices of Regional Directors and Registrar of Companies to deal with enforcement matters, of...

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Category : MCA | Comments : 0 | Hits : 924

Income Tax Returns filed by individual taxpayers registered increase of 90%
Posted Date : 28-Oct-2023 , 07:53:34 am | Posted By CASANSAAR

Income Tax Returns filed by individual taxpayers have registered an increase of 90 per cent from 3.36 crore in Assessment Year 2013-14 to 6.37 crores in 2021-22.  Finance Ministry said, the average gross total income for individual taxpayers have registered an increase of 56 percent from 201...

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Category : Income Tax | Comments : 0 | Hits : 705

RBI asks Private Bbanks to have at least 2 Whole-Time Directors
Posted Date : 26-Oct-2023 , 07:35:35 am | Posted By CASANSAAR

The Reserve Bank of Indiaon Wednesday asked private banks and wholly-owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards to facilitate succession planning. Given the growing complexity of the banking sector, it becomes i...

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Category : RBI | Comments : 0 | Hits : 898

Adani Auditor EY Faces Inquiry by Accounting Regulator NFRA
Posted Date : 26-Oct-2023 , 07:32:12 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA), the country's accounting regulator, has initiated an inquiry against one of the member firms of Adani Group's longtime auditors EY, Bloomberg reported on October 25, citing sources privy to the development. The inquiry was started in rece...

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Category : Auditing | Comments : 0 | Hits : 1360

Rs. 97.4 Cr Scam in Ajanta Urban Coop Bank, Police Arrested Auditor
Posted Date : 21-Oct-2023 , 08:37:01 am | Posted By CASANSAAR

In yet another case of loan scam, a case of cheating, criminal breach of trust and forgery has been booked against the management of the Ajanta Urban Cooperative Bank as well as the employees concerned who have worked in it since March 2006. The scam is to the tune of Rs 97.4 crore, the city poli...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2655

Supreme Court rejects lower tax on dividend under treaties
Posted Date : 21-Oct-2023 , 08:28:58 am | Posted By CASANSAAR

In a big win for revenue authorities, the Supreme Court has held that the provisions of the 'Most Favoured Nation' clause in a tax treaty are not triggered automatically and a separate notification is required. The SC's order is likely to result in re-opening of several high-value cases,...

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Category : Income Tax | Comments : 0 | Hits : 846

GST Evasion of Rs 1.36 lakh Cr Detected so Far in FY24 - DGGI
Posted Date : 20-Oct-2023 , 09:51:33 am | Posted By CASANSAAR

The Directorate General of GST Intelligence (DGGI) has detected GST evasion of Rs 1.36 lakh crore so far during the current financial year involving “voluntary payment” of Rs 14,108 crores. The investigation agency under Goods and Services Tax (GST) regime has been working on identifying...

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Category : GST | Comments : 0 | Hits : 775

RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms
Posted Date : 17-Oct-2023 , 08:07:04 pm | Posted By CASANSAAR

The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms. The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to 'Loans and ...

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Category : RBI | Comments : 0 | Hits : 934

SC says restaurants not subject to service tax for take away food orders
Posted Date : 13-Oct-2023 , 12:11:50 pm | Posted By CASANSAAR

The Supreme Court has held that restaurants are not subject to service tax for take away food orders and sharing premises with an associated enterprise. While considering a civil appeal, the Supreme Court upheld the ruling of the Customs Excise Service Tax Appellate Tribunal (CESTAT) and dismissed t...

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Category : GST | Comments : 0 | Hits : 1630

IBBI invites suggestions to simplify, ease & reduce cost of compliance of Regulations notified under IBC
Posted Date : 13-Oct-2023 , 12:04:23 pm | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance. The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by ...

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Category : Insolvent Professional | Comments : 0 | Hits : 967

Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods - GSTN
Posted Date : 13-Oct-2023 , 11:56:37 am | Posted By CASANSAAR

  GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers. The APIs are for validating the demographic details of the said suppliers and also for use in tracking and repor...

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Category : GST | Comments : 0 | Hits : 979

Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers - GSTN
Posted Date : 13-Oct-2023 , 11:55:29 am | Posted By CASANSAAR

  1.In terms of the recent amendments to the Act and the rules and notification number 34/2023 dated 31.07.2023, persons supplying goods through e-commerce operators shall be exempt from mandatory registration under the CGST Act even if they supply goods through e-commerce operators (ECO) if...

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Category : GST | Comments : 0 | Hits : 813

RBI asks banks to monitor personal loans
Posted Date : 08-Oct-2023 , 08:44:12 am | Posted By CASANSAAR

Reserve Bank of India (RBI) is monitoring certain components of personal loans for signs of incipient stress, at a time when the unsecured retail loan portfolio of lenders has grown at a rapid pace. “Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms,...

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Category : RBI | Comments : 0 | Hits : 1289

SEBI to introduce centralised system for reporting, verifying death of an investor
Posted Date : 04-Oct-2023 , 08:49:01 am | Posted By CASANSAAR

Market regulator Sebi has announced the introduction of a centralised system for reporting and verifying the death of an investor. This is aimed at streamlining the process of transferring assets in the securities market. This circular shall come into effect from January 01, 2024. The circular...

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Category : SEBI | Comments : 0 | Hits : 1407

Simplified e-procedure for nil and lower TDS certificates effective from October 1
Posted Date : 04-Oct-2023 , 08:45:34 am | Posted By CASANSAAR

If you are eligible for lower or NIL or lower TDS (Tax Deducted at Source) under Income Tax Act, filing for the certificate will be much easier as the Income Tax Department has finalised the e-procedure for the process. The new mechanism has come into effect from October 1. An assessee must compl...

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Category : Income Tax | Comments : 0 | Hits : 2609

More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal
Posted Date : 03-Oct-2023 , 07:30:06 am | Posted By CASANSAAR

  More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date on 30th September 2023 with respect to filing of Tax Audit Reports (TARs) and other audit reports...

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Category : Tax Audit | Comments : 0 | Hits : 1375

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