CBEC has extended Last Date for Submission of GST TRAN-2 extended upto 31 March 2018 vide Notification No.12/2018 – Central Tax dated : 7th March 2018. Relevant Extract is as follows:- 2. In the Central Goods and Services Tax Rules, 2017, – (i) with effect from the date of publication of this notification in the […]
Fall in net profit rate due to dollar rate fluctuation (currency fluctuations): additions to income deleted in Indo Colchem case by Ahmedabad ITAT
The Reserve Bank of India (RBI) has imposed, on March 01, 2018, a monetary penalty of ₹ 4 million on State Bank of India (the bank) for non-compliance with the directions issued by RBI on Detection and Impounding of Counterfeit Notes. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46(4) (i) of the Banking Regulation Act, 1949.
The Competition Commission of India (CCI) imposes penalties upon three Airlines for concerted action in fixing and revising fuel surcharge (FSC) on cargo transport The Competition Commission of India (CCI) has imposed penalties upon 3 Airlines for concerted action in fixing and revising Fuel Surcharge (FSC) – a component of freight charges. The Final Order was […]
GSTR-5A late fee waiver notification No. 06/2018 – CT dated 23.01.2018 rescinded-Furnishing GSTR-5A after due date shall now attract prescribed late fee
Central Bureau of Investigation has today arrested an Inspector of Income Tax, Ward-1(1), Vanijya Nikunj, Udyog Vihar, Phase-V, Gurgaon (Haryana) for demanding & accepting a bribe of Rs. One Lakh.
Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreements allow exchange of information between countries for tax purposes including […]
The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber.
The Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Act. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today. The Government has no proposal […]
All States have joined the Government’s centralized e-way bill system for inter-State transport of goods by road under the GST regime. Accordingly, the Government, on the recommendations of the GST Council, appointed the 1st day of February, 2018, as the date from which the provisions of the e-way bill rules shall come into force for inter-State movement of goods.
