IFSCA sets up committee for creating a Framework for transfer of stressed loans from domestic lenders to permitted financial institutions in IFSC The Reserve Bank of India (RBI) has recently (vide the RBI (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021 replaced the existing instructions on the matter of sale/transfer of loan exposures […]
Amendment of the Minerals (Evidence of Mineral Contents) Rules, 2015 and the Mineral (Auction) Rules, 2015 to facilitate identification of mineral blocks for auction for grant of Composite Licence. Amendment Focusses on More Participation and Competition. State Government Constituted Committee to Assess Mineral Potentiality of Proposed Block for Auction. Ministry of Mines has notified the […]
Government introduced Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 in Lok Sabha on 17th December 2021. Clause wise Analysis & Reason for introduction of the bill are as follows:- STATEMENT OF OBJECTS AND REASONS The Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the […]
Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%. Net Direct Tax collections for the F.Y. 2021-22 grown at robust pace at more than 60%. Refunds aggregating to Rs. 1,35,093.6 crore issued in the current fiscal. The figures of […]
As ‘restaurant service’ has been notified under section 9(5) of the CGST Act, 2017, the ECO shall be liable to pay GST on restaurant services provided, with effect from the 1st January, 2022, through ECO. Accordingly, the ECOs will no longer be required to collect TCS and file GSTR 8 in respect of restaurant services on which it pays tax in terms of section 9(5).
3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department Senior officials of Ministry of Finance headed by Secretary, Revenue had a meeting with the Infosys team headed by Shri Salil Parekh, MD & CEO, Infosys on 16.12.2021, on the preparedness of the e-filing website during the peak filing […]
TAX BREAKS ON ETHANOL | The Government has lowered Goods and Services Tax rate to 5% from 18% on ethanol meant for blending under the Ethanol Blended Petrol (EBP) Programme The Minister of State for Petroleum and Natural Gas, Shri Rameswar Teli in a written reply to a question in the Lok Sabha today informed […]
Steps taken by the government to arrest the price hike of electricity A series of steps taken by the Government of India has helped to arrest the price hike of electricity in recent past. Such steps include (i) Government of India announced a Liquidity Infusion Scheme (LIS) through Power Finance Corporation (PFC) Ltd. and Rural […]
Property investment isn’t as straightforward as it once was. With traditional banks hesitant to grant loans to those who want to invest in development projects, finding the money to invest can be hard, especially if your money is already tied up in other investments.
CGST officers arrest Chartered Accountant for generating fake input tax credit to the tune of Rs. 92 crores. Case involves fake invoice of more than Rs. 500 crores. The officers of CGST, Thane (Rural) Commissionerate have arrested a Chartered Accountant who had generated fake input tax credit to the tune of Rs. 92 crores involving […]
