A number of companies applied for a Goods & Services Tax (GST) refund since the introduction of the tax regime. As on 02.12.2019, a total of 1,86,158 entities have filed 36,42,272 refund applications, out of which 34,46,010 refund applications have been finalised.
Whenever any violation of Corporate Social Responsibility (CSR) provisions is reported, action against such non-compliant Companies are initiated as per provisions of Companies Act, 2013 after due examination of records. So far, sanction for prosecution has been accorded in 366 cases. All CSR related offences are compoundable. So far 118 applications for compounding have been made and 37 cases have been compounded.
Director General of Foreign Trade (DGFT) has recently issued a Public Notice (PN) No. 47/2015-2020 dated 07 December 2019 in relation to change in MEIS rate. It has been notified that, except products listed in Annexure to this Public Notice, Additional 2% MEIS (as provided in PN No. 44 dated 05 Dec 2017, PN No. […]
The Investor Education & Protection Fund (Accounting, Audit, Transfer and Refund) Rules 2016 have been amended vide GSR No.571 (E) dated 14.8.2019 to simplify the process of refund of claims filed with The Investor Education & Protection Fund Authority (the Authority).
CBECMITRA, a pan-India helpdesk, a national toll-free number and GST Seva Kendras have been established to resolve taxpayer grievances relating to Goods & Service Tax (GST).
While formulating the ASLBs, due consideration is given to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC for integrating the same to the extent possible, in the light of the conditions and practices prevailing in India. The Committee has finalised the Exposure draft of Accounting Standards for Local Bodies (ASLB) 4, ‘The Effects of Changes in Foreign Exchange Rates’ for your valuable comments and suggestions.
Since its creation in 2015, ICRICT calls to stop the harmful race to the bottom in both corporate tax rates and the artificial shifting of corporate profits to low-tax jurisdictions by putting a floor to tax rates and attributing taxable profits to the jurisdictions where real economic activity takes place. We therefore welcome the ongoing […]
Announcement on Applicability of Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries
During the last 3 years, 55 number of research reports prepared by Market Research and Analysis Unit (MRAU) have been submitted to the Ministry of Corporate Affairs (MCA). 12 number of investigations have been assigned to Serious Fraud Investigation Office (SFIO).
PRESS RELEASE 8000 taxpayers file returns in 4 days of blocking of eway bill Blocking of e way bill on non-tiling of GST Returns has been implemented from November 28th, 2019, The NIC Karnataka in association with GSTN has developed a module in e-way bill system. where in the tax payers who have not filed […]
