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ICAI issuing GST invoice only in members name in their Individual capacity

June 2, 2018 4737 Views 2 comments Print

While remitting my membership and COP fees online I tried to key in GST number of the Partnership firm in which I am whole time partner in practice. However I am getting invalid GSTN registration detail message. kindly clarify.

Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018

June 2, 2018 1446 Views 0 comment Print

Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018 31st May, 2018 Provisions in the Insolvency and Bankruptcy Code, 2016 1. Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation […]

ICAI submits GST Audit Report Format for Turnover up to 10 Crore

June 2, 2018 55326 Views 6 comments Print

We are pleased to enclose the GST Audit Report (Form 9C) and Statement of Particulars (Form GSTR 9D) to be furnished alongwith the Report. These forms have been drafted keep in in mind the aspects of being simple, transparent, easy to comply, to bring awareness among the tax payers and at the same time protect the revenue for the Government.

Host all GST advance ruling judgement at one website

June 2, 2018 3210 Views 1 comment Print

ICAI has requested Government to host all the advance ruling judgement at one website either at CBIC or GST Council. ICAI is Apex Body of Chartered Accountants in India. The Authority for Advance Ruling constituted under the GST Laws, have been delivering its judgement regularly on the various cases before it. Presently, there is no […]

Income Tax Informants Reward Scheme, 2018 with higher reward

June 1, 2018 2295 Views 0 comment Print

Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

Foreigners also eligible for reward under Benami Transactions Informants Reward Scheme, 2018

June 1, 2018 735 Views 0 comment Print

It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns.

GST revenue collection for May 2018 

June 1, 2018 4458 Views 0 comment Print

The total gross GST revenue collected in the month of May2018 is Rs.  94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The total number of GSTR 3B Returns filed for the month of April up to 31st May, 2018 is 62.47 lakh.

Seva Bhoj Yojna to refund CGST and IGST on Langar served in Gurudwaras and other religious/charitable institutions

June 1, 2018 2178 Views 0 comment Print

Government introduces new scheme ‘Seva Bhoj Yojna’ Scheme seeks to reimburse Central Share of CGST and IGST on Food/Prasad/Langar/Bhandara offered by Religious Institutions The Ministry of Culture, Government of India has introduced a new scheme namely ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325.00 Crores for Financial Years 2018-19 and 2019-20. The scheme […]

Govt launches Online Analytical tool to monitor foreign contributions

June 1, 2018 558 Views 0 comment Print

Union Home Minister Shri Rajnath Singh here today launched an Online Analytical Tool to facilitate closer monitoring of the flow and utilisation of foreign contributions received by various organisations registered or permitted under the Foreign Contribution (Regulation) Act, 2010.

ICAI withdraws Guidance Note on Accounting for Real Estate Transactions

June 1, 2018 4965 Views 0 comment Print

The ICAI had issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all projects in real estate by entities to whom Ind AS were applicable. The aforementioned Guidance Note is based on principles of Ind AS 11, Construction Contracts and Ind AS 18, Revenue. On issuance of Ind AS 115,

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