Aconsensus reached between the Centre and states on administering 1.1 million service tax assessees in the first GST Council meeting was short- lived as it broke down on Friday. The high- powered body broadly resolved the issue of area- based exemptions and approved rules for registration and refunds under the proposed regime. The other thorny… Read More »
GST Composition Scheme Section 8 of Model GST law deals with GST Composition Scheme { Read GST Composition Scheme Analysis after CGST Act 2017 ] Key Points about GST Composition Scheme (a) GST Composition Scheme is based on recommendations of the GST Council (b) GST Composition Scheme is subject to prescribed conditions… Read More »
SUPREME COURT OF INDIA S.E.B.I. v. Sahara India Real Estate Corpn. Ltd. ANIL R. DAVE AND A.K. SIKRI, JJ. I.A NOS. 221-223 OF 2016 CONMT. PET. (C.) NOS. 412 & 413 OF 2012 C.A. NOS. 9813 & 9833 OF 2011 C.P.(C) NO. 8643 OF 2012 SEPTEMBER 28, 2016 Shekhar Napahade, Sr. Adv. (A.C.), Arvind P.… Read More »
IDS gets overwhelming response, whooping amount of Rs 65,000 crores unearthed In its bid step to tackle menace of Black Money, the Govt. had notified the Income Declaration Scheme, 2016 (‘IDS’) on June 1, 2016. Such IDS closed on September 30, 2016. As per the Income Tax India’s official twitter handle @IncomeTaxIndia, the IDS received… Read More »
BI/DNBS/2016-17/49 Master Direction DNBS. PPD.01/66.15.001/2016-17 September 29, 2016 NOTIFICATION Master Direction – Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016. In exercise of the powers conferred by sections 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934), and of all the powers enabling it in this behalf,… Read More »
RBI/DNBS/2016-17/48 Master Direction DNBS. PPD.03/66.15.001/2016-17 September 29, 2016 Master Direction – Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016 In exercise of the powers conferred by sub-section (1A) of Section 45MA of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, and… Read More »
RBI/DNBS/2016-17/47 Master Direction DNBS.PPD.02/66.15.001/2016-17 September 29, 2016 NOTIFICATION Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 In exercise of the powers conferred by sections 45 JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), and of all the powers enabling it in… Read More »
DBR.CID. BC. No.17/20.16.003/2016-17 September 29, 2016 The Chairmen / Chief Executive Officers of All Scheduled Commercial banks (including RRBs), All India Financial institutions (EXIM Bank, NHB, NABARD and SIDBI) Dear Sir/Madam Publishing of photographs of Wilful defaulters Please refer to our Master Circular on Wilful Defaulters DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015 inter alia outlining the… Read More »
RBI/2016-17/70 DPSS.CO.PD No.892/02.14.003/2016-17 September 29, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised Card Payment Networks / White Label ATM Operators / Payments Banks / Small Finance Banks Dear Madam / Sir, Aadhaar-based… Read More »
RBI/2016-17/67 FIDD.GSSD.BC.No.15/09.10.01/2016-17 September 29, 2016 The Chairman/ Managing Director All Scheduled Commercial Banks (excluding RRBs and Foreign banks with less than 20 branches) Dear Sir / Madam, Master Circular- Credit Facilities to Minority Communities – Modification Please refer to our Master Circular FIDD.GSSD.BC.No.01/09.10.01/2016-17 dated July 01, 2016. 2. In partial modification of the Circular, para… Read More »