Ministry of Finance Direct Tax and Indirect Tax Collections Posted On: 14 DEC 2018 The details of total Direct Tax and Indirect Tax collected over the last three years along with the different component-wise are as under: Direct Tax (Rs. in crore) Financial Year Corporation Tax Taxes on Income Total 2015-16 453228… Read More »
Ministry of Finance Goods and Services Tax Collections Posted On: 14 DEC 2018 The month-wise gross collection of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess for FY 2017-18 and FY 2018-19 are as under: Month GST collection (in Rs. Crore)… Read More »
Ministry of Finance E-Returns Filed by the Individual Tax Payers Posted On: 14 DEC 2018 There has been a growth in the number of e-Returns filed by the individual tax payers during the last four years. The number of income-tax returns filed and the annual growth rate during the last four financial years are… Read More »
General Circular No. 11/2O18 F.No. 01/34/2013 CL-V Government of India Ministry of Corporate Affairs 5th Floor, A’Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1. Dated: 10.12.2018 To All Regional Directors, All Registrar of Companies, A11 Stakeholders. Subject: Relaxation of additional fees and extension of last date of in fillng of CRA-4 (Cost Audit Report… Read More »
Ministry of Finance Measures being taken to Control and Prevent Frauds in Banks Posted On: 14 DEC 2018 A number of measures being taken to control and prevent frauds in banks, including, inter alia, the following: Government has issued “Framework for timely detection, reporting, investigation etc. relating to large value bank frauds” to Public Sector Banks (PSBs),… Read More »
Expense wise reconciliation required in GSTR 9C (GST Audit) Table 14 of GSTR-9C (Reconciliation Statement if turnover Exceeds Rs 2 Crore ) requires expense-wise reporting of ITC available and availed Issue: 1. Table 14 of GSTR-9C requires expense-wise reporting of ITC available and availed whereas it is not feasible for auditors to verify expense wise… Read More »
Cash flow statement requirement Issue: There is a requirement to attach cash flow statement with form GSTR-9C. However, for small scale businesses it is difficult to comply with as they are not required to prepare the same. Suggestion: It is suggested to make the attachment of cash flow statement optional for small scale businesses GSTR… Read More »
Ministry of Water Resources, River Development and Ganga Rejuvenation Revised Guidelines for Ground Water Extraction Notified, to be Effective From 1st June 2019 Water Conservation Fee Introduced for the First Time Posted On: 13 DEC 2018 In order to comply with various directions of the Hon’ble NGT and to address various shortcomings in the existing… Read More »
ICAI Suggestions on GSTR 9 and 9C INTRODUCTION 1. The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on Reconciliation Statement and Certificate in Form GSTR 9C. We shall be pleased to discuss these suggestions provided in this communication during a meeting in person, to illustrate the points made… Read More »
GST Demand if goods or services not accounted for or there is shortage Keeping records under GST is most important task.If records of goods and services supplied and received is not kept as per provisions of GST Act , then there would be serious penalties under GST act. Video Lecture if GST Records are not… Read More »