How can a buyer claim GST credit if supplier fails to upload his invoice

  Suppliers forgets to upload invoices issued to a Registered Recipient In case a supplier fails to upload few invoice(s) for supplies to registered persons in his GSTR1 and has filed his GSTR1, there is no need for undue concern for the recipient (buyer). Though, no invoices can be added to a GSTR 1 once it is filed, there are, yet two ways in which the recipient can claim credit and the supplier can discharge his liability on such invoices. These are, The recipient can add such invoices in his GSTR 2. These added invoices would be auto-drafted in the GSTR 1A of the supplier and they can accept them and file their acceptance to the GST portal before filing their GSTR 3 of the month. These invoices will form

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ICSI Members facilitated to avail infrastructural facilities at the Overseas Centres-MoU entered into with Institute of Cost Accountants of India 

  October 10, 2017 Dear Members, Sub: The Institute of Company Secretaries of India members facilitated to avail infrastructural facilities at the Overseas Centres – MoU entered into with Institute of Cost Accountants of India It give me immense pleasure to inform you that the Institute of Company Secretaries of India has recently entered into a Memorandum of Understanding [MoU] with the Institute of Cost Accountants of India. In terms of the said MoU, the Institute of Company Secretaries of India and its members may avail the infrastructural facilities of Overseas Centres of the Institute of Cost Accountants of India at Bahrain, Botswana, Canada, Dubai, Kathmandu, Muscat, Tanzania, Washington, and Zambia. The MoUs also provides for participation of the members of the Institute of Company Secretaries of India in the

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68th Annual Report and Audited Accounts of the Institute for the year 2016-17

  11th October, 2017 ANNOUNCEMENT Sub: 68th Annual Report and Audited Accounts of the Institute for the year 2016-17 The 68th Annual Report and Audited Accounts of the Institute for the year ended 31st March, 2017 have been published in Part III Section 4 of the Gazette of India, Extraordinary dated 29th September, 2017. The said Annual Report and Accounts as published in the aforesaid Gazette of India are available on the Website of the Institute at the link: https://www.icai.org/new_post.html?post_id=1260&c_id=200 for information and downloading by the members. Members interested in having a hard copy of the same may kindly send their request in this behalf along with their membership number and complete postal address at which the Report is to be sent, to Shri G. Ranganathan, Deputy Secretary, Council Affairs

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Non-compliance with the Minimum Public Shareholding (MPS) requirements

  CIRCULAR CFD/CMD/CIR/P/2017/115 October 10, 2017 To All Listed entities All the Recognised Stock Exchanges All Depositories Dear Sir/Madam, Sub: Non-compliance    with the Minimum    Public    Shareholding (MPS) requirements 1. Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)  Regulations,  2015  (“Listing  Regulations”) mandates a listed entity to comply with the Minimum Public Shareholding(“MPS”) requirements  specified  in  rules  19(2)  and  19A  of  the  Securities  Contracts (Regulation)  Rules,  1957  in  the  manner  as  specified  by  the  Board  from  time  to time. 2. In terms of sub  regulation  (1) of  regulation  97  of the Listing  Regulations, recognized  Stock  Exchanges are  mandated  to monitor  compliance by  listed entities with the provisions of the Listing Regulations. 3. Sub regulations (1) and  (2)  of  regulation  98  of  Listing  Regulations inter-alia

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PFMS portal not ready to issue IGST Refund on export of goods

  Instruction No. 16/2017-Customs F. No. 450/119/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) ******** New Delhi, dated the 9th October, 2017 To All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners of Customs and Central Excise, All Directors General, All Principal Commissioners/Commissioners of Customs / Customs (Preventive), All Principal Commissioners/ Commissioners of Customs and Central Excise. Sir/Madam, Sub: Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017 regarding Your attention is invited to Instruction No. 15/2017-Customs dated 09.10.2017 on the aforementioned subject. In this regard a letter has been received from Chief Controller of Account (copy enclosed) wherein they have expressed their inability to initiate the process of disbursement of IGST refund through

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CBEC guideline for Refund of IGST paid on export of goods

  Instruction No. 15/2017- Customs F. No. 450/119/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) ******** New Delhi, dated the 9th October 2017 To All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Preventive). All Principal Chief Commissioners/Chief Commissioners of Customs and Central Excise. All Directors General, All Principal Commissioners/Commissioners of Customs / Customs (Preventive), All Principal Commissioners/ Commissioners of Customs and Central Excise. Sir/Madam, Sub: Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017 As you are aware, Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that the shipping bill filed by an exporter shall he deemed to be an application for

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CBEC Press Release dt 11.10.2017 on — Petroleum & Oil Sector

  PRESS RELEASE 11th October 2017 On Petroleum & Oil Sector To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6th October, 2017 has made the following recommendations for GST rate structure for specified goods and services: i. Offshore works contract services and associated services relating to oil and gas exploration and production in the offshore areas beyond 12 nautical miles shall attract GST of 12%; ii. Transportation of natural gas through pipeline will attract GST of 5% without input tax credits (ITC) or 12% with full ITC; iii. Import of rigs and ancillary

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Cabinet approves MoU between SEBI and FSC 

  The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance. The MoU is likely to promote further development of economic links and cooperation between the two regulators and aims at creating conditions for an effective development of securities markets in the two countries. It would also contribute towards strengthening the information sharing framework between the two signatories. It is expected to add value to overseas mutual cooperation and regulation activities of SEBI and FSC, Gibraltar. ****** AKT/VBA/SH (Release ID :171621)

First Meeting of EAC-PM spells out the road map for acceleration of economic growth

  The First Meeting of the Economic Advisory Council to the Prime Minister chaired by Dr. Bibek Debroy, Member NITI Aayog, today identified major priorities for accelerating economic growth and employment over the next six months, with greater last mile connectivity. Attended by members including leading economists Dr. Surjit Bhalla, Dr. Rathin Roy, Dr. Ashima Goyal and Member Secretary Mr Ratan P Watal, also former Finance Secretary and Principal Adviser NITI Aayog, the deliberations of the Council took stock of the current economic, fiscal and monetary policy environment and identified key issues that it would focus on. In his presentation, Chief Economic Advisor Dr. Arvind Subramanian focused attention on accelerating economic growth, including investments and exports-using a combination of different policy levers. The Economic Advisory Council to the Prime Minister

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Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th October, 2017. PRESS RELEASE Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017 The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh crore during April to September, 2017. Refunds amounting to Rs.79,660 crore have been issued during April to September, 2017. An amount of Rs. 1.77

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