Union Home Minister reviews measures to check cyber crimes in financial sector 

  Union Home Minister Shri Rajnath Singh chaired a meeting of all agencies concerned and representatives of relevant states here today to review the progress of the decisions taken during the meeting taken by him on September 19, 2017 for curbing the financial sector frauds emanating from the usage of cards and e-wallets in particular. Union Home Minister was informed that in pursuance of the decisions taken in the meeting taken by him on September 19, 2017, an Inter Ministerial Committee on Phone Frauds (IMCPF) has been constituted in the Ministry of Home Affairs on September 28, 2017. The Committee under the chairmanship of Additional Secretary MHA and members from other stakeholder organisations namely Ministry of Electronics & Information Technology (MeitY), Department of Financial Services, Department of Telecommunication, Reserve Bank

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Auction of Government of India Dated Securities

  RBI/2017-18/90 Ref. No. IDMD/1193/08.02.032/2017-18 November 13, 2017 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sir/Madam, Auction of Government of India Dated Securities Government of India (GoI) has offered to sell (re-issue) four dated securities for notified amount of ₹ 15,000 crore as per the following details: Sr No Security Notified Amount (in ₹ crore) GoI Notification Auction Date Settlement date 1 GoI FRB 2024 3,000 F.No.4(7)-W&M/2017 dated November 13, 2017 November 17, 2017 (Friday) November 20, 2017 (Monday) 2 6.79% GS 2027 8,000 3 7.73% GS 2034 2,000 4 7.72% GS 2055 2,000   Total 15,000       Subject to the limit of ₹ 15000 Cr being total notified amount, GoI will have the option to retain

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Acceptance of Unique Identity Number of Foreign Diplomatic Missions / UNO while making sales or supplies

  Press Release Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and will not have any additional effect on the supplier’s tax liability. Recording of UIN while making such sales will enable Foreign Diplomatic Missions / UN Organizations to claim refund of the taxes paid by them in India. Therefore, it is advised that under no circumstance any supplier should

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Accepting of UIN of Foreign Diplomatic Missions / Suppliers

  Press Release Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and will not have any additional effect on the supplier’s tax liability. Recording of UIN while making such sales will enable Foreign Diplomatic Missions / UN Organizations to claim refund of the taxes paid by them in India. Therefore, it is advised that under no circumstance any supplier should

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Cabinet approves Joint Interpretative Declaration between India and Colombia regarding the Agreement for the Promotion and Protection of Investmentssigned on November 10, 2009 

  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing the Joint Interpretative Declaration (JID) between India and Colombia regarding the existing Agreement for the Promotion and Protection of Investments between India and Colombia signed on November 10, 2009. The JID would impart clarity to the interpretation of the existing Agreement as itincludes interpretative notes to be jointly adopted for many clauses, including, the definition of investor, definition of investment, Fair and Equitable Treatment (FET), National Treatment (NT) and Most Favoured Nation (MFN) treatment, expropriation, Investor – State Dispute Settlement provision and Denial of Benefits. Joint Interpretative Declarations/Statements in general play an important supplementary role in strengthening the investment treaty regime. With increasing Bilateral Investment Treaty (BIT) disputes, issuance of such statements

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Changes recommended in Composition Scheme 

  The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today. i. Uniform rate of tax @ 1% under composition scheme for manufacturers andtraders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant. ii. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same iii. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum. iv. The changes recommended by GST Council at (ii) and (iii) above will be implemented only after the

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Cabinet approves the protocol amending the Agreement between India and Kyrgyz for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income 

  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kyrgyz Republic for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The Protocol amending Double Taxation Avoidance Agreement (DTAA) aims to update Article 26 (Exchange of Information) of the DTAA to international standards. The updated Article provides for exchange of information to the widest possible extent. The new paragraphs 4 and 5 being inserted into the existing Article 26 of the DTAA provide that the State from which information is requested cannot deny information on the ground that it has no domestic tax interest in that information or that the information requested is held by a

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Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at 61 Cities

  10th November, 2017 IMPORTANT ANNOUNCEMENT Subject: Information System Audit – Assessment Test (ISA – AT), December 2017 Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at the following cities provided that sufficient number of candidates offers themselves to appear there from. The Council reserves the right to withdraw any centre at any stage without assigning any reason. The above Test is open only to the Members of the Institute who are already registered with the Institute for the ISA course and fulfill the eligibility criterion laid down. The fee payable for the above Assessment Test is ₹ 2000/-. An

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GST on restaurants reduced to 5% by GST Council in 23rd Meeting

  Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati i. All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. ii. Restaurants in hotel premises having room tariff of less than Rs 7500 per unit per day will attract GST of 5% without ITC. iii. Restaurants in hotel premises having room tariff of Rs 7500 and above per unit per day (even for a single room) will attract GST of 18% with full ITC. iv. Outdoor catering will continue to be at 18% with full ITC. v. GST on services by way of admission to “protected monuments” to be exempted.

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Revised GST Return Filing Due dates, Penalty for Late filing & Rules

  Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017 Return Filing a) The return filing process is to be further simplified in the following manner: i. All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20thof the succeeding month till March, 2018. ii. For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR 1 are as follows: (a) Taxpayers with annual aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per following frequency: Period Dates Jul- Sep 31st Dec 2017 Oct- Dec 15th Feb 2018 Jan- Mar 30th April 2018 (b) Taxpayers with annual aggregate turnover more

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