Day: December 30, 2021

Outreach Programme on GST Law & Procedure

GST & Central Excise, Chennai South Commissionerate in association with Tamilnadu Industrial and Investment Corporation (TIIC), and Tamilnadu Small and Tiny Industries Association (TANSTIA) organized an outreach program on GST law and procedures on 29.12.2021 at TANSTIA Meeting Hal, Guindy, Chennai with specific focus on MSME Sector. Commissioner of GST, Chennai South Smt. Sudha Koka, …

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Launch of Taxpayers Facilitation Centres (TFC) as a part of “AKAM” in Chennai Customs Zone

AKAM is being celebrated as a part of Government of India initiative to celebrate and commemorate 75 years of India and its glorious history, people, culture and achievements. As a part of “Azadi Ka Amrit Mahotsav” (AKAM), Central Board of Indirect Taxes and Customs (CBIC) is dedicating 75 Taxpayer Facilitation Centres (TFC) across 70 cities …

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Year End Review- 2021: Ministry of Micro,Small & Medium Enterprises

Ministry of Micro,Small & Medium Enterprises Year End Review- 2021 The Ministry of Micro, Small and Medium Enterprises (MSME) has undertaken several path-breaking/ important initiatives during the year 2021.The following details provide a glimpse of various initiatives of the Ministry during 2021:  1.               Atmanirbhar Bharat Initiatives: i) Distressed Assets Fund -Subordinate Debt for stressed MSMEs- Credit Guarantee …

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Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI)

The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India. …

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Centre notifies rules for Consumer Protection Rules, 2021

Centre notifies rules for Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021 The revised pecuniary jurisdiction for entertaining consumer complaints shall be upto – 1) 50 lakh for District Commissions, 2) More than ₹50 lakh to ₹2 Crore for State Commissions and 3) More than ₹2 Crore for …

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GST UPDATES ON TAXTILES

FM Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) for Union Budget 2022-23 here today. The meeting was attended by Union Minister of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States …

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JSW Group launches India’s first-ever EV policy for its employees JSW Green Gear

JSW group launches an EV policy for its employees. It becomes the first Indian corporate house to do so. It named the policy “Green Gear”. Under this policy, every employee who purchased an electric vehicle will be given an incentive of up to Rs.3 lakh.  Moreover, it will provide free charging points and parking slots …

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Good News for Bank Users: RBI extends relaxation on periodic updation of KYC till March

Reserve Bank of India (RBI) on 30 December extended the relaxations given to banks on bank accounts where periodic updation of Know Your Customer (KYC) norms is due. The relaxation has been extended till March, 31, 2022 in view of the Covid situation. RBI has now asked banks not to impose restrictions on such accounts, …

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Nifty ends December Series at 17,204. Nifty IT up 1%. Metals, Realty and Oil & Gas drags the Index. Reliance down 1.8%. RBL Bank down 9%

Indian benchmark indices ended flat today. Sensex lost 12 points to close at 57,794.32. Nifty 50 lost 9.60 points to end at 17,204.00. December F&O series ended today.  Nifty IT contributed positively for the index. However, Metals, Realty and Oil & Gas dragged the index in the opposite direction. Pharma and Healthcare stocks did well …

Nifty ends December Series at 17,204. Nifty IT up 1%. Metals, Realty and Oil & Gas drags the Index. Reliance down 1.8%. RBL Bank down 9% Read More »

List of Examination Centres for CS Examinations – June, 2022

New recognition for CS under Consumer Protection Direct Selling Rules

Recognition to Company Secretary under the Consumer Protection (Direct Selling) Rules, 2021 The Institute in furtherance of its endeavours to provide new opportunities to its Members, has been sending suggestions on various draft rules, regulations, policies and guidelines, etc. issued by Ministries, government organisations and regulatory bodies to seek recognitions in new areas of practice …

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CGST arrests authorized person of firm for claiming Input Tax Credit against fake invoices

CGST Navi Mumbai arrests authorized person of firm for claiming Input Tax Credit against fake invoices Firm avails Rs. 5 Crore fictitious Input Tax Credit; accused arrested, sent on judicial custodyPosted Date:- Dec 30, 2021 Central Goods and Services Tax (CGST), Navi Mumbai arrested the authorized person of M/s. G. S. Steel, for having availed …

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DGGI refutes multiple speculative media reports in case of M/s Odochem Industries; sets the record straight on facts

In the context of ongoing investigations by the Directorate General of GST Intelligence (DGGI) in the case of M/s Odochem Industries, Kannauj- a manufacturer of perfumery compounds – and its proprietor Shri Peeyush Jain, wherein a total cash of Rs. 197.49 crore, 23 kg of gold and offending goods of high value have been recovered …

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Income Tax Return Filing: Last date approaching! ITR filing for FY21 crosses 5 crore

Income Tax Filing latest: More than five crore income tax returns (ITR) for the financial year ended March 2021 have been filed so far, the I-T department said.   The Income Tax Department has tweeted: More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45pm today! Hope you have filed yours too! If …

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CBDT Notifies Rules For Claiming Deduction Under Section 10A(1B)(b) Of The Income Tax Act 1961

CBDT Notifies Rules For Claiming Deduction Under Section 10A(1B)(b) Of The Income Tax Act 1961

Vide Notification Dated 29th December 2021, the CBDT has notified rules for claiming deduction under Section 10A(1B)(b) of the Income Tax Act 1961. Income Tax (35th Amendment) Rules 2021 have been notified for this purpose. The amendment reads as under: 2.) In the Income-tax Rules, 1962 (hereinafter referred to as principal rules), after rule 16D, …

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RBL Bank has written off Rs. 300 Cr loan within 7 months of being sanctioned. RBL Bank down by 8%

As per reports, RBL bank has written off a loan of Rs. 300 Crore within 7 months from the sanction of the loan. This seems to be a major reason for the sudden intervention of RBI.  RBI has appointed its person on the board of the lender as an additional director. The stock tumbled by …

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Wipro and Tata Consumer among top gainers on Nifty. Markets opened up flat. Nifty above 17250

Indian benchmark indices opened flat. Nifty is above 17240 right now. Global cues are mixed. Nifty IT is leading. Wipro and Tata Consumer are among the top gainers. Yesterday’s gainer Bajaj Auto is correcting. The auto sector is witnessing a selling trend.  Along with the auto, oil and gas, PSU banks, Realty, and Banking sectors …

Wipro and Tata Consumer among top gainers on Nifty. Markets opened up flat. Nifty above 17250 Read More »

Alert: Government Abolished GSTR-2A. Check Details Here

Alert: Government Abolished GSTR-2A [Read Notification]

Vide Notification No. 40/2021- Central Tax, Dated 29th December 2021, the government has amended Rule 36(4) of the CGST Rules w.e.f 1st January 2022. Amended rule reads as follows: “(4) No input tax credit shall be availed by a registered person in respect of invoices or debit notes the details of which are required to …

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Pre-market data for today – Indiabulls Housing Finance, Vodafone Idea, and RBL bank are under the F&O ban. December 30, 2021

The US markets rallied. However, futures trading is in the red.  Asian markets are showing mixed cues. Yesterday, FIIs were selling again. Except for this Tuesday, they have been on a selling spree for a while.  Today is the monthly expiry day hence volatility may be a little bit higher than yesterday.  Indiabulls Housing Finance, …

Pre-market data for today – Indiabulls Housing Finance, Vodafone Idea, and RBL bank are under the F&O ban. December 30, 2021 Read More »

Attention – MCA Filings No extension for the following by MCA

Relaxation on levy of additional fees in filing of Form AOC-4, AOC-4 (CFS), AOC-4 XBRL, MGT-7 / MGT-7A: IN BRIEF:Additional time upto 15th February, 2022 has been granted for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and upto 28th February, 2022 for filing of e-forms MGT-7 / MGT-7A in respect of the financial year …

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GSTR 9C Extended

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued. Now, the due date is perfectly aligned w.r.t the Tax audit due date. Seems like …

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