CA AKN' Post

Government of India makes Amendments in Small Savings Act – Proposal to Merge PPF and Saving Certificates

Proposes merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873.    All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act.
  • The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country’s savings architecture. In order to remove existing ambiguities due to multiple Acts and rules for Small Saving Schemes and further strengthen the objective of “Minimum Government, Maximum Governance”, Government of India has proposed merger of Government Savings Certificates Act,

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CRISIL, SIDBI Launch India’s First MSE Sentiment Index – CRISIDEX

The Union Minister for Finance and Corporate Affairs Shri Arun Jaitley launched CriSidEx , India’s first sentiment index for micro and small enterprises ( MSEs) developed jointly by CRISIL & SIDBI here today.

CriSidEx is a composite index based on a diffusion index of 8 parameters and measures MSE business sentiment on a scale of 0 (extremely negative ) to 200 ( extremely positive) . The parametric feedback was captured through a survey of 1100 MSEs in November –December.

CriSidEx will have 2 indices , one for the ‘survey quarter’ and another for the ‘next quarter’ once a trend emerges after few rounds of the survey , providing independent time series data.

The crucial benefit of CriSidEx is

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Synopsis of Union Budget 2018-19

Expected GDP Growth

Government says that it is firmly on course to achieve high growth of 8% plus as manufacturing, services and exports are back on good growth path. While GDP growth at 6.3% in the second quarter of 2017-18 signalled turnaround of the economy, growth in the second half is likely to remain between 7.2% to 7.5%.  The Union Minister for Finance and Corporate Affairs Shri Arun Jaitley while presenting the General Budget 2018-19 in Parliament today said that Indian society, polity and economy had shown remarkable resilience in adjusting with the structural reforms. IMF, in its latest Update, has forecast that India will grow at 7.4% next year in the backdrop of services resuming high growth rates of 8% plus, exports expected to grow at 15%

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Company Incorporation process would be Smooth, Speedy and Simple after 26th January 2018 – MCA is launching GPR (Government Process Re-Engineering)

On the occasion of the 69th Republic Day, the Ministry of Corporate Affairs (MCA) is launching the Government Process Re-engineering (GPR) initiatives for making the Incorporation Process Speedy, Smooth, Simple and reducing the number of procedures involved for starting a new Business.

Government of India is committed to achieve a position in the top 50 countries for “Doing Business” as per the rankings published annually by the World Bank. During the past 3 years, The Ministry of Corporate Affairs has contributed significantly towards improvement of ranking in Ease of Doing Business in the country, but there is a lot more scope to further improve, especially with respect to starting a business.

The feedback provided by various stakeholders on the effectiveness of the implementation of initiatives taken by Government of

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Policy Changes recommended by the 25th GST Council Meeting

The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25th meeting held today:

 

  1. The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5(Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
  2. Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
  3. For migrated taxpayers, the last date

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The Government of India enters into an agreement with ONGC today for the Strategic Sale of its 51.11% equity share-holding in HPCL at a consideration of Rs. 36,915 crore.

The Government of India has entered into an agreement with ONGC today for the strategic sale of its 51.11% equity share-holding in HPCL at a consideration of Rs. 36,915 crore.

During the review in February 2016, the Prime Minister, Shri Narendra Modi underlined the need of efficient management of Government investments in Central Public Sector Enterprises (CPSEs). The Government accordingly expanded the approach from of disinvestment to investment and public asset management. As part of investment management strategy, Government decided to explore possibilities of consolidation, mergers and acquisitions within CPSE space. An announcement in this regard was made by the Finance Minister, Shri Arun Jaitley in his Budget Speech of 2017-18.

In line with the Budget announcement, ONGC proposed to acquire the Government of India’s existing 51.11% equity shareholding in Hindustan Petroleum

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Defaulter of Income Tax TDS arrested and sent to jail

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. It was found during investigations that the company had deducted TDS but had not deposited in the Government account despite there being a statutory obligation by the Income Tax Act. This also led to harassment of many innocent persons whose TDS had been deducted but the TDS returns had not been filed by the Real Estate Company. It was found that during FY 2013-14, FY 2014-15 and FY 2015-16, amounts of Rs. 45,68,990/-, Rs. 35,45,290/- and Rs. 33,36,970/- were deducted by the assessee company. The assessee company was found to be defaulting on filing of TDS return statements.

Taking into account all defaults, show

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Planning to Invest in Bitcoin? – Finance Ministry & RBI cautioned people of India to do at their own risk – Bitcoin is not a Legal Tender

There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets.Government Cautions People Against Risks in Investing in Virtual ‘Currencies’ –  Says VCs are like “Ponzi Schemes”.
“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other

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Impact of GST on the Prices of Goods and Services

Since GST bill has been introduced in the Parliament, economists across the country have started analyzing its impact on the economy. Recommended as the biggest reform of Indian economy, GST has a distinctive impact on every touch point from manufacturer and trader to buyer. Since it is about to proceed in the next couple of months, it is the time to analyze the impact of GST on a common man.

GST has been drafted to create a single window for indirect taxation which was incurred under various names until now. It is estimated to boost GDP by 2% in the short-term and will be a mix bag for the people. Many services may become expensive while goods may witness a fall in their prices due to GST. Though there is a

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Inter-State E-Way Bill compulsory from 1st February 2018 – GST Council Decided in its 24th Meeting

The 24th Meeting of the GST Council held on 16th December 2017, through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the States were authorized to continue their own separate e-way

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