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Showing posts from September 26, 2015

Updates of the day...

Updates Of the Day
1.STBA is organising conference on GST and Indirect Taxes on Friday, 16.10.15 at Sri Sathya Sai Centre, Lodhi Road, New Delhi. fee Rs. 1000/-. For registration call Adv. Suresh Agarwal 9810197362.
2.Restrictions on input tax credit under Haryana VAT Only to the extent of output tax in case of interstate sale. Notification No. 22/ST-1/H.A.6/2003/S.59/2015 dated 7th Sep, 2015.
3.New forms AOC-4 (Non-XBRL Form), MGT-7, ADT-2 & SH-9 released and available for filing w.e.f. 25.09.2015.
4.Directorate of central excise intelligence, Chennai zonal unit arrested director of a Chennai based limited company providing it software services for failing to remit the service tax collected to the government exchequer.
5.Buyer is entitled to avail credit of duty paid by the seller even if it has been wrongly paid- Heena Pack Pet P Ltd. (Delhi Cestat)
6.Non attendances of assessment proceedings due to CA busy in tax audits in the month of September held reasonable cause for non l…

Sebi to scout for foreign pension money

At the government’s urging, the Securities and Exchange Board of India ( Sebi) intends to begin talking to global fund managers for investing pension money in this country. According to sources, the regulator is making a list of pension funds that are likely to look at India as an investment market. “ A list of global jurisdictions that the regulator can work with is being figured out. Additionally, it is studying how these funds are distributed worldwide,” said one. Recently, Indian equity markets got a boost when the government decided to invest ? 5,000 crore of Employees Provident Fund money there. The government and Sebi believe the equities market needs a bigger push. Getting foreign pension funds here is one measure they wish to act on. Such funds typically invest for the long term and are considered astable source of capital. Unlike hedge funds or other investors which quickly move in and out of the markets for a profit. Also, pension and sovereign wealth funds account for alesser p…

Safeguard duty might help steel firms lift volumes not prices

With the safeguard duty in place, the focus for steel companies will be to improve capacity utilisation rather than raising prices. At best, the prices could increase by Rs.1,000 a tonne over the next 200 days, that is, till the time the duty is applicable. There has been no price increase ever since the safeguard duty was imposed and very little price increase will happen. In absolute terms, it can go up to a maximum of Rs.1,000 a tonne over the next 200 days. There is already too much capacity and demand is not that strong; JSW Steel group chairman and managing director Sajjan Jindal said. JSW Steel happens to be the largest steel maker in the private sector in India. The industry, however, is treading cautiously on price, for more reasons than one. First, China has already dropped prices by 10 per cent. Landed imports of hot rolled coils are now at $ 297 a tonne compared to an ex- plant price of $ 400 a tonne for the home steel. They are now threatening to reduce prices by another 1…

Haryana govt increases minimum wages

The Haryana government on Friday revised the legal minimum wage in the state by 29 per cent wage for unskilled and 48 per cent for highly skilled workers. The rise will be effective from November 1. In a press statement, the Bharatiya Mazdoor Sangh (BMS), affiliated to the Sangh Parivar, lauded the step taken by the state government. Chief Minister Manohar Lal Khattar announced the decision after paying tributes to Bharatiya Jan Sangh founder Deen Dayal Upadhyaya on his birth anniversary. He also promised a once- in- six months increase of minimum wages linked to the consumer price index. Earlier, these were raised at the rate of 2.31 per cent annually. BMS organising secretary Pawan Kumar said the revision in minimum wages was last done in 2007. It was due in 2012 but was delayed by the previous Congress government. "The state governments Minimum Wage Board has also recommended the number of years to shift from unskilled to semi- skilled category for a worker be reduced from 10 to f…

Half yearly/quarterly review of accounts of public sector banks

DBS. ARS.No. BC. 5/08.91.001/2015-16 September 23, 2015 All Public Sector Banks Dear Sir/Madam, Half yearly/Quarterly Review of Accounts of Public Sector Banks Please refer to our circulars DBS.ARS.No.BC.13/08.91.001/2000-01 dated May 17, 2001, DBS.ARS.No.BC. 4/08.91.001/2001-02 dated October 25, 2001 and DBS.ARS.No. BC.17/08.91.001/2002-03 dated June 5, 2003 on conduct of Half yearly/Quarterly Review of Accounts of Public Sector Banks. 2. It is clarified that Concurrent Auditors shall henceforth submit their NPA review reports to the banks and not to Statutory Central Auditors (SCAs) undertaking the half yearly/quarterly review. Concurrent Auditors will therefore give their opinion on NPA figures to the banks and not to the SCAs, who for audit purpose will treat the branches covered by Concurrent Auditors as unaudited branches [para I (ii) of Annexure III of circular dated May 17, 2001]. 3. SCAs, as in the past, will continue to review top 20 branches for half yearly…