Skip to main content


Showing posts from August 27, 2016

Government wants GST to be hacker-­proof

The government wants to fully insulate the goods and services tax (GST) technology backbone from hackers, amid growing risks of cyber-criminals misusing confidential information on transactions worth thousands of crores of rupees. Revenue secretary Hashmukh Adhia, who is overseeing the groundwork for implementing GST, told a group of banks, GSTN, Central bank and tax officials to plug all gaps on potential cyber-fraud and sabotage and get the IT backbone ready by September 30. GSTN — GST Network—has been tasked with creating a robust IT backbone to enable real-time taxpayer registration, filing returns, handle invoices, execute inter-state tax settlements, and connect states for twoway data flow for GST. The government expects about 3 billion transactions to take place every month through the network after GST kicks in. The tech network will be tested through a string of simulated dry runs before the new GST’s expected roll-out from April 1, 2017. These simulated exercises will be done to…

Govt staff who joined afte 2004 to get gratuity

Government employees recruited after January 2004 would also be entitled to receive gratuity on retirement or death while in service, the Modi government decided on Friday. The Centre and many state governments switched to the new pension scheme from January 1, 2004, that required employees to contribute 10% of their monthly salary towards their pension with a matching contribution from the government. Some states, except West Bengal and Tripura, joined later. More than 300,000 central government employees recruited after 2004 are covered by the NPS. The Seventh Pay Commission had lamented that many of them might not have enough money in their pension fund at retirement due to the government’s inability to firm up the rules of the game on time. Employees covered by the National Pension Scheme (NPS) were not entitled to any additional benefits other than the government’s contribution to their pension fund. But it had been argued that this was unfair since the NPS only replaced the pension…

Govt panel to suggest ways to step up card transactions

The finance ministry has set up a panel, led by former finance secretary Ratan Watal, to suggest steps to reduce cash transactions to promote card payments through incentives such as tax rebates and cash back schemes. The 11-member high-level panel has been tasked with reviewing the payment system in the country and suggest measures for encouraging digital payments. The panel will suggest various measures to “incentivise transactions through cards and digital means, for example, through tax rebates/incentives, introduction of cash back/lottery,” the ministry in a notification on its website. Other members of the panel include former Reserve Bank of India (RBI) deputy governor H R Khan, secretary, or a nominee, from the Department of Investment and Public Asset Management, heads of banking, technology and payments system industry bodies, and chairperson of the Central Board of Direct Taxes, among others. The panel has been asked to submit its report in one year. Business Standard New Delh…

Bengal Assembly indefinitely postpones GST discussion in Assembly

The West Bengal government has temporarily shelved plans to discuss the GST Constitution Amendment Bill in a special West Bengal Assembly session on August 29th. “We need time to discuss GST amongst ourselves,” West Bengal Parliamentary Affairs Minister Partha Chatterjee told Business Standard. However, he added the state has no stated objection to any of the clauses of GST. Business Standard New Delhi,27th August 2016

Firms coming into repo market would hit banks' Casa source

The Reserve Bank of India’s (RBI) proposal to let listed Indian companies lend short-term money to banks could have ramifications for lenders’ current and savings account (Casa) portfolio, which banks ride on as a cheap source of funds. And, in a liquidity-deficit scenario, call money rates can also get influenced by corporates chipping in with their surplus funds. So far, companies could lend to banks for a minimum of seven-day tenure money. This, according to RBI, “constrains their participation”. So, it has proposed that such companies be allowed “to lend through the repo market, without any tenor or counterparty restrictions”. On Thursday, RBI said it was proposing that listed companies lend and borrow funds under repo for periods less than seven days, including overnight, and that unlisted companies only borrow under repos specifically against the collateral of special securities issued to them by the Government of India. “This will help improve liquidity by adding an additional sourc… News.. News...
1. ICAI Membership/COP Fee for the year 2016-17 is due on 30th September, 2016.
2. MCA has notified the provisions of section 188 to 194 of the Insolvency and Bankruptcy Code 2016.
3. The state of Jammu & Kashmir CBDT further extends the ‘due-date’ for filing Return of Income from 31st August, 2016 to 30th September, 2016.
4. Last date for filing online MEF is extended to 10 Sept, 2016 & submission of hard copy of declaration 20 Sept, 2016.
5. Under GST, apply for registration in 30 days to get input tax credit for period prior to registration. Else get ITC from data of registration.