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GSTN brings in option for monthly, quarterly filing of forms Taxpayers with annual aggregate turnover up to Rs 1.5 crore in the previous financial year or anticipated in the current financial year can avail the option of filing quarterly returns. Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, today said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR 1 form on quarterly or monthly basis. Taxpayers with annual aggregate turnover up to Rs 1.5 crore in the previous financial year or anticipated in the current financial year can avail the option of filing quarterly returns. Form GSTR 1 summarises all the sales of a taxpayer.This has been done as per decision taken in the 23rd GST Council Meeting. After giving their option, taxpayers can file GSTR 1 for the relevant return periods, the Goods and Services Tax (GST) Networks said in a statement. It further said that taxpayers who opt for quarterly filing...

FRDI Bill unlikely to be tabled in Budget session  TheFinancial Resolution and Deposit Insurance(FRDI) Bill may not be introduced in Parliament even during the Budget session, as the joint committee looking into it on Monday got an extension for submitting its   report. Lok Sabha Speaker Sumitra Mahajan informed the House that the extension had been granted for the joint panel on the FRDI Bill“upto the last day of Budget Session, 2018”. The Business Standard, New Delhi, 19th December 2017

Firms buying stressed assets may get tax relief The government is considering giving tax relief to companies that acquire stressed assets under the insolvency process.Some of such steps like carrying forward tax holidays may come up in the Budget, while the government may approach the goods and services tax (GST) Council for giving relief on the GST. For tax relief on the stamp duty, states’ cooperation might be sought, sources said. Companies going through the insolvency procedure face tax-related road blocks, making the resolution process tedious. For example, they pay the GST on sales of assets as well as brands, royalty, etc. Earlier, under the Sick Industrial Companies (Special Provisions) Act, companies were given exemptions from the central sales tax (CST). With the advent of the GST, the CST is no longer there. Exemption from the GST will help companies bid for assets at higher prices, resulting in more funds for lenders. “If GST exemption is granted for assets sold pur...

Insolvency Board proposes,  Reserve Bank disposes Central bank says  info utilities can source all information only from credit bureaus Central bank says info utilities can source all information only from credit bureau.Even as the insolvency and Bankruptcy Board of India (IBBI) has issued standards for public information utilities to make the bankruptcy process work smoother,the Reserve Bank of India (RBI) has thrown a spannner  in the works . Unless resolved  soon, the dispute could prolong bankruptcy litigation and hurt the recovery of capital from companies that face sell-off or liquidation. The dispute is simple,Should anuy entity other cedit bureaus (Cilbil,etc) have independent access to a company's financial information as sourced from banks. The IBBI feels it is necessary,but the RBI differs.The bankruptcy law requires banks to provide legally verified copies of their relevant documents to informaton utilities. Section 215 of the insolvency and Ban...

Bill allowing proxy voting rights to NRIs tabled in Lok Sabha A bill seeking to extend the facility of ‘proxy voting’ to overseas Indians, on the lines of service voters, was introduced in the Lok Sabh Non-resident Indians (NRIs) who are registered voters in the country could soon exercise their franchise in elections held in India through a proxy while staying abroad as the government introduced a bill in Parliament in this regard on Monday. Amid the din from opposition benches on Monday, law minister Ravi Shankar Prasad introduced the bill in Lok Sabha to amend the Representation of the People Act, the law that governs elections in India, to allow proxy voting to overseas Indians. Under the current rules, overseas electors have to cast votes in person at specified polling booths in their constituencies in India. “The said rules stipulate the physical presence of the overseas electors in the respective polling station in India on the day of the polling. This causes hardship ...