CA Online

Poor collection mars GST flat rate scheme The composition scheme has yielded just Rs 215 crore in the first quarter since the goods and services tax (GST) was introduced.The number has accentuated the worries of falling GST tax collections that declined to the lowest in November, prompting tax officials to pin their hopes in the upcoming electronic way (eway) bill that will track movement of goods. The composition scheme allows small enterprises to file a flat tax rate without input tax credit once inaquarter. Of the 1.1 million assessees in the scheme between July and September, only 600,000 submitted returns, sources said.This roughly translates into less than Rs 2 lakh turnover in the quarter for each assessee under the composition scheme or Rs 8 lakh inayear, if average tax rate of two per cent is assumed. This has perplexed tax officials because assessees with annual turnover of up to Rs 20 lakh are not required to secure the GST registration.Between July and September, as...

RBI cancels bids for Rs 11,000 cr bonds The Reserve Bank of India (RBI) on Friday refused to accept bids for Rs 11,000 crore worth of bonds in the final auction of this calendar year.In all, four bonds for Rs 15,000 crore were on offer.Bids for two bonds —one maturing in 2022 (Rs 3,000 crore on offer) and another in 2031 (Rs 8,000 crore)—were rejected by the central bank. It sold the remaining two bonds worth Rs 2,000 crore each and maturing in 2033 and 2046.The signal from the RBI has been that high yields would not be acceptable to the central bank or the government.Also, and that the yield movement have been over the top inashort span. The decision not to accept bids for two bonds addressed some of the market concerns related to liquidity after the government announcement on Thursday that it was going for additional borrowing of Rs 50,000 crore."The partial cancellation of the auction means that the government has a comfortable cash position and is unwilling to pay high...

Another defaulters´ list sent to NCLT Banks on Friday from the India´s second on large size corporate the National Company Tribunal (NCLT) for resolution This was after refused toaproposal from the banks to the rules in this regard for those companies which are close to a resolution.Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries now among those face NCLT proceedings of their loans These three were recommended by banks for resolution outside the NCLT process but RBI, as mentioned, negatived this.Under the Insolvency and Bankruptcy Code,adefaulting company´s board of directors are suspended and NCLT appoints an insolvency resolution professional to manage its day to day affairs The company will then be sold to the highest bidder who takes over the largest portion of the debt.Banks are also expected to write off a substantial portion, up to 70 to 80 per cent, on the dues In its annual report for 2017, Videocon said it owed Rs 20,905 crore to bank Jaype...

Link Pan With Aadhaar Soon According to the latest Income-Tax department's order taxpayers have to mandatorily  link their PAN card with aadhaar number. Here 's how to do it As the government looks to make tax filling seamless, the income-tax department is seeking the linkage of tax payer’s PAN number with their Aadhaar number for all tax return fillings after July 1, 2017.To curb tax evasion and control the use of duplicate or multiple PAN numbers, this integration is now mandatory for all tax payers.Here is how you can link your PAN with your Aadhaar number easily to ensure your compliance. Ways to Link your PAN and AADHAAR There are several ways in which you can link your PAN card with your Aadhaar number. You can either choose to opt for an e-filling facility or an easy SMS service Linking Via SMS If the name on your PAN card and Aadhaar card are identical and there is no mismatch, you can opt for the SMS route to link the two. The incometax department has issue...

Rupee ends 2017 on bullish note, hits 4 mth peak of 63.87 Pushing the momentum through year end, the rupee on Friday capped off a fabulous 2017 at a fresh four month high of 63.87a dollar, rising by a good 21 paise amid bearish dollar sentiment.This is the highest closing for the home currency since September 8 this year. On year over year basis, the rupee appreciated by a whopping 4.05 paise, or 5.96 per cent, as compared to 2016 end level of 67.92.The year 2017 gave a massive edge to the Indian currency when compared to its counterparts in other Asian and emerging economies, after along six year hiatus Frantic dollar unwinding by banks and exporters along with bullish local equities, further impending bout of strength.Besides, the prevailing bearish sentiment for the American unit proved to be a catalyst for the Indian rupee.Also helped by dynamic capital inflows, the year undoubtedly marked an incredible come back and a new beginning for the home currency even as the country...

Banks to refer 25 firms on RBI’s second list to NCLT Videocon, Anrak Aluminium, Jayaswal Neco Industries among total 28 firms on list Lenders have decided to refer 25 of 28 companies on the Reserve Bank of India’s second list of large corporate defaulters to the National Company Law Tribunal (NCLT) for initiation of insolvency proceedings.Among the 28 companies are Videocon Industries, Anrak Aluminium and Jayaswal Neco Industries, companies where bankers had sought an extension in deadline to finalize a resolution plan. These 28 companies are on RBI’s second list of defaulters sent to banks in late August.The central bank directed banks to finalize resolution plans for them by 13 December, failing which they had to refer them to NCLT by December end. The central bank, in its letter to banks, clarified it has not extended the 13 December deadline to favour a few cases, according to three people with knowledge of the matter. Mint has not reviewed the letter.RBI sent its first l...