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E- commerce companies, which are still trying to understand the ramifications of the new tax regime, want clarity from the government on many issues. The issues of concern include goods and services tax (GST) being levied on stock transfers from sellers to warehouses and taxes on discounts as well as freebies offered by e- commerce companies. “Stock transfers from sellers to the warehouses to maintain inventory across the network would attract GST, leading to cash flow impact, as some of these goods would typically wait for long before they get sold online,” said Manish Saigal, managing director, Alvarez & Marsal, a professional services firm. “ Most e- commerce firms offer aggressive discounting and freebies, with specific purchases. Under GST, these are expected to be taxed. Also, in case an e- commerce firm decides to sell an item on discount, it will have to pay the tax on the price it has purchased the goods from the supplier.” There’s lack of clarity on how GST would

The Reserve Bank of India ( RBI) on Thursday launched a website from which anyone can obtain information regarding entities that are allowed to accept deposits, lodge complaints, and share information regarding illegal acceptance of deposits by unscrupulous entities. Named Sachet, the website is expected to be helpful in coordination between regulatory authorities and law enforcement agents throughout the states so any unscrupulous money- raising activities can be curbed. Collective investment schemes ( CISs) have come under the scanner and the regulators, particularly Securities and Exchange Board of India (Sebi) has cracked down on such activities after millions were duped by Sahara, Sarada, Pearl Agro, and such schemes. Launching the website, RBI governor Raghuram Rajan once again warned the public not to fall prey to phishing emails that solicit money from unsuspecting people, in return for a fortune. Phishing is the activity of tricking people by getting them to give their i

www.caonline.in News... 1. NIRC of ICAI is organizing Workshop on GST-10 August (2PM - 5PM) at Institute of Engineers, ITO.  New Delhi. Register & Pay www.nircseminars.org 2. No Ban on Journalists to attend & report Court Proceedings. Notification No. 682 031.A1-76183/2007 dated: 30.07.2016 3. Expenditure incurred on club membership fees of employees is now admissible as business expense.  [(Foods and Inns Ltd. vs. Assistant Commissioner of Income-tax, Circle 10(2), Mumbai) [2016] 71 taxmann 299 (Mumbai - Tribunal)] 4. MCA issues clarification on Issuance of rupee bonds to overseas investors by Indian Companies. MCA General Circular No. 09/2016 dated 03.08.16. 5. Rajya Sabha passes GST Constitutional Amendment Bill on 03.08.2016 with Key Amendments. 6. Today (05.08.16) is the last date to file IT returns for AY 2016-17 by individuals, HUF, Partnership firms (without audit). J & K assesses to file by 31.08.16.

Now, completing know-your-customer (KYC) requirement with one financial institution will be good enough for opening an account with any bank, mutual fund, insurance company, broker, or New Pension Scheme.   The financial sector regulators – Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (Irdai) – have introduced a common KYC form and have asked companies in their domain to upload this data with a central agency - Central Registry of Securitisation Asset Reconstruction and Security Interest of India, or CERSAI. Once you complete the KYC for opening a new account, you will receive a 14-digit identifier. Thereafter, when you go to any other financial entity for investments, new account, or policy purchase, you can simply quote the KYC identifier rather than doing the KYC process all over again. The institution will use the identifier to get KYC records from the central registry. While RBI and Ird

Many banks, brokerages, insurers and mutual funds have stopped opening or processing new accounts because they cannot upload know-your-customer details to a central database. The new registry will help individuals access a wide variety of financial services with a single 14-digit identifier. Regulators have instructed all financial institutions to use the Central Know-Your-Customer Registry (CKYCR), managed by Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersai) for new customers. Banks and insurance companies were asked to upload new client details to the platform from July 15 and brokerages and fund houses from August 1. Cersai has appointed DotEx International, a group company of the National Stock Exchange, to manage the project. But teething problems have partially stalled its implementation. "We are taking documents from customers but the account opening process will take time because of technical issues with the new syste

www.caonline.in News... 1. Excess payment of service tax can be adjusted in subsequent months. 2. Constitution (122nd) Amendment Bill, 2014 enabling levy of GST by Central Govt. as well as State Govts. is finally passed by Rajya Sabha with 100% in favour of the same. Now it shall go back to Lok Sabha to approve the amendments made by Rajya Sabha. Thereafter it shall be ratified by at least 16 States before being presented to the Hon'ble President for his assent. 3. 05.08.2016 is the last date to file IT returns for AY 2016-17 by individuals, HUF, Partnership firms (without audit). J & K assesses to file by 31.08.2016. 4. CBDT to come up with FAQs on Dispute Resolution Scheme, to settle appeals pending with IT commissioners. 5. Starting ICAI Certificate Course on Forex & Treasury Management in Delhi on 20.08.2016, visit http://www.icai.org/post.html?post_id=3552 & c_id=266Fee @17,500 #0120-3045945

Analysts say if they have to work with a revenue base of Rs. 22,000 crore and net profit of Rs. 600 crore, it’s a bit disappointing, as you have seen better in the past. The real culprit is not sufficiently understanding the dynamics of the project business and particularly a company like L& T, which is heavily into infrastructure investment, which involves public interference. The analyst community had limited data to be able to draw comfort, something we could have avoided. Whatever is the extrapolation that investors would have made, based on FY16 ( numbers), you need to make a two to three percentage (point) adjustment to the revenue numbers, to be closer to the new accounting standard numbers. The second issue was lack of clarity around profitability. Last year, we made an operating margin of 10.8 per cent. If Ihave to restate it, based on the new accounting standard, it will look like 9.5 per cent because of corporate overheads. The Ind- AS standards mandate us to adjus