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Having zeroed in on fund manager, the finance ministry is considering to launch second tranche of exchange traded fund ( ETF) comprising stocks of 10 public sector units (PSU) by the end of December. The second tranche of the ETF may hit the market by the end of the next quarter, sources said. Besides, anew ETF will be launched after the second tranche of the current ETF is issued, sources said, adding the new ETF will be different in  composition from the previous one. Business Standard New Delhi,14th September 2016

In a race against time to roll- out the goods and services tax ( GST) from April 1, 2017, the GST Network ( GSTN) —developing the information technology backbone for the new tax regime — is working closely with business process management ( BPM) software firms like SAP, Tally and Oracle, among others, to facilitate timely preparedness of the corporate sector for the transition. This comes amid the industry requesting six months time for the roll- out — from the time laws and rules are finalised in order to align their systems with the new law. The GST laws are expected to be finalised by November- December this year. However, the GSTN is planning to meet about 100- 150 BPM software firms by September- end and hand over the application programming interface ( API) to develop the enterprise resource planning ( ERP) software, which will act as an interface between their clients and GSTN. “We don’t need to assist all companies, but just 100- 150, which will, in turn, help the corpo

A tax of 2-3% proposed so that seamless flow of credit is not broken & cascading is remove Petroleum products, including crude and some intermediate products, could be taxed under the proposed goods and services tax (GST), a move that will reduce the imperfections in the new levy and also narrow the inflationary impact of the tax. A proposal favouring imposition of a modest tax on these products is being examined and is expected to be taken up by the newly constituted GST Council where the government will try and convince states of its merit. The idea is to have some mini mal tax of about 2-3% so that se amless flow of credit is not bro ken and casca ding is removed. These products are at present proposed to be covered within the GST but zero rated till the time the council decides to impose a tax. States will continue to have freedom to levy local sales tax on it. States have been opposed to a change in tax regime for petroleum goods, an easy way of quickly mopping up

www.caonline.in News... 1. MCA has enforced certain provisions of Companies Act, 2013 w.e.f 9th Sept, 2016. Section 227, 242, 246,241 or 245 and Sec 337 to 341 (to the extent of their applicability for Section 246. 2. ESIC Hikes wage ceiling from Rs.15000 to Rs.21000 w.e.f 1st Oct 2016. 3. MCA amends Schedule V of the Companies Act,2013, w.e.f. 12th September, 2016. MCA Notification dated 12.09.2016. 4. For GST roll out wef 01.04.2017, Parliament will have to approve CGST & IGST Bills & State Assemblies will pass their own SGST Bills. 5. Under GST For refund, assessee to submit CA Certificate that GST burden not passed to customer. Self Certification upto threshold amount.

What's app updates for Week ended 11-09-2016 S.No. Message 1 EXTENSION to 17-10-16 of Due date for filing ITRs in cases where due of ITR  is 30.9.16 due to clash with Income Declaration Scheme 2016. CBDT Order of 9-9-16. 2 GSTGyan 1016. Mandatory audit of books of account of all registered persons by Chartered/ Cost Accountant, if turnover  in FY exceeds specified limit. WebeCreator  3 GSTGyan 1017. Dept. to nominate Chartered/ Cost Accountant for Special Audit if in scrutiny etc it seems value not correctly declared or excess credit availed. 4 GSTGyan 1018. Registration required in each state from where supplies to be made. File 3 Returns pm for EACH Registration & 1 Annual Return. (Min 37 per regn) 5 GSTGyan 1019. Proposed GST Council to resolve GST Rates, Dual control over Assessment/ Scrutiny of Assessees & Geographical/Area Based Exemptions. Rgds, WebeCreator  6 GSTGyan 1020.  For GST roll out wef 1.4.2017, Parliament will have to approve CGST & IGST Bill

Members of cooperative housing societies, going in for redevelopment, can stop worrying about the tax on the compensation developers pay them. A recent judgment of the Mumbai Income Tax Appellate Tribunal (ITAT) clarifies how the different components of compensation should be taxed. Property redevelopment is widespread in Mumbai. Developers are increasingly eyeing old housing societies in other big cities such as Delhi and Pune. Experts say the judgment can be used as a reference by house owners to plan their taxes. "The judgment favours home owners and reinforces that compensation should not be taxed. The observations made in this landmark judgment also balance the expectations of home owners and the income tax (I-T) department," says Arvind Rao, founder of Arvind Rao & Associates. Housing societies: Hemal Mehta, partner at Deloitte Haskins & Sells, explains that when a society goes for redevelopment, a developer typically pays its members a fixed rent that tak

The government’s effort to get people to voluntarily disclose their black money, under the Income Declaration Scheme ( IDS), has had a tepid response, with only about ? 4,000 crore reported till mid- August. The four- month window for disclosing black money deposits will close at the end of this month. The informal target for the scheme was tax collection of Rs. 40,000- 50,000 crore. To collect that amount, the disclosure would have have to be about Rs. 1 lakh crore. Those availing of this scheme would have to pay 45 per cent of their disclosed amount as tax, penalty and cess. Sources said the government expected to see an upsurge in the rate of disclosures in the last two weeks. “The scheme has been slow to pick up, with only about Rs. 4,000 crore black money disclosure till mid- August. But, we expect higher volumes as the deadline approaches,” said a government official. He added: “ This was the trend we had seen in the foreign black money scheme last year.” Another offici