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Global regulators want to limit accountants´ say on audit rules Global regulatory  want to shake up how rules are written to curb the and avoid any Audit rules are currently the umbrella of the International Federation of Accountants (IFAC),a global body that represents a profession dominated by the "Big Four" —PwC, Deloitte, KPMG and EY -which also check the books of nearly all blue chip companies globally. Regulators now want audit rule makers who are independent of the accounting industry, and issued a paper for public consultation on Thursday that set out options for change. The Business Standard, New Delhi, 10th November 2017

FSSAI issues regulation logo for organic food Food regulator Food Safety and Standards Authority of India(FSSAI) onThursday released a unified regulation onorganic foods to ensure that these food items are actually organic.At the Organic World Congress held in Greater Noida, FSSAI unveiled a common logo for organic foods as a symbol of authenticity and trust. Agriculture Minister Radha Mohan Singh launched the Food Safety and Standards (OrganicFoods) Regulations 2017, along with the´Jaivik Bharat´logo and´Indian Organic Integrity Data base Portal´at the event, FSSAI said in a statement. The Business Standard, New Delhi, 10th November 2017

RBI issues directions to regulate outsourcing of key functions by NBFCs RBI lists 10 types of risks arising out of outsourcing that the NBFCs need to mitigate The Reserve Bank of India (RBI) on Thursday prohibited non-banking financial companies (NBFCs) from outsourcing key functions such as internal audit, investment portfolio management, loan sanction, and know-your-customer compliance.“The failure of a service provider in providing a specified service, a breach in security/confidentiality, or non-compliance with legal and regulatory requirements by the service provider can lead to financial losses or loss of reputation for the NBFC and could also lead to systemic risks,” the central bank notification said, adding that NBFCs outsourcing their activities should ensure sound and responsive risk-management practices. The regulator listed 10 types of risks arising out of outsourcing that the NBFCs need to mitigate. “Some key risks in outsourcing are strategic risk, reputation ris

Congress States Seek Full GST Revamp Highest tax rate should be 18% and petroleum should be part of new tax regime, say state govts ahead of GST Council meet A day ahead of the GST Council meeting here, Congress-ruled states have sought a complete overhaul of the indirect tax regime with the highest slab at 18% instead of 28%.Congress-ruled states have written to union finance minister Arun Jaitley demanding “nothing less than a complete overhaul of GST structure.“ “The highest rate should not be more than 18%,“ said Karnataka minister Krishna Byre Gowda who is a member of the GST Council, said on Thursday.The government may not be averse to the revamp.“The key agenda to be taken up is revamp of the 28% slab and the composition scheme for businesses as well as restaurants,“ said Bihar finance minister and deputy chief minister Sushil Modi.“Most of the issues will be addressed.“ “The Congress is in favour of inclusion of petroleum into GST,“ Punjab finance minister Manpreet Si

Centre Likely to Announce Procedure to Address GST Related Issues Promptly GST Council may take up issues suo motu or if companies approach it directly T he government is looking to announce a procedure wherein the GST Council can address issues related to the indirect tax regime either suo motu or after being approached by companies or industry bodies, two people with the knowledge of the matter have said.“There is a realisation that had a few proactive steps been taken, certain issues related to GST could have been addressed quickly.The government wants businesses to approach the GST Council rather than file writ petitions in courts,“ a person in the know told ET. “The government is looking to prescribe a procedure by which companies can directly approach the GST Council or issues can directly be identified through social media interactions,“ another person close to the development said. The idea is that the GST Council could take swift action or address a problem when a numb

Only 62 items likely to stay in 28 percent GSt slab About three-fourth items in the highest tax slab may move to lower brackets Those planning to buy new furniture or refit electric switches might have to pay less after Friday, as the GST (goods and services tax) Council is likely to slash the indirect tax rates on these items at its meeting in Guwahati.At present, these attract 28 per cent tax. As many as 165 such items could be moved to the 18 per cent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, and marble and granite.Some common items might also have their rates slashed from 18 per cent to 12 per cent, as demanded by states such as West Bengal. At the Friday meeting, the Council will also have a presentation about the inclusion of r

HC upholds ICDS validity but strikes down key provisions The Delhi High Court has upheld the constitutional validity of the Income Computation and Disclosure Standards (ICDS), but only to the extent that they do not go against judicial pronouncements and the provisions of the IncomeTax (IT) Act.These standards played a key role in improving India´s position in the World Bank´s ease of doing business rankings, released recently. “The ICDS is not meant to overrule the provisions of the (Income Tax) Act, the rules thereunder, and the judicial precedents applicable thereto as they stand,” said the court on Wednesday, striking down the ICDS provisions that went against judicial pronouncements and the ITAct.Hearing the petitions filed by the Chamber of Tax Consultants and others, the court also said wherever the ICDS amends the judicial pronouncements and ITprovisions, it should be brought by the legislature and not the executive. For instance, the court struck down ICDS I, which doe