E India CA

Professional Updates for Chartered Accountants

By

ICAI group studying circumstances leading to auditor resignations

Amid rising instances of auditors quitting audit work at companies, chartered accountants' apex body ICAI has set up a group to look into the circumstances leading to their resignations. In a communication to members, ICAI President Naveen N D Gupta also said the panel would also analyse the recent circular issued by the Res...

By

VAT Procedures For Non-Registered Firms in UAE

Following the introduction of value-added tax (VAT) on January 1, 2018 in UAE, The Federal Tax Authority has clarified the import procedures that the non-VAT registered businesses should follow. Non-registered businesses seeking to import into the UAE must follow standard customs procedures, and must either complete a declara...

By

Council to decide on bringing petroleum products under GST: Pradhan

Union Petroleum Minister Dharmendra Pradhan said decision to bring petroleum products under the ambit of the Goods and Services Tax (GST) will be taken by the GST council. He said that if the Petroleum products are brought under the ambit of the GST then it would provide relief to the customers. Talking to the media after a...

By

Government exempts small exporters from furnishing bank guarantee

To give relief to small exporters, the government has decided to exempt them from furnishing bank guarantee for shipping goods and services, the finance ministry said today. The decision comes a day after exporters met Finance Minister Arun Jaitley for resolution of GST-related problems to boost overseas shipments. Under the Goods ...

By

To boost GDP, govt should forget 3.2% fiscal deficit target, give tax sops to corporates, individuals

A fact which is generally accepted today is that economic growth in the country has slowed down even though there is debate on whether or not demonetisation or GST are responsible for the same. GDP growth of 5.7 percent in the first quarter and IIP growth of 1.2 percent in July combined with a higher current account deficit of 2.4 pe...

By

Sebi expands position limit base for farm commodity futures

Expanding the horizon for traders in agri commodity futures, market regulator Sebi has expanded position limits across all spectrums at the client, member and exchange levels. In a circular dated July 25, Sebi said stakeholders' feedback shows the current numerical value of overall client level position limits for agricultu...

By

No GST on housing society RWA with Rs 5K/mth subscription

Services provided by housing societies resident welfare association will not become expensive under the Goods and Services Tax (GST) regime, the finance ministry said today. Resident welfare association will be required to pay GST on monthly subscription/contribution charged from its members if such payment is more than Rs 5,0...

By

ITC’s cigarette business holds up; GST rate key

Punitive taxes on the core cigarette business notwithstanding, ITC Ltd reported a decent performance for the September quarter. Net sales (net of excise duty) rose 9.6% from a year ago, broadly in line with Street estimates. Operating profit—or earnings before interest, taxes, depreciation and amortization (Ebitda)—and net profi...