Updates relating to GST return, Income Tax and SEBI.

Updates

CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018.

Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate on the precious metal from the current 3 per cent. It has also recommended the govt to review and revamp the gold monetisation scheme and the sovereign gold bond scheme and introduce new gold savings account in banks.

CBIC extends the due dates for filing Form GSTR-3B for the m/o JUL’18 & AUG’ 18 for the registered persons in the flood affected Kerala, Kodagu district in Karnataka and Mahe in the UT of Puducherry to 05.10.18 & 10.10.18 respectively– NotiNo.36/2018 – CT, dt.24.08.18.

The office of the state GST (erstwhile commercial tax department) has issued a notification offering existing taxpayers a window till August 31 to complete their migration to GST.

SEBI extended the trading timings in securities lending and borrowing (SLB) segment by over two hours till 5 pm. “It has been decided to permit stock exchanges to set their trading hours in the SLB Segment… between 9 AM and 5 PM,” the Securities and Exchange Board of India (Sebi) said in a circular.

ICAI releases ICAI Valuation Standards effective for the valuation reports issued on or after 1st July, 2018. https://resource.cdn.icai.org/51432vsb41162.pdf.

Credit: CA Raj Chawla.

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