Passion for Profession

Passion for Profession

• Oil Ministry Gives In-Principle Nod to Launch Petrol, Diesel Futures: Indian Commodity Exchange Ltd (ICEX)
• Binani Cement Lenders Vote in Favour of Ultratech Offer of Rs 7,950 Crore.
• GSTN will not be available on 2nd June 2018 as a Major Disaster Recovery Drill is scheduled for that day. GST System services will not be available during this time.
• Sale of a Going Concern by a business house will not attract GST, as per an order by the Karnataka bench of the Authority for Advance Ruling (AAR).
• Representatives from Apparel Export Promotion Council (AEPC) raised Issues Related to blockage of GST Refunds and Delay in Disbursal of Rebate on State Levies (RoSL) Dues in a meeting with Finance Minister Piyush Goyal and Textiles Minister Smriti Irani on Monday.
• Finance Ministry clarifies that Renting or Leasing of Land by Farmers for Agriculture, Forestry, Fishing or Animal Husbandry is exempt from the GST.
• NSDL Executive *CA Sudha Balakrishnan has been appointed the First Ever Chief Financial Officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in the Biggest Organisational Change since Urjit Patel took over as RBI Governor in Sept 2016. She will be the 12th Executive Director of the RBI, and will have a three year term.
• CBIC Notifies New Customs Audit Regulations, 2018 which provides for Rs. 50,000 Fine on Audit Professionals in case of Default.
• Com Plea Against Insolvency to be heard by NCLAT on May 29 i.e. Today.
• BI is set to Initiate Bankruptcy Proceedings Against Fugitive Businessman Vijay Mallya in the UK to Mount Additional Legal Pressure on him for the recovery of loans.
• Confederation of All India Traders (CAIT) Files Petition Against Walmart-Flipkart deal in CCI, which it thinks will help Walmart to create an unfair competition and uneven level playing field.
• RBI Brings in Tough New Performance Checks for Companies Seeking to Invest Abroad. Only companies with a Proven Track Record will be Allowed to Invest through Overseas Direct Investment (ODI) Route in Overseas Subsidiaries and Joint Ventures.

With Warm Regards

CA PINKI KEDIA,
B.Com, FCA, DISA, LLB
M. 9869030652
MUMBAI
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