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Proposed Amendments in DVAT

-- CA Yashu Goel 9899263490 yashu.goel@icai.org
Patna HC : Service Tax : Indian Institute of Technology (IIT) is set up by an Act of Parliament hence, it is Governmental Authority under para 2(s)(i) of Notification No. 25/2012-ST, even if Government does not hold 90 per cent or more equity/control in it; therefore, construction services provided to IIT are exempt under Entry 12(c) of Notification No. 25/2012-ST. (Shapoorji Paloonji & Company (P.) Ltd. – March 3, 2016). -- CA Yashu Goel 9899263490 yashu.goel@icai.org

Important Master Circular for Statutory Bank Branch Audit

Dear Members, soon we will start bank branch audit. Please update yourself with all ciruclars relating to Loans and advances, A gricultural Loans, Natural Calamities issues, Guidelines on Project under implementation, restructuring, SDR, IRAC norms other related guidelines of provisioning. A list of 42 circulars is given below.You can download these circulars from rbi.org.in LIST OF IMPORTANT CIRCULARS FOR BRANCH STATUTORY AUDIT Circulars for Loans and advances Financial Inclusion and Development (i) Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs) RBI/2015-16/60 FIDD.CO.GSSD.BC.No 06/ 09.09.01/2015-16 July 01, 2015 (ii) Master Circular- Credit Facilities to Minority Communities RBI/2015-16/64 FIDD. GSSD. BC.No.05 /09.10.01/2015 - 16 July 1, 2015 (iii) Master Circular- Guidelines for relief measures by banks in areas affected by Natural calamities RBI/2015-16/68 FIDD. No. FSD. BC.01 /05.10.001/2015-16 July 01...