The government on Thursday announced new interest rates on small savings schemes, including National Savings Certificate (NSC) and Public Provident Fund (PPF). The interest rates for small savings schemes were hiked by up to 0.4 per cent for the October-December quarter, the Ministry of Finance said in a statement. The revised rates would be applicable from October 1, 2018 to December 31, 2018, the government said. At present, interest rates on small savings schemes - which include Kisan Vikas Patra (KVP) and Sukanya Samriddhi - are revised on a quarterly basis.

Here are 5 things to know:

1. The interest rates on NSC and PPF have been revised to 8 per cent, from 7.6 per cent at present.
2. The interest rate for the Senior Citizens Savings Scheme (SCSS) has been raised 8.3 per cent, from 8.7 per cent.
3. In Kisan Vikas Patra (KVP), the interest rate and maturity period have been revised. Investment in the KVP scheme will fetch an interest rate of 7.7 per cent over a maturity period of 112 months. At present the KVP accounts earn a return of 7.3 per cent over a term of 118 months.   
4. Investment in Sukanya Samriddhi, a savings scheme focused on the girl child, will earn interest at the revised rate of 8.5 per cent, 0.4 per cent higher than the existing rate.
5. Interest on deposits in savings account, NSC, PPF, KVP and Sukanya Samriddhi Scheme are compounded on an annual basis.

Source: www.pib.nic.in

Notifications are given below.

Source www.ndtv.com

After social media buzz that a weekend followed by Janmashtami and a two-day bank strike by Reserve Bank of India employees could paralyse banking operations in several parts of the country from September 1 to September 5, National Organization of Bank Workers Vice President Ashwani Rana has clarified that banks will largely remain open there will be no impact on the functioning of ATMs.

"The message going around in the social media that banks will be closed for six days in the first week of September due to holidays and bank strike is not correct," Mr Rana told news agency IANS.

"It's only the RBI employees who are going on mass casual leave on September 4-5 for demands related to to Provident Fund and pension. This will not have much impact on the day-to-day operations of the other public and private sector banks," Mr Rana added.

It was earlier reported that the beginning of September may come with a five-day bank closure in many states and banking services may take a serious hit. 

While most banks operate on first Saturdays of the month, banks in some states are closed on Saturdays or operate only for half a day. This would hit operation on September 1. Sundays are mostly closed for all banks across the country, so count September 2 as bank holiday. Most banks in north India would remain closed on account of Janmashtami, a festival that celebrates the birth of Lord Krishna on September 3, Monday. This would be followed by a bank strike called by United Forum of Reserve Bank Officers and Employees (UFRBOE) when RBI employees are likely to go on a two-day mass casual leave on September 4 and 5.

The bank strike by RBI staff members is expected to paralyse banking operations of the central and other state banks across the country.

The main demand of the United Forum of Reserve Bank Officers and Employees forum is to provide an option to the retainers of Contributory Provident Fund (CPF) to switch over to pension scheme. The other demand of the forum is to grant additional provident fund (APF) to those recruited in the bank from 2012.

Taking into account these events, services like ATM transactions, deposit in branches, FD renewal, government treasury operation, money market operation among others are likely to get hit. Online banking operations, however, are expected to be available at all times. It would be best to check with your banks about closed days and timings so that your bank work is not delayed.

Source:- gst.gov.in GST Portal Twitter, PIB

Ministry of Finance
Extension of Last Date for filing GSTR-3B for July, 2018 extended till 24th August, 2018 for all class of taxpayers
Posted On: 21 AUG 2018 6:56PM by PIB Delhi
The last date for Filing of Return in FORM GSTR-3B for the month of July, 2018 has been extended till 24th August, 2018 for all class of taxpayers by the Competent Authority. The relevant Notification for the same shall be issued shortly.
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DSM/KA
(Release ID: 1543565) Visitor Counter : 640

Source: www.inshorts.com

The Central Government has issued 3 notifications 32/2018, 33/2018 & 34/2018- Central Tax on 10th August 2018 in order to decide the time limit for filing of GSTR-1 & GSTR-3B for the period July 2018 to March 2019.

•       Revised last date for filing of GSTR-1 is as follows:

a)    Taxpayer having turnover less than Rs. 1.5 crore need to file the GSTR-1 quarterly as follows:

July 18 - Sept 18 - 31st Oct 2018
    
Oct 18 - Dec 18 -   31st Jan 2019

Jan 19 - March 19- 30th April 2019


b)    Taxpayer having turnover more than Rs. 1.5 crore need to file the monthly GSTR-1 as follows:

July 18 to March 19  -  11th of succeeding month.


•    GSTR-3B for the period July 18 to March 19 shall continue to be filed monthly by all the taxpayers by 20th of next month.


•    Also, every taxpayer has to discharge its liability by debiting the electronic cash ledger or credit ledger, as the case may be, for the said period by 20th of next month.

Source: www.inshorts.com

Source: www.inshorts.com

The Ministry of finance has issued FAQs on Goods & Services Tax on 3rd August, 2016. The copy of the said FAQs is given below:-

The Excise & Taxation department, Government of Punjab has, vide its public notice dated 30th July, 2016, extended the due date for filing Quarterly VAT return VAT-15 to 5th August, 2016. The Copy of Public notice is given below.

The Ministry of Finance vide its order dated 29th July, 2016 has extended the due date of filing of Income tax return from 31st July, 2016 to 31st August, 2016 for Jammu & Kashmir and to 5th August, 2016 for rest of India. The reasons sited behind the extension are strike by bank employees on 29th July, 2016 and Sunday on 31st July, 2016, so to avoid hardship in depositing tax due the date is extended. further for Jammu & Kashmir the reason is recent unrest in the valley. The Copy of both the orders is given below.

A clarification has been issued by CBDT on TCS on Cash Sale exceeding Rs. 2 lakhs.
CBDT vide Circular No. 23/2016 dt. 24 June 2016 has clarified on FAQs of stakeholders reg. scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Income Tax Act, as under:

Punjab Excise & Taxation department vide its Public Notices dated 01-June-2016 and 10-June-2016 has extended the facility of ePayment of taxes & eFiling of returns to Luxury Tax and Entertainment Tax as well. The Copy of said Public Notices is given below.

Advance Tax provisions have been amended by the Finance Act 2016 (No. 28 of 2016) which are effective for Assessment Year 2017-18 relevant to Financial Year 20016-17. The amendments are given here under:

The Finance Minister while announcing the Union Budget 2016 has introduced new cess called "Krishi Kalyan Cess". It would be levied @ 0.50% on the value of all taxable services. It would be applicable with effect from 1st June, 2016. The Accounting codes are given here under.

Punjab Excise & Taxation Department vide its Public Notice dated 6th May, 2016 has further extended the last date for filing of VAT return VAT-15, for the quarter ended 31st March, 2016 to 9th May, 2016. The copy of the public notice is given below for viewing and downloading.

Punjab Excise & Taxation department has vide its public notice dated 26th April, 2016, extended the last date of efiling of VAT-15 return for the 4th Quarter of Financial Year 2015-16 from 30th April, 2016 to 6th May, 2016. The said public notice is given below.

The Central Board of Excise & Customs has extended the last date of submission of service tax return form ST-3 for the period from 1st October, 2015 to 31st March, 2016, from 25th April, 2016 to 29th April, 2016. The Copy of the order is given below.