sikkim

India may move to a dual Goods and Services Tax (GST) regime next year, but the Cenvat (excise duty) related exemptions, especially area-based ones, will not be withdrawn at one go for ushering in the new tax system. The Finance Ministry is not in favour of doing away with all the Central excise exemptions, numbering about 330, as part of the switchover to the GST regime. Full Article

The Union Cabinet today approved setting up of new National Institutes of Technology (NITs). These new NITs will be established in Manipur; Meghalaya; Mizoram; Nagaland; Goa (which will also cater to UTs of Daman Diu, Dadra Nagar Haveli and Lakshdweep); Pudducherry (which will also cater to Andaman Nicobar Islands); Sikkim; Delhi (which will also cater [...] Full Article

Appointment of branch statutory auditors of Public Sector Banks - Chartered Accountants from North Eastern Region. RBI has decided to relax the eligibility norm in respect of professional standing of individual auditors/proprietar y audit firms from the North-Eastern Region (viz. the states of Assam, Meghalaya, Arunachal Pradesh, Manipur, Mizoram, Nagaland, Sikkim and Tripura) by reducing the period from 3 years to 1 year from the year 2008-09 and onwards. Full Article