Quick understanding of Composition levy under section 8: Who is eligible: Registered Taxable person whose aggregate turnover as defined by section 2(6) of Draft Model GST Law, 2016 which includes both taxable and non-taxable supplies, exempt supplies and exports in a financial year does not exceed Rs. 50 Lakhs.
GST is one of the widely accepted indirect taxation system & prevalent in more than 150 countries across the globe. GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point up to the retailer’s level.
Any person may make on or after the date of commencement of this Scheme but before 30.09.2016 as notified by the Central Government in the Official Gazette vide notification no. 32/2016 dated: 19th May, 2016 , a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017 :
The new GST Bill clubs all intermediaries as ‘agents’ who carries on the business of supply or receipt of goods and/or services on behalf of another and clubs these entities together with commission agents, brokers, etc.
In this connection, trade has requested that a procedure be prescribed for supply of bunker fuel for such use from bonded stocks of bunker fuel being maintained by the Oil Manufacturing Companies (OMCs) at the ports located in the coastal areas where the specified ships/ vessels operate.
Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May. 2016 along with the payment of excise duty for the month of June, 2016 upto the extended date of 31.07.2016.
The rules and regulations applicable to Relief/Savings Bonds have been updated with instructions issued up to June 30, 2016 in the Master Directions on Relief/Savings Bonds.
In 1995, the Reserve Bank of India (RBI) introduced the system of Primary Dealers (PDs) in the Government Securities (G-Sec) Market. The objectives of the PD system are to strengthen the infrastructure in G-Sec market, development of underwriting and market making capabilities for G-Sec, improve secondary market trading system and to make PDs an effective conduit for open market operations (OMO). As on June 30, 2015, there are seven standalone PDs and thirteen banks authorized to undertake PD business departmentally.
The Chairmen and Managing Directors/Chief Executive Officers (CMD/CEOs) of banks must provide focus on the Fraud Prevention and Management Function to enable, among others, effective investigation of fraud cases and prompt as well as accurate reporting to appropriate regulatory and law enforcement authorities including Reserve Bank of India.
Periodical but frequent occurrences of natural calamities take a heavy toll of human life and cause wide spread damage to economic pursuits of human beings in one area or the other of our country. The devastation caused by such natural calamities calls for massive rehabilitation efforts by all agencies.
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