After all the ado and drama, finally it is #OnenationOnetax – GST. But what’s all the fuss about!!! The concept hasn’t changed; it is the same old VAT methodology (tax on the value addition). Most of you would have already studied the model law and its computation. But the big question is how it will affect or bring a change in the country. Well, I have tried to bring down some points on why or how it will be a big tax reform in the recent times.
A new scheme called Special Advance Authorisation Scheme for export of Articles of Apparel and Clothing Accessories of Chapter 61 & 62 of ITC(HS) Classification is introduced with effect from 1st September 2016 wherein exporters are entitled for an authorisation for fabrics including inter lining on pre-import basis, and All Industry Rate of Duty Drawback for non-fabric inputs on the exports.
With the increased thrust on financial inclusion and customer protection as the two crucial pillars of financial stability and considering the recent surge in customer grievances relating to unauthorised transactions resulting in erroneous debits to their accounts/cards, the criteria for determining the customer liability in these circumstances have been reviewed.
RBI/2016-17/37 FIDD.CO.Plan.BC.10/04.09.01/2016-17 Dated: August 11, 2016 The Chairman/ Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks (excluding Regional Rural Banks)] Dear Sir/ Madam, Priority Sector Lending status for Factoring Transactions Please refer to Master Direction FIDD.CO.Plan.1/04.09.01/2016-17 dated July 7, 2016 on Priority Sector Lending (PSL) and Guidelines dated December 3, 2014 for setting up […]
With a view to facilitate the splitting up or the reconstruction of erstwhile public sector companies and to give effect to the conditions attached to the transfer of shares by the Government, there is a need to bring these types of splitting up or the reconstruction within the scope of definition of the term demerger.
It has been decided to make the provisions of the aforesaid circular applicable to the Brokers / Trading Members of the National Commodity Derivatives Exchanges. The major provisions / framework of System audit for Brokers / Trading members covered are as under:
Constitution (One Hundred and First Amendment) Act, 2016 as passed in Rajya Sabha on 03.08.2016 A Bill further to amend the Constitution of India. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— Short title and commencement. 1. (1) This Act may be called the Constitution (One Hundred […]
Specification of 17th August, 2016 as the date on which clause (v) of rule 5 and rule 6 of Central Excise (Amendment) Rules, 2016 notified by Notificaton No. 8/2016- Central Excise (NT) dated 1st March, 2016, shall come into force
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its ex-post facto approval for amendments to the Maternity Benefit Act, 1961 by introducing the Maternity Benefit (Amendment) Bill, 2016 in Parliament.
Central Board of Excise and Customs hereby makes the following regulations further to amend the Import Manifest (Aircraft) Regulations, 1976, namely: – 1. (1) These Regulations may be called the Import Manifest (Aircraft) Amendment Regulations, 2016.
