"12 April 2017" Archive - Page 2

Migration into GST – The Early Bird Gets the Worm

The implementation of the GST Law from 1st July 2017 seems to be certain. All the existing Assessee under Central Excise, Service Tax and VAT is required to migrate into the GST. With a view to support the Government initiatives and for the benefit members, Indirect Taxes Committee of ICAI has also launched a short […]...

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Order No. 50 of 2017: Regularization of promotion of CIT

Order No. 50 of 2017 12/04/2017

In continuation of Order No. 171 of 2015 dated 16.09.2015, promotion of the following officers in the grade of Commissioner of Income Tax (CM (Pay Band-4 - Rs. 37,400 – 67,000 + Grade Pay of Rs. 10,000/-) (pre-revised) for the panel year 2014-15 are, hereby, regularised with effect from the date of assumption of charge of the post by th...

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Committee to examine framework of Virtual Currencies / Bitcoins

Government constitutes an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to Virtual Currencies. The Committee to submit its report within three months....

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Customs (Settlement of Cases) Amendment Rules, 2017

Notification No. 37/2017-Customs (N.T.) 12/04/2017

1. (1) These rules may be called the Customs (Settlement of Cases) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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Draft guidelines of Simplified Hedging Facility for Residents & Non-Residents

Press Release : 2016-2017/2759 12/04/2017

RBI today released draft guidelines of Simplified Hedging Facility for Residents and Non-Residents which permits dynamic hedging of currency risk and simplifies the procedure involved in booking hedge contracts....

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Security Substitution Facility for term repos under Liquidity Adjustment Facility

RBI/2016-17/274 FMOD.MAOG.No.120/01.01.001/2016-17 12/04/2017

As announced in the First Bi-monthly Monetary Policy Statement for 2017-18, it has been decided to allow substitution of collateral (security) by the market participants during the tenor of the term repos conducted by Reserve Bank of India under the Liquidity Adjustment Facility, from April 17, 2017....

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Central Excise (Settlement of Cases) Amendment Rules, 2017

Notification No. 09/2017-Central Exicse (N.T.) 12/04/2017

Disclosure of information in the application for settlement of cases.--The Settlement Commission shall, while calling for a report from the Commissioner of Central Excise under sub-section (3) of section 32F, forward a copy of the application referred to in sub-rule (1) of rule 2, or sub-rule (1A) as the case may be, to the Commissioner ...

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No Penalty for non payment of service Tax if no willful suppression of facts to evade tax

Mahadev Logistics, Vs Customs and Central Excise Settlement Commission (Chhattisgarh High Court)

Court is of the considered opinion that there is no willful suppression of facts to evade tax on the part of the petitioner and it was bona fide on the part of the petitioner, it was not deliberate and in absence of finding relating to mensrea recorded by the Settlement Commission, the penalty imposed upon the petitioner under Section 78 ...

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Innovate we must. Failure is not an option

The great Robert Noyce once said, At the heart of what is possible is innovation and imagination. Since I came back to India, I have been even more fascinated by the statement and how aptly it summed up the situation in the country....

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Procurement Planning for GST

 CA Pragya Singh Introduction: The Government is fast moving on the tract of implementing GST from 1st July 2017. The latest step in the direction being the passage of the four legislations; CGST, IGST, UTGST and States Compensation bill by the Lok Sabha and the Rajya Sabha. This makes even more important for businesses and […]...

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