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Archive: 06 October 2017

Posts in 06 October 2017

Govt exempts Gems & Jewellery dealers from PMLA Requirements

October 6, 2017 2307 Views 0 comment Print

The Government has received representations from various Associations in the Gems and Jewellery sector with respect to certain incongruities in Notification No. 4/2017 dated 23rd August, 2017, wherein dealers in precious metals, precious stones and other high value goods were notified as person carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002.

12 decisions taken by GST Council for Small and Medium Enterprises

October 6, 2017 54117 Views 16 comments Print

The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs.

Govt reduces GST rate on 28 type of goods and provided IGST exemption on few goods

October 6, 2017 18801 Views 4 comments Print

As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in GST rates for certain Goods and IGST rates on Imports of specified Goods have been recommended. Krishan Arora, Partner, Grant Thornton India LLP on the GST Council […]

Stakeholders’ consultation on exports / GST related issues

October 6, 2017 717 Views 0 comment Print

Many options and suggestions were proposed to overcome such challenges. GST related issues regarding working capital blockage, delay in refunds and usability of MEIS/SEIS scrips were raised by exporters.

Main Features of Sovereign Gold Bond Scheme 2017-18 Series-III

October 6, 2017 1527 Views 0 comment Print

Govt has decided to issue Sovereign Gold Bonds 2017-18 – Series-III. Applications for the bond will be accepted from October 09, 2017 to December 27, 2017. The Bonds will be issued on the succeeding Monday after each subscription period.

CBEC continues Anti-dumping duty on imports of “Melamine

October 6, 2017 1998 Views 0 comment Print

Notification No. 47/2017-Customs (ADD) Seeks to continue imposition of anti-dumping duty on imports of Melamine originating in or exported from European Union, Iran, Indonesia and Japan

Country-by-Country reporting & furnishing of master file- Draft TP rules

October 6, 2017 2244 Views 0 comment Print

It is proposed to insert rulac 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 (`the Rules’), laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. In this regard, the following guidelines are proposed to be prescribed:

One Suspicious Company found having with 2134 Bank A/cs

October 6, 2017 8718 Views 2 comments Print

Government of India receives vital information from 13 Banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year;

SGST credit not available on Invoices of another state where CGST & SGST has been paid

October 6, 2017 8025 Views 1 comment Print

Section 16 of the Central Goods and Service Tax Act, 2007 allows the credit of input tax charged on any supply of goods or services or both to a registered person which are used or intended to be used in the course or furtherance of his business.

Dematerialization of Unlisted Shares- Is it next weapon to crack down on black money??

October 6, 2017 4425 Views 0 comment Print

Is after denomination of rupee, dematerialization of shares is next weapon? The government is planning to dematerialize the shares of unlisted limited companies to as a part of the broader the crack down on black money. There is still a very little understanding about dematerialization of shares.

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