"06 October 2017" Archive

Govt exempts Gems & Jewellery dealers from PMLA Requirements

G.S.R. 1223(E) (06/10/2017)

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 professi...

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12 decisions taken by GST Council for Small and Medium Enterprises

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....

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Posted Under: Finance | ,

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

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 [&hel...

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Posted Under: Finance |

Stakeholders’ consultation on exports / GST related issues

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....

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Posted Under: Finance |

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

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....

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Posted Under: Finance |

CBEC continues Anti-dumping duty on imports of “Melamine

Notification No. 47/2017-Customs (ADD) (06/10/2017)

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...

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

F. No. 370142/25/2017-TPL (06/10/2017)

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:...

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One Suspicious Company found having with 2134 Bank A/cs

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; ...

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Posted Under: Finance |

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

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. ...

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Posted Under: Finance |

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

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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Posted Under: Finance |
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