"16 November 2017" Archive

OTC Government Securities Transaction by FPIs – Settlement Period

RBI/2017-18/97 FMRD.DIRD.05/14.03.007/2017-18 (16/11/2017)

As announced in paragraph 13 of the Statement on Developmental and Regulatory Policies, of the fourth Bi-monthly Monetary Policy Statement for 2017- 18 dated October 04, 2017, it has now been decided to permit FPIs to settle OTC secondary market transactions in Government Securities either on T+1 or on T+2 basis. It may be ensured that al...

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How to Apply for GST Registration as a Non-resident Taxable Person

What are the steps involved in applying for Registration as a Non-resident Taxable Person on the GST Portal? For registering yourself as a Non-resident Taxable Person on the GST Portal, perform the following steps:...

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Posted Under: Fema / RBI |

12 GST Notifications impacting the business and Trade

Though few of them related to extension of due date for filing of various GST returns which has already come as a new item, the most important ones impacting the business and trade are related to, availability of ITC on exports to Nepal and Bhutan, on documents issued by Insurance companies...

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Posted Under: Fema / RBI |

FAQs for GST Registration by Non-Resident Taxable Person

1. Are there any pre conditions before I can apply for Registration as a Non-Resident Taxable Person?  A Non-Resident Taxable Person must fulfill following conditions so that he/she can register on the GST Portal: 1. Applicant has authorized signatory in India with valid details 2. Authorized Signatory has valid Permanent Account Number...

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Posted Under: Fema / RBI |

Insolvency & Bankruptcy Code – New Law on Horizon Of India

This law which I am going to discuss is mainly for the benefit of Individual to Corporate Sector who are dealing with the Corporate Sector i.e. Public Limited Companies, Private limited Companies & Limited Liability Partnerships( LLPs)....

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Posted Under: Fema / RBI |

Refund of unutilized input tax credit of GST to exporters of fabrics

Circular No. 18/18/2017-GST (16/11/2017)

Doubts have been raised regarding the restrictions of refund of unutilized input tax credit of GST paid on inputs to manufacturer exporters of fabrics [falling under chapters 50 to 55 and 60 and headings 5608, 5801, 5806] under GST....

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Rate of exchange of conversion of foreign currency wef 17.11.2017

Notification No. 110/2017-Customs (N.T.) (16/11/2017)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise and Customs No. 103/2017-CUSTOMS (N.T.), dated 2nd November, 2017 ...

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FAQs on ethical issues relating to GST

Q1. Whether a member in practice can engage as GST practitioner? A. Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Chartered Accountants Act, 19...

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Posted Under: Fema / RBI |

Union Budget of 2018-19- Govt invites suggestions on Changes in direct / indirect taxes

F. No. 334/4/2017-TRU (16/11/2017)

In the context of formulating the proposals for the Union Budget of 2018-19, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justif...

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Cabinet allows export of all varieties of pulses

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for removal of prohibition on export of all types of pulses to ensure that farmers have greater choice in marketing their produce and in getting better remuneration for their produce. The CCEA also empowered the Committee chai...

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Posted Under: Fema / RBI |