"November, 2017" Archive - Page 20

Mis-Selling of Financial Product …Where to Go and Preventive steps for Consumers series

All the regulatory changes across the globe have mainly protected the investors, who fight against inflation and try to get some healthy returns on their investments. The common investors only know how the returns offered on various products. ...

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Posted Under: Finance |

Deemed Export Benefit Under GST

Deemed Exports refer to those transactions in which goods supplied do not leave country, and payment for such supplies is received either in Indian rupees or in free foreign exchange. Supply of goods as specified in Paragraph 7.02 of Foreign trade policy shall be regarded as “Deemed Exports” provided goods are manufactured in India....

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Posted Under: Finance |

National Anti-Profiteering Authority under GST:- Consumer First

The government of India, taking lessons from the past mistakes of other countries who have implemented the GST model, has established the National Anti-Profiteering Authority to ensure that the benefit of rates reduction by GST council as on November 14, 2017, passes to the final consumer....

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Posted Under: Finance |

GST Updates: Recent Important developments in GST

Rationalization of GST rates on certain goods: The Central Government vide Notification No. 41/2017 - Central Tax (Rate) dated November 14, 2017 has amended Notification No. 01/2017 - Central Tax (Rate) dated June 28, 2017 to, inter-alia, reduce GST rate on approximately 177 items earlier falling in 28% slab to 18% slab, leaving only 50 ...

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Clarification on taxability of custom milling of paddy – regarding

Circular No. 19/19/2017-GST 20/11/2017

Representations have been received seeking clarification on whether custom milling of paddy by Rice millers for Civil Supplies Corporation is liable to GST or is exempted under S. No 55 of Notification 12/2017 - Central Tax (Rate) dated 28th June 2017....

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Logistics Sector granted Infrastructure Status

The Logistics Sector has been granted Infrastructure status. The need for integrated Logistics sector development has been felt for quite some time in view of the fact that the logistics cost in India is very high compared to developed countries. High logistics cost reduces the competitiveness of Indian goods both in domestic as well as [...

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Posted Under: Finance |

Aadhaar Data is Never Breached or Leaked: UIDAI

The Unique Identification Authority of India (UIDAI) responding to a news report, appeared in certain section of media on “210 Government sites made Aadhaar info public” as if Aadhaar data is leaked or breached, has said that such report is a skewed presentation of the facts and poses as if the Aadhaar data is breached […]...

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Posted Under: Finance |

Eligibility of dumpers imported for Coal Mines for benefits under Project Import Regulations

Instruction No. 17/2017-Customs 20/11/2017

The Board has received references regarding eligibility of dumpers which are used in coal mines, for benefits under Project Import Regulations. The issue was examined in the past and it was clarified to the field formations that dumpers imported for Coal Mines are not eligible for Project Import benefits.zx...

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ICDS – Brief on Ruling of Hon’ble Delhi High Court

The power under Section 145 (2) of the Act cannot permit changing the basic principles of accounting that have been recognized in various provisions of the Act unless of course corresponding amendments are carried out to the Act itself....

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Posted Under: Finance |

S. 44BB Mobilisation fee for services related to extraction etc. of mineral oil in India

Sedco Forex International Inc Vs CIT (Supreme Court of India)

Section 44BB of the Act is a special provision for computing profits and gains in connection with the business of exploration of mineral oils. Its purpose was explained by the Department vide its Circular No. 495 dated September 22, 1987, namely,...

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