A UK exit from the EU would immediately hit confidence and raise uncertainty which would result in GDP being 3% lower by 2020, which equates to GBP 2200 per household. The OECD states that such costs are already piling up in a new study released today.
A new composition scheme has been recently notified by the Government vide notification dated 18/03/2016 in exercise of powers conferred in section 16 (12), wherein the registered dealers whose annual turnover is upto ₹ 50 Lakhs and who makes sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coffee etc. have an option to pay composition tax @ 5%.
Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector especially in case of Public Sector Banks (PSBs). The Finance Minister said that there are two categories of defaulters, viz. those who are unable to pay back due to economic slowdown both in domestic and global market and other reasons outside their control as well as wilful defaulters including loans sanctioned without due diligence by the banks.
What is the criterion for establishing a liason office or branch office in India by a foreign entity? A body corporate incorporated outside India (including a firm or other association of individuals), may open a Liaison Office (LO) / Branch Office (BO) in India subject to permission from the Reserve Bank of India (RBI) under provisions of Foreign Exchange Management Act, 1999.
In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the E-filing Vault. In order to use this facility, you can log in to your E-filing Account and in the profile page select E-filing Vault – higher security.
Board had clarified that the relaxations are applicable to the vessels which exclusively carry coastal goods and ply as coastal vessels. It will not be applicable for vessels which convert the status from foreign run to coastal run and rice versa. The loading and unloading operation by coastal vessels must take place at separate and exclusive berths in the ports where both coastal and foreign traffic is handled.
Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997, published in the Gazette of India, Extraordinary, Part II, Section 3,Sub-section (i) vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-
Central Board of Excise and Customs hereby appoints the Commissioner of Central Excise, Customs and Service Tax, C.R. Building, Mananchira, Calicut to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on-
Central Government hereby directs that the provisions of sections 30 and 41 of the said Act shall apply to vessels carrying exclusively coastal goods operating from berths used by vessels carrying imported goods or export goods, as the case may be and the person-in-charge of such vessel or his agent shall deliver to the proper officer, a coastal manifest, prior to the arrival of the vessel or departure as the case may be, in the Form as given below.
Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts vessels carrying exclusively coastal goods from the provisions of section 92, section 93, section 94, section 95, section 97 and sub-section (1) of the section 98 of the said Act.
