Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders
Board has received representations wherein various exporters and organisations have raised the issue of repeated opening of export containers for 100% examination related to risky exporters, under the new procedure laid down in Circular 16/2019-Customs dated 17.06.2019. Exporters have taken the plea that their cargo is getting delayed and they have to incur additional costs for carrying out re-packing.
Ministry of Home Affairs Govt. Issues strict direction to deal with fugitive economic offenders Posted On: 24 JUL 2019 -PIB Delhi The Government issued directions to deal with wilful bank loan defaulters or fugitive economic offenders. For this a Look Out Circular(LOC) can be opened by the Bureau of Immigration in respect of Indian citizens […]
Article covers salient features of new tax structure recommended for real estate sector, i.e, construction service. It discusses the applicability of GST on various projects depending on nature of the project (REP, RREP). It also discusses the taxability based on the progress of construction (on going project, new project). Precisely, this book covers the applicable GST on residential, commercial constructions, affordable housing and the guidelines and requisite conditions as envisaged in Notifications Nos. 03/2019-CTR to 08/2019-CTR (all dated 29.03.2019). However, this book does not discuss the taxability of Works Contract Service.
FDI policy on Single Brand Retail Trade(SBRT) has been in operation since 2006. From 2006 till 29.03.2018, 112 brands have obtained approval of Government for SBRT activities.
GST Form CMP-08 – GST forms should be made available first and then the extension be granted and the limitation period for filing must be counted from the date of the form becoming available.
Objective of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019- The Scheme is a one time measure for liquidation of past disputes of Central Excise, Service Tax and 26 other indirect tax enactments. The Scheme provides that eligible persons shall declare the unpaid tax dues and pay the same in accordance with the provisions of the Scheme.
The Government has taken comprehensive steps to reduce the incidence of frauds in banks. The steps taken include, inter-alia, the following: Government has issued Framework for timely detection, reporting, investigation relating to large value bank frauds to Public Sector Banks (PSBs), for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides, inter-alia, that—
The features and benefits under National Pension System (NPS) and the old pension scheme are independent. Under NPS, there is a provision for voluntary retirement/exit prior to the age of superannuation, without linking it with the minimum number of 20 years of service.
Eligibility for credit is a function of a potential borrower’s repayment capacity and creditworthiness. Repayment capacity is assessed on the basis of both income and expenditure cash flows, as well as assets and liabilities. Further, creditworthiness is reflected in the borrower’s track record in meeting credit and other payment obligations such as taxes and utility bill, as well as the borrower’s risk profile.
