Legal Update

Central Goods and Services Tax (Sixth Amendment) Rules, 2018 notified

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 19th June, 2018 No. 28/2018 - Central Tax G.S.R. 574(E).—In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules… Read More

GST leads to Formalization of Economy and Widening of Tax Base

Governmnent of India Ministry of Finance  18 JUN 2018 Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumption… Read More

SEBI constitutes Group to review Institutional Trading Platform (ITP) framework to facilitate the listing of start ups

SECURITIES EXCHANGE BOARD OF INDIA CIRCULAR Jun 12, 2018 PR No.: 17/2018 SEBI has constituted a group to look into the existing Institutional Trading Platform (ITP) framework and suggest measures to facilitate listing of startups. SEBI had put in place the ITP framework in 2015 with a view to facilitating listing of new age companies in… Read More

RBI releases operational guidlines for payment of interest to DEA fund

RBI/2017-2018/191 DBR.DEA Fund Cell.BCNo.110/30.01.002/2017-18 June 07, 2018 The Managing Director & CEO/ Chief Executive Officers All Scheduled Commercial Banks (including RRBs) Local Area Banks (LABs) Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Small Finance Banks/Payment Banks Dear Sir/Madam, Banking Regulation Act, 1949 – Section 26A Depositor Education and Awareness Fund… Read More

External Commercial Borrowings (ECBs) – Monthly reporting through ECB 2 Return

RBI/2017-18/193 A. P. (DIR Series) Circular No. 29 June 7, 2018 To All Category I Authorised Dealer Banks Madam / Dear Sir External Commercial Borrowings (ECBs) – Monthly reporting through ECB 2 Return Attention of Authorized Dealer Category I (AD Category I) banks is invited to Annex III of Part V of Master Direction No.18/2015-16 dated… Read More

Task Force on Shell Companies takes pro-active and coordinated steps to check the menace of shell companies

The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies. The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue Secretary and Secretary, MCA with a mandate to… Read More

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.             Under the revised scheme, a person… Read More

CBIC rolls out e-Way Bill system in Chhattisgarh, Goa, J&K, Mizoram, Odisha, Punjab, Tamil Nadu and West Bengal

Government of India Ministry of Finance 31 MAY 2018 As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal… Read More

Govt. notifies NACIN as the authority for conducting the examination for GST Practitioners under CGST Rules, 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 28th May, 2018 No. 24 /2018–Central Tax G.S.R. 503(E).—In exercise of the powers conferred by section 48 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (3) of rule 83 of the… Read More

Govt. notifies levy of PSLC under Reverse Charge Mechanism under Integrated Tax

NOTIFICATION New Delhi, the 28th May, 2018 No. 12/2018-Integrated Tax (Rate) G.S.R. 506(E).—In exercise of the powers conferred by sub-section (3) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of… Read More

Govt. notifies levy of PSLC under Reverse Charge Mechanism under Union Territory Tax

NOTIFICATION New Delhi, the 28th May, 2018 No. 11/2018- Union Territory Tax (Rate) G.S.R. 505(E).—In exercise of the powers conferred by sub-section (3) of section 7 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in… Read More

Govt. notifies levy of PSLC under Reverse Charge Mechanism under Central Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 28th May, 2018 No. 11/2018-Central Tax (Rate) G.S.R. 504(E).—In exercise of the powers conferred by sub-section (3) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following… Read More

E-Way Bill system to roll out for intra-State movement of goods in the Maharashtra, Manipur and Union Territories

Ministry of Finance   24 MAY 2018 As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1st April, 2018. As on 23rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar,… Read More

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