CBDT amends IT Rules, defines standard for verification of Adhaar & PAN details in application
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th June, 2017 G.S.R. 642(E).—In exercise of the powers conferred by section 139A and section 139AA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further… Read More
30 states have passed SGST legislation, FM urges J&K Chief Minister to pass GST Bill
After the most crucial four bills got president assent, finally passed in the month of April. All states except Jammu and Kashmir have passed State Goods and Service Legislation in their respective assemblies, paving way for easy transition and implementation of GST. From 1st July GST, it will subsume 16 different taxes.The Union Finance Minster,… Read More
Central Government defers TDS & TCS collection from e-commerce co’s and its suppliers
In order to ensure easy roll out of GST. Central Government has deferred the provisions relating to TDS ( Tax Deduction at Source) and TCS (Tax Collection at Source) for two categories - Persons liable to deduct tax at source, E-Commerce Companies and their suppliers. Public Information Bureau Government of India Ministry of Finance 26-June,… Read More
Imposition of minimum penalty not mandatory in compounding of offences: NCLT
EXECUTIVE SUMMARY Compliance to the laws enacted for man results in good governance, whereas its non-compliance can result in offence. To understand the present order of NCLT in the matter of UW International Training & Education Centre for Health Pvt. Ltd.[1] where it has held that the principle of imposition of minimum penalty is non-mandatory… Read More
CBEC assigns officers for Registration and Composition levy under CGST, 2017
Circular No.1/1/2017 F. No. 349/75/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, Dated the 26th June, 2017 To, The Principal Chief Commissioner/Chief Commissioners/ Principal Commissioner/ Commissioner of Central Tax (All) / Director General of Systems Madam/Sir, Subject: Proper officer for provisions relating to Registration and… Read More
CBEC releases Tweet FAQ’s on Goods and Service Tax
Tweet FAQs The tweets received by ask GST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. S. No. Questions / Tweets Received Replies 1. Does aggregate turnover include value of inward supplies received on which RCM is payable? Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of… Read More
Project Import (Amendment) Regulations,2017 enforced on 23 June 2017- CBEC
Central Government made the Project Imports (Amendment) Regulation, 2017 to amend the Project Imports Regulations, 1986. The amendments made in the regulation can be read below in the table. These regulations were enforced on 23 June 2017. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA… Read More
CBEC adds Kannur International Airport to Customs Airport List
The Central Board of Excise and Customs vide Notification No. 56/2017- Customs (Non-Tariff) amends the Notification No.61/94(NT)-CUSTOMS, dated the 21st November, 1994 to add Kannur International Airport in the State of Kerala to the List of Customs Airport. [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of… Read More
DIFFERENTIAL VOTING RIGHTS AND ITS TREATMENT UNDER COMPANIES ACT,2013
A corporation is a web of contractual arrangements. Post the infamous Satyam case, the need of structured and democratic governance is felt by one and all. The concept of Differential Voting Rights is a traditional one and has received acceptance from other jurisdictions as well. The approach of the author in understanding the treatment of… Read More
CBEC appoint Central and Excise officers to ensure easy transition to GST
GOVERNMENT OF INDIA MINISTRY OF FINANCE / DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS NORTH BLOCK, NEW DELHI-110001 Tele : +91-11-23092628 Fax : +91-11-23092346 Dated: 22nd June, 2017 S. RAMESH SPECIAL SECRETARY & MEMBER MEMBER (ADMN.) MOST URGENT D.O. F.No. A-22012/05/2017-Ad-II Dated the 21st June, 2017 Dear Chief Commissioner / Director General Subject:… Read More
SEBI issues Consultation paper on SEBI (Investment Advisers) Regulations, 2013
Consultation paper on Amendments/Clarifications to the SEBI (Investment Advisers) Regulations, 2013 SEBI had issued a consultation paper on October 07, 2016 seeking public comments on the clarifications/amendments to SEBI (Investment Advisers) Regulations, 2013 (‘IA Regulations’). Large number of comments have been received on the proposals enumerated in the consultation paper. Based on the feedback received… Read More
RBI directs Banks to record Details of Transaction in Statement of Account
RBI/2016-17/326 DBR.No.Leg.BC.76/09.07.005/2016-17 June 22, 2017 All Scheduled Commercial Banks (including RRBs) All Small Finance Banks and Payments Banks Dear Sir/ Madam, Recording of Details of Transactions in Passbook/ Statement of Account Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures and Performance… Read More
Central Gov. declares 1 July as ‘GST day’: Guidance Manual for GST Seva Kendras releases
GOVERNMENT OF INDIA MINISTRY OF FINANCE / DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS NORTH BLOCK, NEW DELHI-110001 Tele : +91-11-23092628 Fax : +91-11-23092346 22nd June, 2017 S. RAMESH SPECIAL SECRETARY & MEMBER MEMBER (ADMN) D.O.DP/PUB/130/17 Dear Colleagues Subject: – Implementation of GST on 1st July, 2017 & preparation- regarding As you are… Read More
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