CBEC on Wednesday asked its officials to chalk out action plan for clearing pending refunds and drawback payment for smooth transaction to GST — the new indirect taxation regime that is to be rolled out from April. In a communication to top officials, Chairman of Central Board of Excise and Customs Najib Shah said preparations… Read More »
GST Impact on Aviation Sector Increase in Prices of Air Tickets Currently, air travel attracts service tax at an abated rate of 6% for economy travel and 9% for non-economy travel. A Proposed GST rate of 18% may lead to a 9% to 12% increase in the cost of air travel for passengers, thus hampering… Read More »
The outcomes of the latest meeting of the Council tasked with steering the Goods and Services Tax regime are worrying. For one, it leaves the Centre hard-pressed to meet its intended deadline for the new indirect tax regime, April 1, 2017. Finance Minister Arun Jaitley had set a November 22 target to resolve all operational… Read More »
ICDS (Income Computation and Disclosure Standards) Key Points about ICDS -Income Computation and Disclosure Standards Notification No of ICDS :- Central Government has notified Income Computation and Disclosure Standards vide Notification No. S.O. 3079(E), dated 29-9-2016 In pursuance of the powers granted to it under section 145(2) of Income Tax Act 1961 Old Notification on ICDS Rescined :-… Read More »
Conditions to be satisfied for application of section 194J regarding TDS on Professional or Technical service
SEBI CIRCULAR CIR/IMD/DF/114/2016 October 20, 2016 To All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges All Merchant Bankers Dear Sir / Madam, Sub: Disclosure of financial information in offer document/placement memorandum for InvITs 1. Regulation 15(3), read with Schedule III, and Regulation 15(4) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014… Read More »
Circular No. 47/2016 – Customs F.No.605/42/2016-DBK (Pt.II) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Drawback Division New Delhi, dated 20th October 2016 To All Principal Chief Commissioners / Principal Directors Generals of CBEC All Chief Commissioners / Directors General of CBEC All Principal Commissioners / Commissioners of… Read More »
RBI/2016-17/86 FMRD.DIRD.08/14.03.007/2016-17 October 20, 2016 All SGL/CSGL Account holders Dear Sir/Madam, Participation of Foreign Portfolio Investors (FPIs) in Government securities on NDS-OM platform In terms of RBI circular FMRD.DIRD.06/14.03.007/2014-15 dated March 20, 2015, FPIs are currently permitted to transact in the Over-The-Counter (OTC) market for Government securities with T+2 settlement. 2. As announced in paragraph… Read More »
RBI/2016-17/87 FMRD.DIRD.07/14.03.007/2016-17 October 20, 2016 All SGL/CSGL Account holders Dear Sir/Madam, NDS-OM Web Module – Access to Gilt Account Holders (GAHs) As announced in the First Bi-monthly Monetary Policy Statement for the year 2016-17 (paragraph 36) on April 5, 2016, it has been decided to make it obligatory for the Primary Members (PM) to offer… Read More »
RBI/2016-17/89 A.P. (DIR Series) Circular No. 7 October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Investment by a Foreign Venture Capital Investor (FVCI) registered under SEBI (FVCI) Regulations, 2000 Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Transfer or Issue… Read More »