Daily Archives: November 4, 2016

Video- GST Rates Finalized- Arun Jaitley press conference on 4th GST council meet

Arun Jaitley addresses press conference on 4th GST council meet Union Finance Minister Arun Jaitley addresses press conference on 4th GST council meet in New Delhi on Thursday. 03.11.2016 The two-day meeting (held on 03rd and 04th of November) of the Goods and Services Tax Council (GSTC) was able to build consensus as to the… Read More »

Govt confident of GST Bills’ passage in winter session

Govt confident of GST Bills’ passage in winter session With elections in five states — including Uttar Pradesh — on the anvil, several raging controversies from an alleged fake encounter in Madhya Pradesh and the suicide of an ex-serviceman, the forthcoming winter session of Parliament is set to be rocky. But government sources were on… Read More »

Category: GST

Nasscom concerned over GST implementation

Software lobby group National Association of Software and Services Companies (Nasscom) said it was yet to get clarity on the rates for IT products but cautioned that the bigger challenge for the sector would be the implementation of the goods and services tax. “The industry is looking at a rate of 12-16 per cent. So,… Read More »

Category: GST

India Inc Welcomes Four-tier GST Tax Rates

India Inc Welcomes Four-tier Tax Rates India Inc, which will possibly benefit the most from the introduction of Goods and Services Tax, welcomed the rapid progress on this key reform even as it pointed out certain shortcomings that it hoped would be addressed over a period of time. Industry has called for a centralised registration… Read More »

Category: GST

RBI announces Draft guidelines for Centralised Hedging for Indian Subsidiaries of Non-Resident Companies

RBI announces Draft guidelines for Centralised Hedging for Indian Subsidiaries of Non-Resident Companies The Reserve Bank of India today released draft operational guidelines to allow the overseas parent or its central treasury to hedge the currency risk arising out of genuine current account exposures of the Indian subsidiary in order to better manage the latter’s… Read More »

DVAT return due date for year 2016-17 Extended

[ Related Post Due date of DVAT return for Q3 FY 2016-17 Extended ] Earlier DVAT second quarter return due date for year 2016-17 was also Extended by following circular GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No. F7(420)/VAT/Policy/2011/PF/839-44 Dated 28/10/2016 CIRCULAR NO. 17… Read More »

Reimbursement of Duty in lieu of drawback for supply of goods to SEZ

Amendment to Instruction No. 9 regarding Procedure for Reimbursement of Duty (ROD) in lieu of drawback for supply of goods to SEZ Developers against Indian Rupees. Instruction No. 86 Fl. No. D.6/35/2011-SEZ Government of India Ministry of Commerce & Industry Department of Commerce (SEZ Division) Udyog Bhawan, New Delhi   Dated the 31st October, 2016… Read More »

Income Tax Department Staff to take Integrity Pledge

MOST URGENT F.No. DCIT(V)/PV/2016-17/4528. Directorate General of Income Tax (Vigilance) 1st Floor, Dyal Singh Public Library Building, 1, DeenDayal Upadhyay Marg. New Delhi Dated: 3rd November. 2016 To All the Principal Chief Commissioners of Income Tax, Pr. Directors General of Income Tax, Chief Commissioners of Income Tax and Directors General of Income Tax Sir/Madam, Sub:… Read More »

FCRA renewal application closed for certain Association

Notice for associations whose FCRA renewal application has been closed Representation if any in this regard in support of the deficiency in the application, may be submitted through designated email usfcra-mha[at]gov[dot]in by 8th Nov 2016, failing which no representation will be accepted. No hard copy will be accepted. Download List of associations whose FCRA renewal… Read More »

What is GST? How does it work?- Answer

FAQs on Goods and Services Tax (GST) GST Eco System Question 1. What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the… Read More »

GST Rates approved by GST Council

GST Rates approved by GST Council (India) The GST Council announced the GST Rates on 03.11.2016  and here is a snapshot of the announcements made today: Essential items including food  : Zero Rates Common use items  : 5% Other Items : Standard Rate of 12% and 18% luxury goods : 28% Luxury cars, tobacco and… Read More »