Daily Archives: November 26, 2016

Schedule V of New Draft Model GST Law -Person Liable to be Registered

New The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would be considered by the GST Council for approval are placed in the public domain for information of trade, industry and other stake holders. on 25.11.2016 :- Draft Model GST Law, Draft IGST Law and Draft Compensation Law ] Earlier, the Draft… Read More »

Key Changes – Old Model GST Law [June 2016] VS New Model GST Law [Nov 2016]

New Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders by Govt of India on 25.11.2016 Draft Model GST Law, Draft IGST Law and Draft Compensation Law ] The Draft Model GST Law, Draft IGST Law and Draft Compensation Law… Read More »

Cash commission paid to doctors for referring patients to hospitals disallowed by HC

HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax-2, Chandigarh v. International Institute of Neuro Sciences & Oncology Ltd. S. J. VAZIFDAR, CJ. AND DEEPAK SIBAL, J. IT APPEAL NO. 76 OF 2015 (O & M) SEPTEMBER  9, 2016 Facts of the Case The assessee had been paying commission to various Doctors for referring the… Read More »

e-pashuhaat portal launced to connect breeders and farmers

National Milk Day is celebrated in India on the birth anniversary of Dr. Verghese Kurien, the Father of White Revolution. Per capita availability of milk increased from 307 gram per day in 2013-14 to 340 grams per day in 2015-16. To connect breeders and farmers, e-pashuhaat portal (www.epashuhaat.gov.in) has been developed for the first time… Read More »

New Draft Model GST Law, IGST Law & Compensation Law released by Indian Govt

Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders. [ Related Post :- Download:- Draft Model GST Law, Draft IGST Law and Draft Compensation Law ] The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would… Read More »

Revised Model GST Law Released by CBEC 25.11.2016

Download Revised Model GST Law Released by CBEC 25.11.2016 GST COUNCIL SECRETARIAT November, 2016     Free Education Guide on Goods & Service Tax (GST) SR No Topic -GST Resources 1 Model GST Law Model GST Law 2 GST Overview Goods and Services Tax (GST): An Overview     Integrated Goods & Service Tax (IGST)… Read More »

Rescinds Publication of Daily List of Imports & Exports Rules 2004

Rescinds Publication of Daily List of Imports & Exports Rules, 2004- Notification No. 128/2004- Cus (N.T.) dated 19th November, 2004 MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF EXCISE AND CUSTOMS) New Delhi, the 25th of November, 2016 Notification No. 140/2016-Customs (N.T.) G.S.R (E).- In exercise of the powers conferred by section 156 of… Read More »

Computerized Desk Audit (CDA) for 2013-14 under Maharashtra VAT

Office of the Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai –400 010. TRADE CIRCULAR No.: JC/EIU/CDA1314/2016-17/B-1025 Trade Circular No. 37T of 2016 Mumbai dt. 25/11/2016 Subject: The Computerized Desk Audit (CDA) for the period 2013-14. The department has generated Computerized Desk Audit (CDA) reports for the period 2013-2014 after analyzing electronic data… Read More »

Demonetization : Some municipalities collected 13000 Crore Tax – PM Modi

Text of PMs Speech at a function to commemorate Constitution Day, at Parliament House Annexe, 26 Nov 2016 आदरणीय सुमित्रा जी एवं उपस्थित सभी वरिष्‍ठ महानुभाव 26 नवंबर संविधान दिवस के रूप में मनाना 2015 से प्रारंभ किया| कल्‍पना ये है कि हमारी नई पीढ़ी इस सविंधान के साथ उसकी प्रक्रिया के साथ उसके उद्देश्‍यों… Read More »

Stop surrogacy to foreign nationals /OCI in India

Surrogacy The Ministry of Home Affairs (MHA), vide letter No. 25022/74/2011-F-I dated 9th July, 2012 issued guidelines for circulation to the Mission in foreign countries, stipulating, inter-alia, that foreign nationals visiting India with a medical Visa only, can avail of surrogacy. Subsequently, the aforesaid guidelines were reiterated vide MHA’s letter No. 25022/74/2011-F-I dated 14th October,… Read More »

Sex Ratio in India – ( State Wise ) -2011 Census

Sex-Ratio in India As per the Census, 2011 the child sex ratio has shown decline from 927 females per thousand males in 2001 to 918 females per thousand males in 2011. The State/UT-wise details are given below: Child Sex Ratio as per Census (1971-2011) S. No. States/UTs 2011   India  918 1 Jammu & Kashmir… Read More »

Languages printed on language panel of Indian Currency notes

Value of Currency Notes in Indian Languages The Indian banknotes are printed in two languages, English and Hindi. In addition, the other languages printed on the language panel of the Indian notes are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu. Inclusion of languages on Banknotes is… Read More »

Listing of Indian Insurance Companies

Listing of Indian Insurance Companies Insurance Regulatory and Development Authority of India (IRDAI) issued a Discussion Paper on “Listing of Indian Insurance Companies” on 11th August 2016 in order to seek feedback on mandatory listing of life and non-life insurers. The Discussion Paper inter-alia suggests the following: i) Public listing enables the retail and institutional… Read More »

Applicability of MAT on foreign companies in India

Foreign portfolio investors (FPIs) Foreign portfolio investors (FPIs) raised certain taxation issues relating to applicability of Minimum Alternate Tax (MAT) on them. The Government set up a committee under Justice A. P. Shah to examine the issue raised by them. On the recommendations of the committee, an amendment in section 115JB of the Income-tax Act,… Read More »

Indian Govt steps to attract investment in infrastructure sector

PPP Contracts in the Infrastructure Sector Public Private Sector (PPP) concessions are usually long term arrangements spanning over decades and contracting parties are required to manage the uncertainties and complexities that arise over the long-term concession periods. The Committee on Revisiting and Revitalizing the PPP Model of Infrastructure chaired by Dr. V.Kelkar, in its Report… Read More »

Indian Govt steps to boost foreign investments in India

Simplified investment rules to attract more domestic and foreign investment Government has put in place a liberal, transparent and investor-friendly policy on Foreign Direct Investment (FDI) wherein most of the sectors are open to FDI under the automatic route. The Government reviews FDI policy on an ongoing basis and significant changes are made in the… Read More »

More than 31,000 Cr Undisclosed income admitted u/s 132(4) of Income Tax Act 1961

Measures to effectively tackle the issue of black money Analysis of seizure of valuables and admission of undisclosed income during searches conducted by Income-tax Department during last three financial years indicates that the persons searched were involved in multiple activities in varied sectors and it may not be feasible to comprehensively apportion the undisclosed income… Read More »

Tax Exemptions on gold monetisation scheme

Norms on gold monetisation scheme Government has recently issued norms on gold monetisation scheme. Based on the feedback received from the stakeholders of the scheme and the reviews held, Government has allowed following Tax Exemptions: i). Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, are excluded from the definition of… Read More »

List of Service providers for GST Network

48 firms including Kotak Bank, TCS to become service providers for GST Network [Download List of Applicants found Eligible as per criteria: 48 (www.gstn.org/ecosystem/Eligible GSPs.pdf) ] Goods and Services Network (GSTN) has shortlisted 48 firms in the first round, seeking to become service providers termed as GST Suvidha Providers. These include technology companies such as Tata… Read More »

Concurrent Audit Empanelment – Central Bank of India

Concurrent Audit Empanelment for Central Bank of India Central Bank of India invites online applications for Concurrent Audit. Only Internet Explorer Browser is allowed for Submission of Application for Central Bank of India CONCURRENT AUDIT Assignment. PLEASE DON’T SEND PRINT OUT/SOFT COPY OF YOUR APPLICATION TO ANY OFFICE OF OUR BANK. COPY OF APPLICATION FORM ALONG… Read More »

Domestic Help to Former Chief Justices of India & Former Judges of Supreme Court

SUPREME COURT OF INDIA NOTIFICATION New Delhi, the 24th November, 2016 Rules for providing Domestic Help to Former Chief Justices of India and Former Judges of the Supreme Court F. No.1/Domestic Help/2016/SCA(J).— 1These Rules shall be called the rules for providing ‘Domestic Help to Former Chief Justices of India and Former Judges of the Supreme… Read More »

Demonetization – RBI updated FAQ’s 25 Nov 2016

Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 25, 2016) (Updated as on November 25, 2016) (Updated as on November 23, 2016) (Updated as on November 22, 2016) (Updated as on November 21, 2016) (Updated as on November 18, 2016)… Read More »

Use of Old bank Note Rs 500 – Specified Transactions till 15 Dec 2016

Use of Old bank Note Rs 500 – Specified Transactions till 15 dec 2016 Till the December 15, 2016, specified banknotes of only 500 denomination can be used as under:— (a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor’s prescription; (b) at railway ticketing… Read More »

Govt Oil Bonds eligible collateral under LAF/MSF & Removal of Margin Requirement for Reverse Repos

Liquidity Adjustment Facility – Oil Marketing Companies’ Government of India Special Bonds (Oil Bonds) as eligible collateral under LAF/MSF and Removal of Margin Requirement for Reverse Repos RBI/2016-2017/156 FMOD.MAOG No. 117/01.01.001/2016-17 November 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Scheduled Urban Co-operative Banks and Standalone Primary Dealers Dear Sir/Madam, Liquidity Adjustment Facility – Oil… Read More »

Exchange of Old bank Notes to foreign tourists visiting India

Exchange facility to foreign citizens RBI/2016-17/157 A.P. (DIR Series) Circular No.20 November 25, 2016 To All Authorised Persons Madam / Sir, Exchange facility to foreign citizens Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 16 dated November 9, 2016 giving certain exemptions to foreign tourists visiting India. In supersession of… Read More »

Weekly limit for Withdrawal of cash Rs 24000 continue : RBI

Withdrawal of cash – Weekly limit RBI/2016-17/158 DCM (Plg) No.1424/10.27.00/2016-16 November 25, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash – Weekly limit Please refer to… Read More »

Minimum Balance in Saving Accounts

Minimum Balance in Saving Accounts Reserve Bank of India (RBI) vide its circular dated August 10, 2012 on Financial Inclusion – Access to Banking Services – Basic Saving Bank Deposit Account, advised all Scheduled Commercial Banks to offer a ‘Basic Savings Bank Deposit Account’ which shall not have the requirement of any minimum balance. In… Read More »