Daily Archives: April 20, 2017

FinMin ratifies 8.65% rate on Employee Provident Fund

FinMin ratifies 8.65% rate on Employee Provident Fund Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8.65 per cent interest rate on EPF for 2016-17. The ratification of the 8.65 per cent on EPF will enable the retirement fund body EPFO to credit this rate of return into the accounts of… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 – Amended

Date : Apr 19, 2017 The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide notification no. S.O. 4061 (E) dated December 16, 2016. The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri… Read More »

Category: RBI

Compliance with Ghosh Committee Recommendations need not be reported to Audit Committee of Board

Compliance with Ghosh Committee Recommendations RBI/2016-17/284 Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17 April 20, 2017 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Ghosh Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need… Read More »

Category: RBI

3 key legal aid and empowerment initiatives of Govt of India

Legal Aid and Empowerment initiatives launched Ravi Shankar Prasad calls for Expediting Judicial Reforms Minister of Law & Justice and Electronics & IT, Sh. Ravi Shankar Prasad today appealed to all those involved in the delivery of justice to join hands in improving the system to ensure that assistance is available to every citizen irrespective… Read More »

Exchange Rate of Foreign Currency w.e.f 21.04.2017

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.33/2017-CUSTOMS (N.T.), dated 6th April, 2017, except as respects things done or… Read More »

Draft GST Accounts and Records – Rules released by CBEC – April 2017

CHAPTER— ACCOUNTS AND RECORDS 1. Maintenance of accounts by registered persons (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on reverse charge along… Read More »

Draft GST Appeals and Revision Rules – Released by CBEC April 2017

GST Appeals and Revision Rules – Released by CBEC in April 2017 Chapter – Appeals and Revision 1. Appeal to the Appellate Authority (1) An appeal to the Appellate Authorityundersub-section (1) of section 107 of the Act shall be filed in FORMGSTAPL-01,[either] electronically [or otherwise] as may be notified by the Commissioner, and a provisional… Read More »

Section 147 CGST Act 2017 – Deemed Exports

Section 147 CGST Act 2017 [ Section 147 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 147 CGST Act 2017 explains Deemed Exports and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the… Read More »

Section 146 CGST Act 2017 – Common Portal

Section 146 CGST Act 2017 [ Section 146 CGST Act 2017 Notified w.e.f 22.06.2017 vide Notification No. 1/2017 – Central Tax Dated 19.06.2017 ] Section 146 CGST Act 2017 explains Common Portal and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the President of… Read More »

Section 145 CGST Act 2017 – Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence.

Section 145 CGST Act 2017 [ Section 145 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 145 CGST Act 2017 explains Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence and is covered in Chapter XXI –  Miscellaneous [Note :… Read More »

Section 143 CGST Act 2017 – Job work procedure.

Section 143 CGST Act 2017 [ Section 143 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 143 CGST Act 2017 explains Job work procedure and is covered in Chapter XX I- Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the… Read More »

Section 142 CGST Act 2017- Miscellaneous transitional provisions.

Section 142 CGST Act 2017 [ Section 142 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 142 CGST Act 2017 explains Miscellaneous transitional provisions and is covered in Chapter XX – Transitional Provisions [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented… Read More »

Section 140 CGST Act 2017 – Transitional arrangements for input tax credit.

Section 140 CGST Act 2017 [ Section 140 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 140 CGST Act 2017 explains Transitional arrangements for input tax credit and is covered in Chapter XX – Transitional Provisions [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Section 136 CGST Act 2017 – Relevancy of statements under certain circumstances

Section 136 CGST Act 2017 [ Section 136 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 136 CGST Act 2017 explains Relevancy of statements under certain circumstances and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND… Read More »

Section 131 CGST Act 2017- Confiscation or penalty not to interfere with other punishments.-

Section 131 CGST Act 2017 [ Section 131 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 131 CGST Act 2017 explains Confiscation or penalty not to interfere with other punishments and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known… Read More »

Section 130 CGST Act 2017 – Confiscation of goods or conveyances and levy of penalty.

Section 130 CGST Act 2017 [ Section 130 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 130 CGST Act 2017 explains Confiscation of goods or conveyances and levy of penalty and conveyances in transit and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act… Read More »

Section 129 CGST Act 2017- Detention, seizure and release of goods and conveyances in transit.

Section 129 CGST Act 2017 [ Section 129 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 129 CGST Act 2017 explains Detention, seizure and release of goods and conveyances in transit and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also… Read More »

Goods and Service Tax – Ready Reckoner

Goods and Service Tax – A Ready Reckoner Paperback – 2017 by Vineet Sodhani (Author), Deepshikha Sodhani (Author) A Quick and Tabular Guide to the Provisions of GST Law Incorporating : The Central Goods And Services Tax Act, 2017 The Integrated Goods And Services Tax Act , 2017 The Union Territory Goods And Services Tax Act,… Read More »

USA IRS Seeks Applications for Information Reporting Program Advisory Committee

IRS Seeks Applications for Information Reporting Program Advisory Committee WASHINGTON – The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), a federal advisory committee that provides recommendations to the IRS on various tax administration issues. Members are appointed to three-year terms, but terms are staggered so that approximately… Read More »

Govt decides to do away with beacons for all categories of vehicles

Press Information Bureau Government of India Ministry of Road Transport & Highways 19-April-2017 15:56 IST The Government decides to do away with beacons for all categories of vehicles With a view to strengthening healthy democratic values in the country, the Central Government took another historic step today. The Union Cabinet, in its meeting chaired by… Read More »

PMGKY – Date for deposit in Bonds Ledger Account extended

Press Information Bureau Government of India Ministry of Finance 19-April-2017 19:48 IST Central Government amends Pradhan Mantri Garib Kalyan Deposit Scheme through a Notification. In exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016 (28 of 2016), the Central Government has amended through a Notification the conditions specified… Read More »