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Monthly Journal
Monthly Journal covers articles on important topics, due dates, notifications/circulars/press releases/etc of the preceding month. It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. Sample copy of May, 2017 is attached herewith for reference purpose. Sample Copy Available. To subscribe: Click Here
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Custom Duty
Enhancement of Merchandise Exports from India Scheme (MEIS) for two subsectors of Textiles Industry
The Directorate General of Foreign Trade (DGFT) has issued Public Notice no. 42 today by which rates for incentives under the Merchandise Exports from India Scheme (MEIS) for two subsectors of Textiles Industry, that is readymade garments and made ups have been enhanced from two percent to four percent of value of exports with effect from 01.11.2017 till 30.06.2018. The estimated annual incentives will be Rs. 1,143.15 crore for 2017-18 and Rs. 685.89 crore for 2018-19. This measure will incentivise the exports of labour intensive sectors of readymade garments and made ups and contribute to employment generation [..] Read more at:
Circular No. 46/2017 dated 24.11.2017, Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse
Circular No. 46/2017-Customs F.No: 473/10/2017-LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs North Block, New Delhi Dated 24th November 2017 To, All Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Customs Subject: Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse. -reg. References have been received from the trade regarding levy of IGST/GST on sales of goods deposited in a customs bonded warehouse. 2. Ch IX of the Customs Act provides for deposit of goods [..] Read more at:
Seeks to extend levy of ADD on imports of caustic soda originating in or exported from Saudi Arabia and United States of America by one year, upto 25.11.2018
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.55/2017-Customs (ADD) New Delhi, the 24th November 2017 G.S.R.- (E). -Whereas, the designated authority vide initiation notification No. 7/16/2017-DGAD, dated the 20 th November, 2017, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 20th November, 2017, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter [..] Read more at:
Condition with regard to provisional mega power projects and permit proportionate release of FDR or BG based on proportionate mega certificate issued by Ministry of Power amended
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 89/2017-Customs New Delhi, the 24th November, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975 (51 of 1975), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the [..] Read more at:
Miscellaneous News
219th Meeting of Central Board of EPFO Held
The 219th meeting of the Central Board of Employees’ Provident Fund Organisation (EPFO) held in New Delhi yesterday under the chairmanship of Union Minister of labour & Employment Shri Santosh Kumar Gangwar. Following where are the key decisions of the Board:- a)The Board took note of the 10 requests from ineligible establishments for waiver of damages during the period May 20, 2017 to September 30, 2017 which were earlier rejected by EPFO. b)The Central Board started investing in Equity Exchange-Traded Funds (ETFs) from August 2015. The Accounting Policy for valuation and accounting of equity investments [..] Read more at:
http://www.onlinelawsolutions.com/index.php/2017/11/25/219th-meeting-of-central-board-of-epfo-held/
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