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GST Master Guide Cum Reckoner : UPDATED TILL 31.05.2018
GST Master Guide Cum Reckoner is now available. The book contains Section & Rule wise Index, Due Dates (illustrating relevant notifications), complete CGST Act, IGST Act, and Compensation Cess Act and along with relevant rules, notifications, circulars, press release incorporated at relevant places. All the changes have been properly displayed. The book comes in 2 volumes. To Purchase: CLICK HERE
Monthly Journal
Monthly Journal (E-Book) 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. To Subscribe: CLICK HERE
Income Tax
Rates for tax deduction at source
With effect from June 1, 2017 the rate of TDS would be 2% in case of payee engaged in business of operation of call center. 10 Section 194LA: Payment of compensation on acquisition of certain immovable property Note: With effect from April 1, 2017, no deduction of tax shall be made on any payment which is exempt from levy of income-tax under Right to Fair Compensation Act, 2013. 10 Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.10 Section [..] Read more at:
http://onlinelawsolutions.com/rates-for-tax-deduction-at-source.html
GST
TDS/TCS breather for E-Commerce Companies
India proposes to defer the implementation of tax collection at source (TCS), a move that will give a breather to Amazon, Flipkart and other ecommerce service providers. “It has been decided to defer it for three months,” said a senior government official aware of the development. Online platforms have to collect the tax from those selling goods on their sites while making payments for goods sold. The tax, designed as a measure to improve compliance by helping to track such transactions, was to come into effect on July 1. Ecommerce platforms, which have multiple sellers with small turnovers, have been wary of the provision, fearing [..] Read more at:
http://onlinelawsolutions.com/tdstcs-breather-for-e-commerce-companies.html
Modification in Circular No.10/2018-GST dtd. 12/06/2018 (Circular No.11/2018-GST): ASSAM GST
Circular No. 41/15/2018-GST dated 13.04.2018 was issued to clarify the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances. 2. In order to clarify certain issues regarding the specified procedure in this regard and in order to ensure uniform implementation of the provisions of the CGST Act across all the field formations, the Board, in exercise of the powers conferred under section 168 (1) of the Central Goods and Services Tax Act, hereby issues the following modifications to the said Circular:- (i) In para 2 (e) of the [..] Read more at:
REGARDING CLARIFICATION OF CERTAIN ISSUES UNDER GST: UP GST
State Government has adopted circular no. 44/22/2018: IGST regarding Circulars clarifying miscellaneous issues related to SEZ and refund of unutilized ITC for job worker and asked to publicize it. [..] Read more at:
http://onlinelawsolutions.com/regarding-clarification-of-certain-issues-under-gst-up-gst.html
Custom Duty
Provisional assessment of new/unused pneumatic tyres originating in or exported from People s Republic of China by M/s Shandong Haohua Tire Co. Ltd. (Haohua) (Producer) through Guangzhou Exceed Industrial Technology Co. Ltd. (exporter) or H K Trade Wing Trading Limited (exporter)
Whereas, in the matter of import of New/unused Pneumatic radial tyres (hereinafter referred to as the subject goods), falling under the tariff item 4011 20 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from People’s Republic of China (hereinafter referred to as the subject country), the designated authority, vide its final findings in notification No. 14/14/2015-DGAD, dated the 1 st August, 2017, published in the Gazette of India, Extraordinary, Part 1, Section 1, dated the 1 st August, 2017, had come to the conclusion that – i. the product under consideration has [..] Read more at:
RBI
Auction of Government of India Dated Securities dt. 25.06.2018
Subject to the limit of Rs 12000 Cr being total notified amount, GoI will have the option to retain additional subscription up to Rs 1000 Cr each against any one or more of the above securities. The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India [..] Read more at:
http://onlinelawsolutions.com/auction-of-government-of-india-dated-securities-dt-25062018.html
ICAI
Clarification Regarding Date of Declaration of Results of CA Exams
Clarification regarding date of declaration of results of CA exams. It has been brought to our notice that a fake announcement regarding the date of declaration of the Common Proficiency Test (CPT) held in June 2018 and CA Final Examination held in May 2018, is doing the rounds in the social media. It is hereby clarified that the results of the CPT held in June 2018 and the CA Final Examination held in May 2018 will be declared in the normal course in mid July 2018. Exact date of declaration of results of these examinations will be announced in due course, on the Institute' website. Students are hereby advised to [..] Read more at:
ICSI
ICSI Notification for Introduction of New Syllabus for the Executive and Professional Prog. of the CS Course
The Council of the Institute of Company Secretaries of India in exercise of the powers vested under clause (a) of subsection (2) of Section 15 of the Company Secretaries Act, 1980, as amended by the Company Secretaries (Amendment) Act, 2006 approved the new syllabus (Syllabus 2017) for the Executive and Professional Programmes of the Company Secretaryship Course. The New Syllabus shall comprise of Eight papers at Executive Programme and Nine papers at Professional Programmes including one Paper to be opted by the students out of eight elective papers namely, (i) Banking – Law & Practice [..] Read more at:
Miscellaneous News
Government of India simplifies the process for permission of Additional Fiscal Deficit Limit over and above 3 per cent of Gross State Domestic Product for the States (GSDP)
As per recommendation of the 14th Finance Commission in para 14.64, the States have the access to additional borrowing limits subject to fulfillment of conditions mentioned therein.Fiscal deficit of all States will be anchored to an annual limit of 3 per cent of Gross State Domestic Product(GSDP). The States will be eligible for flexibility of 0.25 per cent over and above this for any given year for which the borrowing limits are to be fixed if their debt-GSDP ratio is less than or equal to 25 per cent in the preceding year. States will be further eligible for an additional borrowing limit of 0.25 per cent of GSDP in a given year for [..] Read more at:
India to look forward for investments in 9 more projects from Asian Infrastructure Investment Bank (AIIB), says the Union Minister of Railways, Coal, Finance and Corporate Affairs, Shri Piyush Goyal
The Union Minister for Railways,Coal, Finance and Corporate Affairs, Shri Piyush Goyal said that India is looking forward to investments in 9 more projects from Asian Infrastructure Investment Bank after having picked up almost 28% of the bank’s total lending so far of US$1.4 billion for 7 projects. The Finance Minister, Shri Goyal was addressing a Press Conference today on the sidelines of the Third Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) which began in Mumbai today.Welcoming delegates from 86 countries, Shri Goyal pointed out that in just three short years, India has hosted three major [..] Read more at:
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