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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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Direct Tax
Clarification of India’s position on the acceptance of MAP and bilateral APA in cases of countries where Article 9(2) of OECD Model Tax Commentary is absent
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 27th November, 2017. PRESS RELEASE Clarification of India’s position on the acceptance of MAP and bilateral APA in cases of countries where Article 9(2) of OECD Model Tax Commentary is absent A number of references have been received from time to time regarding the acceptance of applications pertaining to Transfer Pricing MAP cases and bilateral Advance Pricing Agreements (APAs) where the Associated Enterprise (AE) of the Indian entity is resident of a country with which India has entered [..] Read more at:
Indirect Tax
Rs 83,346 crores collected under GST for the month of October 2017, received in November (upto 27th Nov 2017)
A sum of Rs 83,346 crores has been collected as Total Revenue Collection under GST for the month of October, received in November till 27th November 2017. 95.9lakh taxpayers have been registered under GST so far, of which 15.1 lakh are composition dealers who are required to file returns every quarter. 50.1 lakh returns have been filed for the month of October till 26th November 2017. Revenue of States: The States have collected a total of Rs. 87,238 crores by way of SGST in the months of August, September, October and November 2017 (till 27th November). Further on all inter-state trade, a net amount [..] Read more at:
Ministry of Finance (Department of Revenue) No. 56/2000-Customs, dated the 5th May, 2000 amended
[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA (EXTRAORDINARY)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. /2017 – Customs New Delhi, the 27th 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), 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:
RBI
Auction of Government of India Dated Securities dt. 27/11/2017
RBI/2017-18/102 Ref. No. IDMD/1325/08.02.032/2017-18 November 27, 2017 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sir/Madam, Auction of Government of India Dated Securities Government of India (GoI) has offered to sell (re-issue) four dated securities for notified amount of ₹ 15,000 crore as per the following details: Sr No Security Notified Amount (in ₹ crore) GoI Notification Auction Date Settlement date 1 GoI FRB 2024 3,000 F.No.4(7)-W&M/2017 dated November 27, 2017 [..] Read more at:
ICSI
Code for Charity governance
Gaining motivation from the above shloka of ChanakyaNiti, if no country is foreign to a man of true learning, how can any arena of activity be far-fetched for an institution whose intent is to imbibe good governance in the heart and soul of the nation? Charity, alms, philanthropy have played their role in bridging the gap between the disparities that have existed in the society for auld langsyne. What began as a moral and ethical responsibility found its future in the formation of dedicated organizations and institutions; entities who solely and wholeheartedly dedicated themselves to the social cause for which they had been [..] Read more at:
http://www.onlinelawsolutions.com/index.php/2017/11/28/code-for-charity-governance/
Miscellaneous News
Constitution of Fifteenth Finance Commission Notified
The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 w.e.f. 27thNovember, 2017. The Commission will make recommendations for the five years commencing on April 1, 2020. This Commission will be headed by Shri. N.K.Singh, former Member of Parliament and former Secretary to the Government of India. Shri Shaktikanta Das, former Secretary to the Government of India and Dr. Anoop Singh [..] Read more at:
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