In terms of Foreign Exchange Management (Transfer or Issue of Security by a person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 the onus of compliance with the sectoral/ statutory caps on foreign investment lies with the Indian investee company. Currently, Reserve Bank of India receives data on … Read more
Circular No.44/18/2018-CGST 341/28/2017-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit ***** New Delhi, the 2nd May, 2018 To, The Principal Chief Commissioner/Chief Commissioners/ Principal Commissioner/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Issue related to taxability of ‘tenancy … Read more
Finally in April, 2017 a new era began in India with the introduction of provisions relating to Cross border merger in the Companies Act, 2013. On 13th April 2017, Ministry of Corporate Affairs (“MCA”) notified Section 234 of the Companies Act, 2013 (“the Act”) and Companies (Compromise, Arrangements and Amalgamation) Amendment Rules, 2017 which enabled … Read more
GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return … Read more
Incentive to promote Digital Transactions: Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies, for which … Read more
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA) to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of … Read more
A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill To Ship To” model of supplies. In a typical “Bill To Ship To” model of supply, there are three persons involved in a transaction, namely: ‘A’ is the person who has ordered ‘B’ to send goods directly … Read more
Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE Clarification regarding applicability of standard deduction to pension received from former employer Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer having income chargeable under … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a … Read more