Officers transferred to be in position well in time to ensure a smooth transition to GST

  GOVERNMENT OF INDIA MINISTRY OF FINANCE / DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS NORTH BLOCK, NEW DELHI-110001 Tele : +91-11-23092628 Fax : +91-11-23092346 Dated: 22nd June, 2017 S. RAMESH SPECIAL SECRETARY & MEMBER MEMBER (ADMN.) MOST URGENT D.O. F.No. A-22012/05/2017-Ad-II Dated the 21st June, 2017 Dear Chief Commissioner / Director General Subject: Annual General Transfers – 2017 – Compliance Report-reg. Board has issued the following Office Orders for transfers and postings of IRS (C&CE) officers at various levels including those who have been promoted:- Sr. No. Office Order No./ Date Grade Last date of compliance mentioned in the Order 1 79/2017 dated 31.05.2017 Principal Commissioners / Commissioners 12.06.2017 2 78/2017 dated 31.05.2017 Commissioners – Promotion 12.06.2017 3 70/2017 dated 17.05.2017 Addl./ Joint Commissioners 26.05.2017 4 76/2017 dated 26.05.2017 Deputy /Assistant Commissioners

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Guidance Manual for GST Seva Kendras: 1st July will be known as GST Day

  GOVERNMENT OF INDIA MINISTRY OF FINANCE / DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS NORTH BLOCK, NEW DELHI-110001 Tele : +91-11-23092628 Fax : +91-11-23092346 22nd June, 2017 S. RAMESH SPECIAL SECRETARY & MEMBER MEMBER (ADMN)  D.O.DP/PUB/130/17 Dear           Colleagues Subject: – Implementation of GST on 1st July, 2017 & preparation- regarding As you are aware the implementation of GST will be on 1st July, 2017. The introduction of GST heralds a new era in indirect taxation as well as in cooperative fiscal federalism in India. The officers & staff of CBEC have been assiduously working over the past several months for the smooth introduction of GST. Outreach programs & training session are continuously being imparted to all stake holders by the officers & staff in cooperation with officers of

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Government sells stake in L&T for Rs 4,158 crore 

  The government on Wednesday sold a 2.5 per cent stake in construction major Larsen & Toubro (L&T) for Rs 4,158 crore through a series of block deals. The buyers were also government-managed entities -life insurance giant LIC, banking leader SBI, reinsurer GIC and non-life insurance major New India Assurance (NIA). The stake sale will help the government meet its annual fiscal deficit target. Before this deal, the government was holding 6.7 per cent stake in L&T through Specified Undertaking of Unit Trust of India (SUUTI). According to disclosures on the BSE, LIC bought 1.79 crore shares for Rs 3,128 crore. After this, LIC will be holding close to 18 per cent in L&T. In addition, SBI bought a little over 49 lakh shares for Rs 865 crore, while GIC

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GST blues: Millennials, get ready for a tougher life after July 1 

  The life of India’s millennials is going to get tougher from July 1. Why so? We are on the verge of a historic tax reform—Finance Minister Arun Jaitley has decided to roll out Goods and Services tax (GST) from July 1. It will replace various taxes levied at present by the central and state governments. If you are a millennial, you may rejoice because millennials are all for reforms, etc. But the ground reality is that the GST is going to be heavy on your pocket. Here is a complete guide to how the GST will impact everyday life of a millennial: Fitness  Do not worry about the extra burden on your pocket for your regular gymming session or early morning yoga classes as the government also believes health

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Intelligence Bureau looks into GSTN’s safety, week ahead of GST roll-out 

  Safety audit of the Goods and Services Tax Network (GSTN), an information technology backbone of the Goods and Services Tax, is being carried out by security agencies ahead of its roll-out from next month. The process of granting national security clearance to the GSTN is going on and agencies such as Intelligence Bureau (IB) and National Technical and Research Organisation (NTRO) have been roped in for it, official sources said today. Five private institutions have 51 per cent equity in the GSTN — HDFC Bank Ltd (10 per cent), HDFC Ltd (10 per cent), ICICI Bank Ltd (10 per cent), NSE Strategic Investment Corporation Ltd (10 per cent) and LIC Housing Finance Limited (11 per cent). The central government has 24.5 per cent equity in the GSTN, a not-for-profit

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GST: Govt to act lenient for genuine mistakes initially, says Hasmukh Adhia 

  With the countdown to GST roll out underway, government today promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime. Revenue Secretary Hashmukh Adhia said a distinction would be made between genuine mistakes in filing of returns and deliberate attempts to evade taxes. “Our intention is to have a smooth landing of GST. Intention is not to harass everyone in the first month,” he said at a GST Town Hall. The Goods and Services Tax (GST), to be launched from July 1, will unify about a dozen central and state levies like excise duty, service tax and VAT. Indirect tax payers will have to file returns in the new system from next month. The government, Adhia said, will

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Consumer-facing firms selling cars, electronics will be GST-ready only by mid-July 

Consumer-facing companies selling groceries, medicines, cars and electronics could be ready for the new goods and services tax regime only by mid-July as a significant part of their ecosystem — dealers, wholesalers and retail stores — still lack basic IT infrastructure and licences for the transition. “Larger companies are well on their way in putting systems in place. From the compliance perspective, they have got leeway to put it in place till August,” said Hitesh Sharma, partner, life sciences, at EY. “On the IT side, some are prepared 70%, some 30%.” The government relaxed the procedure for filing returns for the first two months of GST implementation, taking into account concerns expressed by trade and industry. GST is set to be rolled out from July 1. “Small-time distributors and stockists

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Telecom to banking, most services to be costlier with GST 

For some days now, several service providers — from insurance and banking to telecom and hotels — have been sending emailers to customers warning of a GST-driven increase in prices starting July 1. Alarmed and unconvinced, the revenue department in the finance ministry has roped in other ministries to impress upon industry to adjust input tax credit against possible increase in tax liability. The tax credit being referred to will be on taxes paid on the purchase of ACs and furniture used in the service providers’ offices. In the fast few days, banks have informed consumers that the tax burden on credit card bills will increase from 15% to 18% from July. Similarly, telecom companies have said that monthly bills will rise as the gains from input tax credit will

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Participation of Category III Alternative Investment Funds (AIFs) in the commodity derivatives market

  Sub: Participation  of  Category  III  Alternative  Investment Funds (AIFs)  in  the commodity derivatives market 1. At present, institutional participants are not allowed to participate in the commodity derivatives market in  Consequently  the  commodity  derivatives  markets  in India lack the desired liquidity and depth for efficient price discovery and price risk management. In the past, various committees including those constituted by the Government of India have recommended participation of institutional investors in the commodity  derivatives  markets, for  improving the  quality  of  price  discovery, thereby leading to better price risk management. 2. Taking cognizance of the fact that participation by Institutional investors would be conducive for the overall development of the commodity derivatives market, SEBI has held consultations with various stakeholders of this market. Further, based on the recommendations of the

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SEBI (Prohibition on Raising Further Capital From Public and Transfer of Securities of Suspended Companies) Order, 2015

  General Order No.1 of 2015 SEBI  (Prohibition  on  Raising  Further  Capital  From  Public  and  Transfer  of  Securities of Suspended Companies) Order, 2015. Under section 11A read with section 11 of the Securities and Exchange Board of India Act 1992. 1. In terms  of  section  21  of  the  Securities  Contracts  (Regulation)  Act,  1956  read  with  section  11A  of  the  Securities  and  Exchange  Board  of  India,  Act    (“SEBI  Act  “),  all  listed  companies  are mandated  to  comply  with  listing  conditions  prescribed  under the equity listing agreement. Section 11A of the SEBI Act empowers SEBI to prohibit any company from issuing prospectus, etc. soliciting money from public for issue of securities  and  to  specify  requirements,    for  transfer  of  securities  and  matters  incidental thereto 2. Disclosures by the listed companies, as per the

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