India to host 3rd Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank 

MoU signed between Govt. of India and Asian Infrastructure Investment Bank to host the meeting at Mumbai on 25-26 June, 2018 2018 Annual Meeting theme is – Mobilizing Finance for Infrastructure: Innovation and Collaboration.  India will host the 3rd Annual Meeting of the Board of Governors of AIIB at Mumbai on 25th and 26th June 2018. The Theme of the Annual Meeting, 2018 will be “Mobilizing Finance for Infrastructure: Innovation and Collaboration”. The Government of India and Asian Infrastructure Investment Bank (AIIB) Secretariat today signed the Memorandum of Understanding (MoU) to delineate the duties and responsibilities of major stakeholders who would be involved in organizing the aforesaid Annual Meeting. The Memorandum of Understanding was signed on behalf of the Government of India by Shri Sameer Kumar Khare, Joint Secretary (Multilateral Institutions Division), Department of

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Investment by Foreign Portfolio Investors (FPI) in Government Securities Medium Term Framework – Review

  RBI/2017-18/108 A.P. (DIR Series) Circular No. 14 December 12, 2017 To, All Authorized Persons Madam / Sir Investment by Foreign Portfolio Investors (FPI) in Government Securities Medium Term Framework – Review Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to time. Revision of Limits for the next quarter Jan – Mar 2018 2. The limits for investment by FPIs for the quarter January – March 2018 is increased by INR 64 billion in Central Government Securities (Central G-Secs) and INR 58 billion in State Development Loans (SDLs). The revised limits are allocated as per

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Refund/Claim of Countervailing duty as Duty Drawback

  Circular No. 49/2017-Cus F.No.609/97/2017-DBK Government of India Department of Revenue Central Board of Excise & Customs Drawback Division New Delhi, the 12th December, 2017 To Principal Chief Commissioners/ Principal Directors General, Chief Commissioners/ Directors General, Principal Commissioners and Commissioners, all under CBEC. Sir/Madam, Subject: Refund/Claim of Countervailing duty as Duty Drawback. Attention is invited to the Circular Nos. 106/95-Cus dated 11.10.1995 and 23/2015- Cus dated 29.9.2015 regarding refund/claim of Anti-Dumping Duty and Safeguard Duties as Duty Drawback respectively. 2. With respect to Countervailing Duties which are leviable under section 9 of the Customs Tariff Act, the Board clarifies that these are rebatable as Drawback in terms of Section 75 of the Customs Act. Since Countervailing Duties are not taken into consideration while fixing All Industry Rates of Duty Drawback,

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CBEC Press Release dt 12.12.2017 on — “filing of Form TRAN-I to avail Input Tax Credit”

  PRESS RELEASE 12th December, 2017 On filing of Form TRAN-I to avail Input Tax Credit Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of Form TRAN-1 is 27th December, 2017. In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017. 2. It has been noted that some taxpayers have availed extraordinarily high transitional credit of CGST which is neither commensurate with the trend of input

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CBEC Press Release dt 12.12.2017 on — “export of IT / ITES Services”

  PRESS RELEASE 12th December, 2017 It was reported in certain sections of the Press that tax officials had raised tax demand in respect of export of IT/IT enabled services provided to clients abroad and that this had been done on the basis of place of supply rules in respect of these services which were apparently provided in India and therefore were liable to be taxed. 2. In a subsequent development, the Commissioner (Appeals) set aside the orders of the lower adjudicating authority where refund was disallowed and has also upheld the orders where refund had been granted. Thus, the apprehensions expressed in those sections of the Press about the negative effects on the software industry are without basis.

Wrong perceptions about Parliament’s functioning not good; It works 24 X 7, asserts Vice- President Shri M. Venkaiah Naidu 

  Suggests ranking of legislatures, quorum for opposition, notifying disruptors daily, reservation for women for effective functioning of legislatures Courts can’t be Law unto themselves; Constitutional balance need to be maintained,  says Shri Naidu. Disruption of proceedings and violation of Business Rules prime reasons for negative perception of legislatures, feels Naidu. Vice-President of India and Chairman, Rajya Sabha Shri M. Venkaiah Naidu today suggested a 10 point charter to ensure effective functioning of legislatures in the country, so that peoples respect for the democratic institution can be sustained. He spoke at length at a public lecture on “Importance of Legislatures” organized by PRS Legislative Research here today.  Shri Naidu outlined the core functions of Legislatures, their performance, challenges faced and the way forward. Shri Venkaiah Naidu said “Wrong perceptions (of

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The Union Finance Minister Shri Arun Jaitley holds his 5th Pre-Budget Consultation Meeting with the leading Economists

FM states that despite subdued global economic growth, India’s growth remains impressive and one of the best in the world during the last three years;  Growth of Second Quarter of the Current Financial Year 2017-18 marks the reversal of the declining trend of growth witnessed in the last few quarters; FM: We are following the roadmap of fiscal consolidation.     The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that despite subdued global economic growth, India’s growth remains impressive and one of the best in the world during the last three years. He said that India has recorded an average growth of 7.5% from 2014-15 to 2016-17, significantly higher as compared to the growth in the previous two years. The Finance Minister Shri Jaitley was making the Opening

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Shri Arun Jaitley holds his 6th Pre-Budget Consultation Meeting

  The Union Finance Minister Shri Arun Jaitley holds his 6th Pre-Budget Consultation Meeting with Stakeholders from IT (Hardware &Software) Group;Highlights the steps taken by the present Government to make India a global hub for electronics manufacturing;  IT Sector Heads seek help from Government against Protectionist Policies; also seek Tax incentives for growth of the sector The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that to promote indigenous manufacturing of electronic goods, many steps have been taken by the present Government in last three years including rationalization of the tariff structure with extension of differential excise duty dispensation on specified electronic equipments and withdrawal of duty exemption etc. The Finance Minister said that in the Union Budget 2017-18, with the aim of creating an eco-system to make India

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ICAI submits Pre-Budget Memoranda-2018

  The Finance Act, 2015 increased the rate of surcharge levied on domestic companies by 2 per cent. The surcharge at the rate of 7 per cent shall be levied in case of a domestic company if the total income of the domestic company exceeds INR one crore but does not exceed INR ten crore and at the rate of 12 per cent in case total income exceeds INR ten crore. The Finance Act, 2015 has also increased the surcharge rate from 10 per cent to 12 per cent on DDT. The increase in surcharge by 2 per cent will bring the effective DDT rate to 20.358 per cent as against the present rate of 19.995 per cent. The increased rate of surcharge on tax makes cost of doing business

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