During the current financial year 2017-18 NCDC registers a record by surpassing its annual target in first 6 months

  During the current financial year 2017-18 NCDC registers a record by surpassing its annual target in first 6 months: Shri Radha Mohan Singh | During the financial year 2016-17, NCDC sanctions Rs. 25270 Crores & disburses an all time high assistance of Rs. 15915 Crores: Shri Singh Shri Radha Mohan Singh addresses the 82nd General Council meeting of National Cooperative Development Corporation  Union Minister for Agriculture and Farmer Welfare, Shri Radha Mohan Singh has said that during the current financial year 2017-18 NCDC not only continued its excellent performance, but also registered a record by surpassing its annual target in first 6 months. Shri Radha Mohan Singh informed the members that during 2016-17 NCDC sanctioned Rs. 25270 crore and disbursed all high time assistance Rs.15915 crores. Shri Singh further

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Guidance Note on Report Under Section 92E of The Income-Tax ACT, 1961 (Transfer Pricing) (Revised 2017)

  Taxation laws pertaining to cross border transactions have always been complex as also interesting. Frequent changes in the taxation laws have made the area more dynamic. Having dynamism and the complexity involved, over a period of time, Transfer Pricing has surfaced as a distinct area of practice for our members. The onerous responsibility of examining the records and thereafter issuing Report in Form No. 3CEB under section 92E of the Income tax Act, 2017 is being discharged efficiently by our members. Time and again changes in law pose challenges which are to be addressed in a most professional manner. In order to guide and support the members, ICAI through its dedicated Committee on International Taxation takes all efforts in the said direction. Issuance of this revised version of the

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Eligibility of Dumpers imported for coal mines for benefits under Project Import Regulations

  INSTRUCTION No. 17/ 2017- Customs F. No. 524/17/2013- STO (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Room No. 229-A, North Block New Delhi, 20th November, 2017 To All Pr. Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Pr. Chief Commissioners /Chief Commissioners of Customs and Central Excise All Pr. Commissioners/Commissioners of Customs/Customs (Preventive)/Customs and Central Excise Madam / Sir, Subject: Eligibility of dumpers imported for Coal Mines for benefits under Project Import Regulations- reg. The Board has received references regarding eligibility of dumpers which are used in coal mines, for benefits under Project Import Regulations. The issue was examined in the past and it was clarified to the field formations that dumpers imported for Coal Mines are not eligible for Project

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India Signs Loan Agreement with World Bank for USD 100 Million for “Shared Infrastructure for Solar Parks Project” 

  A Guarantee Agreement for IBRD/CTF loan of USD 98 million and Grant Agreement for USD 2 million for the “Shared Infrastructure for Solar Parks Project” was signed with the World Bank here today by Mr Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs on behalf of Government of India, and Mr Hisham A. Abdo, Acting Country Director, World Bank India, on behalf of the World Bank. A Loan Agreement was also signed by Mr K S Popli, Chairman and Managing Director, India Renewable Energy Development Agency Ltd. (IREDA) and Mr Hisham A. Abdo, Acting Country Director, World Bank India, on behalf of the World Bank. The project consists of two components viz. (i) Shared Infrastructure for Solar Parks (estimated total project cost of USD 100 million, including

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The Central Government appeals to the Industry Leaders to pass on the benefit of GST Rate reduction to the consumers as it is expected to encourage domestic demand and investment among others

  The GST Council in its 23rd Meeting held on 10th November, 2017 at Guwahati, has recommended the reduction of the GST rate from 28% to 18% on goods falling under 178 headings, leaving now only 50 items under the GST slab rate of 28%. A large number of items have also witnessed a reduction in GST rates from 18% to 12%, 12% to 5% and so on. All these changes are effective from the midnight of 14th November, 2017. The benefit of reduction in the GST rate has to be passed on by the suppliers to the consumers by way of commensurate reduction in prices. The reduction in GST rates is also expected to encourage domestic demand and investment. Ms. Vanaja N. Sarna, Chairperson, Central Board of Excise &

Read More The Central Government appeals to the Industry Leaders to pass on the benefit of GST Rate reduction to the consumers as it is expected to encourage domestic demand and investment among others

FAQs on Ethical Issues relating to GST : ICAI

  Announcement 15.11.2017 Re.: FAQs on ethical issues relating to GST Q1. Whether a member in practice can engage as GST practitioner? A. Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Chartered Accountants Act, 1949 and Regulations framed thereunder. Q2. Whether a member who has enrolled as GST Practitioner can act as Tax Return Preparer for GST? A. Yes, as per Rule 83(8) of CGST Rules, 2017, a GST practitioner can inter alia undertake the assignment of filing returns under the CGST Act, 2017. Q3. Whether a member holding CoP, who is an employee

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Auction of Government of India Dated Securities dt. 20/11/2017

  RBI/2017-18/98 Ref.No.IDMD/1243/08.02.032/2017-18 November 20, 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 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 6.84% GS 2022 3,000 F.No.4(7) W&M/2017 dated November 20, 2017 November 24, 2017 (Friday) November 27, 2017 (Monday) 2 6.68% GS 2031 8,000 3 6.57% GS 2033 2,000 4 6.62% GS 2051 2,000   Total 15,000       Subject to the limit of ₹ 15000 Cr being total notified amount, GoI will have the option to retain additional subscription

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Clarification on taxability of custom milling of paddy

  Circular No. 19/19/2017-GST F. No. 354/263/2017-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** North Block, New Delhi 20th November 2017 To, The Principal Chief Commissioners/Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Clarification on taxability of custom milling of paddy – regarding. Representations have been received seeking clarification on whether custom milling of paddy by Rice millers for Civil Supplies Corporation is liable to GST or is exempted under S. No 55 of Notification 12/2017 – Central Tax (Rate) dated 28th June 2017. 2. The matter has been examined. S. No 55 of Notification 12/2017- Central Tax (Rate) exempts carrying out an intermediate production process as job work in relation to cultivation

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Implementing Electronic sealing for Containers by exporters under self-sealing procedure 

  Implementing Electronic sealing for Containers by exporters under self-sealing procedure by Circular 26/2017-Cus dated 01.07.2017, 36/2017 dated 28.08.2017, 37/2017 dated 20.09.2017 and 41/2017 dated 30-10-2017. Circular No. 44/2017-Customs F. No: 450/08/2015-Cus.IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) ***** Room No. 227B, North Block, New Delhi, 18th November, 2017 To, All Principal Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs / Customs (Prev.). All Principal Commissioners of Customs / Customs (Prev.). All Commissioner of Customs of Customs / Customs (Prev.). Subject: Implementing Electronic Sealing for Containers by exporters under self-sealing procedure by Circular 26/2017-Cus dated 01.07.2017, 36/2017 dated 28.08.2017, 37/2017 dated 20.09.2017 and 41/2017 dated 30-10-2017.-reg. Sir/ Madam, Paras 8.1 and 8.2 of Circular 41/2017–customs dated 30th October 2017 prescribed the following dates for mandatory e-sealing: (a)

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​Proposed notification under section 115JG (1) of the Income-tax Act, 1961 in respect of conversion of Indian branch of foreign bank into Indian subsidiary company – comments of stakeholders​

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 17th November, 2017. PRESS RELEASE Proposed notification under section 115JG (1) of the Income-tax Act, 1961 in respect of conversion of Indian branch of foreign bank into Indian subsidiary company – comments of stakeholders Finance Act, 2012 inserted a new Chapter XII-BB consisting of section 115JG in the Income-tax Act, 1961 (the Act) which contains “Special provisions relating to conversion of Indian Branch of a foreign bank into a subsidiary company”. Section 115JG of the Act, inter alia, provides that in case the conversion of Indian Branch of foreign bank fulfils the conditions notified by the Central Government, the capital gains arising from such conversion shall not be chargeable to tax and the

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