Had warned Centre that GSTN won’t be able to take this much load: Dr Amit Mitra

  Thursday, August 24, 2017 ASSOCHAM submits backward regions’ development strategy to WB govt. Kolkata, August 24, 2017: Addressing an ASSOCHAM interactive session, West Bengal finance minister, Dr Amit Mitra today said that he had told the Centre to postpone July 1st launch of Goods and Services Tax (GST) and had sought a whitepaper on preparedness which was not provided to the GST Council. “I had repeatedly said please postpone the launch of July 1, what is the impact – everyday postponements, they are saying that GSTN (Goods and Service Tax Network) could not take the load, this is what I had predicted but they did not pay heed to that,” he said. “Exactly this is what I had said in that meeting, 300-340 crores of up-linking will have to be

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Govt. to eradicate black money, reduce litigations and tax certainty: Chairman CBDT

  Wednesday, August 23, 2017 New Delhi, 23 August, 2017:  The chairman of the Central Board of Direct Taxes (CBDT) Sushil Chandra said, the government main aim is to eradicate black money, lesser litigations and bring certainty in tax laws, said at an ASSOCHAM event held in New Delhi today. India to get more tax information from different countries through the common reporting standards (CRS) platform from September onwards, Mr Sushil Chandra, Chairman, CBDT, Ministry of Finance while inaugurating an ASSOCHAM 14th International Tax Conference here at New Delhi. About 65 countries, including India, signed the multilateral instrument to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (BEPS). The department is absolutely moving into the facilitation mode so that genuine tax payer should not suffer at all and act as a

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Lack of Transparency in CA Exam Process and Results: DARPG

  Introduction 1.1 CONTEXT The Department of Administrative Reforms and Public Grievances (DARPG) received 11,94,931 (related to central government) grievances in 2016 across 88 Ministries/Departments through Centralized Public Grievance Redress and Monitoring System (CPGRAMS). This department’s role is to facilitate the pursuit of excellence in governance through improvements in government structures and processes, initiatives and dissemination of best practices. Moving towards this goal, the department commissioned a grievance analysis study of top 20 Ministries/Departments receiving high number of citizen grievances. The study involved identifcation of top grievance categories and recommending systemic reforms. The Parliamentary Standing Committee for Personnel, Public Grievances and Law & Justice recommended conducting similar study for next 20 Ministries/Departments. 1.2 OBJECTIVE The study carried by Quality Council of India, as per the mandate given by DAR&PG, was

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New notes of Rs. 50 introduced by RBI

  The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is Fluorescent Blue. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.   All the banknotes in the denomination of ₹ 50/- issued by the Reserve Bank in the earlier series will continue to be legal tender. The image and salient features of ₹ 50 denomination banknote in the Mahatma Gandhi (New) Series are as under: ii Salient Features Obverse (Front) See through register with denominational numeral 50, 2.

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Notification No.81/2017-Customs (N.T.) dated 17th August, 2017

  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 81/2017 – Customs (N.T.) New Delhi, dated the 17th August, 2017 26 Shravana 1939 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.75/2017-CUSTOMS (N.T.), dated 3rd August, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 18th

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Amendment in Notification no. 131/2016-Customs (N.T.) dated 31.10.2016 relating to AIRs of Duty Drawback on Gold Jewellery, Silver Jewellery and Silver Articles

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 79/ 2017 – CUSTOMS (N.T.) New Delhi, 17th August, 2017 G.S.R. (E). – In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 131/2016 – Customs (N.T.), dated the 31st October, 2016, published vide

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Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18

  RBI/2017-18/48 FIDD.CO.FSD.BC.No.14/05.02.001/2017-18 August 16, 2017 The Chairman / Managing Director & CEOs All Public & Private Sector Scheduled Commercial Banks Madam/Dear Sir: Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18 Please refer to our circular FIDD CO.FSD.BC.No.29/05.02.001/2016-17 dated May 25, 2017 conveying continuation of Interest Subvention Scheme on the interim basis. In this regard, it is advised that Government of India has approved the implementation of the Interest Subvention Scheme for the year 2017-18 for short term crop loans up to ₹ 3.00 lakhs with the following stipulations: i. In order to provide short-term crop loans upto ₹ 3 lakh to farmers at an interest rate of 7% p.a. during the year 2017-18, it has been decided to offer interest subvention of 2% per annum to lending

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Here’s how a missing column in GST return form is creating trouble for India Inc 

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply deduct the dues before the GST kicked in on July 1 and pay a smaller net amount. The absence of a column in the new GST form for claiming credit on sales made before July 1 this year is causing a lot of worries for India Inc as the filing deadline for the first month of tax returns under GST comes up this week. Many companies don’t know whether the government will rectify this problem by Friday, the deadline for filing returns, and are following different options for resolving the quandary. Multinationals and some of

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CBEC to build information repository on imports 

Can a specific type of meat be exported to India? What procedures need to be followed? Global suppliers eyeing India’s growing economy will soon be able to get such basic queries on exports answered through a single window, freeing them from the maze of multiple complex notifications scattered across various websites of ministries or departments that’s fiendishly difficult to access. The Central Board of Excise and Customs (CBEC) is undertaking a mammoth exercise to build a central repository to provide a supplier all the information required about norms governing product imports in simple language. This will be available on one site or via a mobile app. “The idea is to make it simple for traders to access information,” a government official told ET. “Any information about any regulation would be available at the click of

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I-T plans to pursue property-holders who have never filed income tax returns 

Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise is part of the government’s crackdown on black money. The findings have emerged from the analysis of vast amounts of data that the government has collected. “We have a lot of data from various sources including on investments in property by people who have never filed returns,” said an income tax official. This information will be verified to ascertain the source of income used for the purchase of the properties and to see if these are being held by benami owners. Enforcement action will be taken only in cases where there is

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