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2.24 lakh Companies deleted from list by Corporate Ministry

Based on the massive drive undertaken by the Ministry of Corporate Affairs (MCA), Government of India, around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more. Following the action of striking-off defaulting companies, restrictions have been imposed on operation of their bank accounts in accordance with the law. Further, ...

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Brand Finance Downgrades India at 8th in Value, down by 1%

gst launch

Brand Finance has evaluated the 100 most valuable nation brands of 2017 and placed India as the 8th most valuable nation brand in the world with a value of US$2 trillion, less by 1% year on year attributed to decline in growth for six quarters in a row. David Haigh, CEO of Brand Finance, said, “Prime Minister (Narendra) Modi’s administration ...

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MRP Plus GST Display Allowed till December

The government has allowed the manufacturers or packers or importers of pre-packaged commodities to declare the revised retail sale price (MRP) in addition to the existing retail sale price (MRP) for three more months from October 1 to December 31, 2017. Earlier, it was allowed for three months from 1st July 2017 to 30th September, 2017. The government said the ...

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Japan Provides $76 Million Loan for Alang-Sosiya Shipyards’ Upgradation

JICA

India has signed $ 76 Million loan deal with Japan International Cooperation Limited (JICA) to upgrade Alang-Sosiya Shipyards to upgrade the environment management plan at the recycling yards. The total cost of the project will be $ 111 million, out of which $76 million will be provided as soft loan from JICA. Out of the remaining amount, $25 million as ...

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Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections

The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetisation on black money, widening of tax base ...

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GST Revenue Figures – July 2017

The Goods and Services Tax (GST) tax was introduced on 1st of July, 2017. The last date for payment of GST for the month of July 2017 was 25th August, 2017. The last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28th August, 2017 and, in all other cases, it was 25th August, ...

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Jan Dhan Yojana, 1 Billion-1 Billion-1 Billion Unleashing JAM Revolution: Arun Jaitley

Pradhan Mantri Jan Dhan Yojana (PMJDY) aimed at providing financial services to the poor included opening bank accounts for the poor, giving them electronic means of payment (via RUPAY cards), and placing them in a position to avail themselves of credit and insurance or financial inclusion, said Finance Minister Arun Jaitley. The vision underlying it was to end the financial, ...

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Finally Rs.200 Note Gets Into Circulation to Bridge ‘Missing Link’

200 note

As reported earlier, new Rs. 200 notes have entered the circulation with many ATMs being recalibrated to provide the notes which are similar in size to Rs.500 notes but vary in colour with the colour yellow dominating the appearance. The Reserve Bank of India, the central bank, has described the ne note as the missing link in the demonetisation process ...

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Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

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(CBEC) 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 (CBEC) hereby determines ...

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Clarification regarding availability of Transitional Credit for GST

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed. Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This ...

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World Bank Provides Aid for cleaning of Ganga River

World Bank has sanctioned a loan of US $ 1 billion for funding Institutional Development and for construction of priority infrastructure projects for municipal waste water treatment and solid waste treatment on the main stem of Ganga in the five Ganga basin states of Uttarakhand, Uttar Pradesh, Jharkhand, Bihar and West Bengal. Government of India has withdrawn a cumulative amount ...

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Vacancies in OBC category

A statement showing the status of details of backlog OBC vacancies, vacancies filled up and yet to be filled in 10 major Departments/Ministries is as follows:     Ministry/Department   Other Backward Classes Vacancies Filled up Yet to be filled Posts 718 234 484 Defence Production 164 149 15 Financial Services 14455 13030 1425 Atomic Energy 1444 802 642 Defence ...

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Construction of Visakhapatnam-Chennai Industrial Corridor

The 2nd meeting of Council of Trade Development and Promotion (CTDP) was held in New Delhi on 05.01.2017. Commerce & Industry Ministers of eight States who are Members of the Council, representatives of other 16 States and Heads of Trade Bodies like FIEO/ FICCI/ CII participated in the meeting. During the course of the meeting, a reference about Chennai-Bengaluru Industrial ...

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Consumer Protection Act

The Consumer Protection Act, 1986 provides a consumer the right to be informed about the quality, quantity, potency, purity, standard and price of goods or services. In so far as drugs are concerned, the manufacture, sell and distribution of drugs is regulated under the Drugs and Cosmetics Act, 1940 and Rules, 1945. The said Rules require various statutory details on ...

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Increasing Public Expenditure on Healthcare

The Twelfth Five Year Plan projected to increase total public fund, plan and non-plan on core health to 1.87 per cent of GDP by the end of Twelfth Plan. The National Health Policy, 2017 envisages increasing public expenditure on health to 2.5% of GDP in a time bound manner by 2025. As per WHO Global Health Expenditure database 2014, the ...

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Pension Scheme’ Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ for The Elderly

Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based ...

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Reduction/exemption of tax rates under GST for small businesses

The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rates on goods have been fixed taking into consideration, inter alia, the total ...

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Reduction in PF contribution

With a view to bring contribution under Employees’ Provident Funds and Miscellaneous Provisions (EPF & MP) Act, 1952 to be paid by employer and employee at par with other savings instruments like the National Pension System, Contributory Provident Fund etc., an agenda item for lowering the rate of contribution from the present 12 per cent to 10 per cent was ...

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Auction for Sale (Re-issue) of Government Stocks

The Government of India have announced the Sale (re-issue) of (i) “6.84 per cent Government Stock, 2022” for a notified amount of Rs. 3000 crore (nominal) through price based auction, (ii) “6.79 per cent Government Stock 2029” for a notified amount of Rs.7,000 crore (nominal) through price based auction, (iii) “6.57 per cent Government Stock 2033” for a notified amount ...

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Quality of Chinese Products

All goods imported into India are subject to domestic laws, rules, orders, regulations, technical specification, environment and safety norms, that are notified from time to time. There is no proposal at present to restrict imports of products, that otherwise satisfy the aforesaid conditions, including meeting the prescribed technical standards. The Bureau of Indian Standards (BIS) formulates standards applicable to domestic ...

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How Govt Defends 12% GST on Sanitary Napkins?

Amid growing anger against imposing GST of 12% on sanitary napkins, the government defended the move saying the tax incidence on this item before and after GST is the same or less. “Sanitary napkins are classifiable under heading 9619. In pre-GST, they attracted concessional excise duty of 6% and 5% VAT and, the pre-GST estimated total tax incidence on sanitary ...

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ADB Provides $220 Million to Rajasthan for Highways

The Asian Development Bank (ADB) and the Government of India on Monday signed a $220 million loan for improving connectivity in Rajasthan building efficient state highways. The loan is the first tranche of the $500 million Rajasthan State Highways Investment Program, approved by ADB Board in May 2017, that will upgrade about 2,000 kilometers of state highways and major district ...

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No Religious Bias in GST Law, Clarifies Finance Ministry but Silent on Exemption

Following uproar in social media that the Good s and services tax (GST) rolled out on July 1, 2017 was against the interests of temple trusts as taxes them heavily while obliterating the presence of Waqf Boards and Churches, the government has clarified that there is no such religious bais in GST. “There are some messages going around in the ...

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GST Impact: LPG Cylinder to Cost Rs.32 More Now

gst lpg cylinder cost

LPG consumers will be in for a shock with the GST regime rolled out as the prices of new cylinder will shoot up by Rs.32 from July 1, as GST removes the 5% tax bracket for domestic LPG cylinders. However, the new price varies from state to state depending on VAT imposition which ranged from 2 to 4% earlier. Another ...

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GST : An Instrument to Help Poor Move up the Ladder (Opinion)

gst launch

By Prakash Chawla A short and crisp video unveiled by President Pranab Mukherjee and Prime Minister Narendra Modi for the launch of the Goods and Services Tax  in the majestic Central Hall of Parliament  captured the clear objective  behind country’s most important tax reform till date. Unlike what economists and other commentators have been telling us as to how the ...

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Revenue Secretary Clarifies on GST’s Seven ‘Myths’

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

Revenue Secretary, Government of India, Dr. Hasmukh Adhia clarified on seven misconceptions about newly implemented law relating to Goods and Services Tax (GST) through a series of tweets from his twitter handle @adhia03 on Sunday. These myths relating to GST and Reality of each one is given below. Myth 1: Do I need to generate all invoices on computer/ internet ...

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GST Highest in World, Arbitrary and Bizarre, Says Cong Leader Surjewala

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

Unlike what Congress proposed as a simple three-tier GST capping at 18%, the BJP-led NDA government has made it 4-slab and added 28% slab imposing one of the worst taxation system in the world, said Congress leader Randeep Singh Surjewala. Besides the Goods and Services Tax (GST), the cess included, some products will be as costlier as 43% more than ...

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Why is GST Anti-Middle Class but Pro-Rich, Pro-Farmer?

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

When Indian Prime Minister Narendra Modi visited the White House, the pat came from the President for undertaking the daunting taks of bringing the entire 1.3 billion consumers of the country under one tax regime, making it easy for market access by sellers. The huge transition to GST-managed tax regime may benefit those who buy white goods as discounts are ...

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GST Regime Offers Huge Discounts on Mobile Phones, Cars, Gadgets, Not on Food

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

GST roll out has turned a retail sales extravaganza across the country with car makers and retailers turning it into a sales pitch with huge discounts on goods based on GST rate slabs and large queues were seen from Mumbai to Bhubaneshwar and New Delhi to Bangalore on Friday night. Beginning today, Saturday, July 1, 2017, India switched over to ...

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GST Roll-Out at Midnight Signifies Power Shift to Centre, Common Man at Receiving End?

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

India ushered in GST amid historic midnight session of Parliament, replicating the mid-night transfer of Independence from the British Raj on August 15, 1947. However, GST inauguration speaks volumes on the tax burden than power transfer. President Pranab Mukherjee, Prime Minister Narendra Modi, and Finance Minister Arun Jaitley addressed the gathering, before the President and the Prime Minister pressed a ...

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