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Rates Of GST - Goods And Services Tax

GST Rates of Goods

  • Chapter wise GST rate Schedule for Goods decided in the GST Council Meeting held on 18.05.2017 - link
  • GST Compensation Cess rates decided in the GST Council Meeting held on 18.05.2017 - link
  • Addendum to the GST Rate Schedule for Goods - link

GST Rates of Services

  • GST rate Schedule for services - link
  • List of Services under reverse charge - link
  • Classification Scheme for Services under GST - download click here

RBI Outlines Action Plan To Implement Banking Regulation (Amendment) Ordinance, 2017

In a Release today(22-May-2017), the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017.

2. The amendments to the BR Act 1949, introduced through the Ordinance, and the notification issued thereafter by the Central Government empower RBI to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It also enables the Reserve Bank to issue directions with respect to stressed assets and specify one or more authorities or committees with such members as the Bank may appoint or approve for appointment to advise banking companies on resolution of stressed assets.

Comparative Analysis Of GST Rates With Prevailing Tax Rates On Important Commodities

1. Cement: Packaged cement attracts central excise duty of 12.5% + Rs.125 PMT and standard VAT rate of 14.5%. At these rates, the present total tax incidence works out to more than 29%. If we include tax incidence on account of CST, octroi, entry tax, etc., the present total tax incidence would work out to more than 31%. As against this, the proposed GST rate for cement is 28%.

Overseas Direct Investment For April 2017

The Reserve Bank of India has today(22-May-2017) released the data on Outward Foreign Direct Investment (OFDI), both under Automatic Route and the Approval Route,

i. for the month of April 2017;
ii. comparative position for the month of March 2017 and April 2017;
iii. for the month of April 2016 and April 2017; and
iv. Indian party wise OFDI from India data for April 2017.

Download the XLS file containing the above said info on Outward Foreign Direct Investment (OFDI) - click here

EPFO Beneficiaries To Get Payment Through Electronic Or Digital Fund Transfer System

The Ministry of Labour & Employment vide notification dated 4th May 2017 has provided for electronic or digital fund transfer / payment of EPF benefits, pension disbursement and insurance claim.  For this purpose, suitable amendments have been made in all the three social security schemes administered by EPFO (http://www.epfindia.gov.in/site_docs/PDFs/Circulars/Y2017-2018/Manual_Notification_DBT_3004.pdf).

[Banking] Minimum Qualifications & Experience For CFO & CTO

RBI Notification DBR.Appt.No.BC.68/29.67.001/2016-17 dated May 18, 2017

Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief Technology Officer (CTO) in banks’ management structure would play a crucial role in strengthening and sustaining the banks’ risk governance framework.

[Customs] Exchange Rate Notification w.e.f. 19th May, 2017

CBEC Notification No. 49/2017 - Customs (N.T.) dated 18th May, 2017



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.43/2017-CUSTOMS (N.T.), dated 4th May, 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 19th May, 2017, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I

Cabinet Approves Signing Of Multilateral Convention To Implement Tax Treaty Related Measures To Prevent Base Erosion And Profit Shifting By India

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The Convention is an outcome of the OECD / G20 BEPS Project to tackle base erosion and profit shifting through tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid.

Income Tax Department Launches Operation Clean Money (स्वच्छ धन अभियान) Portal

The Honourable Union Minister of Finance, Shri Arun Jaitley officially launched the Portal of Operation Clean Money (https://www.cleanmoney.gov.in) at New Delhi today in the presence of senior officers of the Ministry of Finance, Department of Revenue and the Central Board of Direct Taxes.

The Operation Clean Money was initiated by the Income Tax Department (ITD) on the 31st January, 2017 with the launch of e-verification of large cash deposits made during 9th November to 30th December 2016. In the first batch, around 18 lakh persons were identified in whose case, cash transactions did not appear in line with the tax payer’s profile. There has been an encouraging response to the online verification process and more than 9.72 lakh taxpayers submitted their response without visiting Income tax office up to 12th May, 2017. These taxpayers have provided response for 13.33 lakh accounts involving cash deposits of around Rs. 2.89 lakh crore. The online responses have been assessed and no further action will be taken in cases of satisfactory explanation.

Position Limits For Cross-Currency Futures & Options Contracts (Not Involving INR) On Exchanges In IFSC

Position limits for cross-currency futures and options contracts (not involving Indian Rupee) on exchanges in International Financial Services Centres (IFSC)

SEBI Circular SEBI/HO/MRD/DRMNP/CIR/P/2017/43 dated May 17, 2017 All recognized Stock Exchanges and Clearing Corporations in International Financial Services Centres

Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 were notified on March 27, 2015, which came into force on April 01, 2015 wherein currency derivatives were specified as permissible securities in which dealing may be permitted by stock exchanges in IFSC.

Clarification - Applicability Of Sec 16(1)(a) Of Cos'Act 2013 [Cases Under Sec 22(1)(ii)(b) Of Cos'Act, 1956]

MCA General Circular No. 04/2017 Dated: 16.05.2017 - Clarification regarding applicability of section 16(1)(a) of the CA 2013 with reference to cases under corresponding provisions of Companies Act, 1956

A representation was received from Regional Director, Mumbai seeking clarification as to whether Regional Directors can entertain, fresh applications u/s 16 of the Companies Act, 2013 in respect of applications which were earlier rejected by them under Companies, Act, 1956 on the ground of being time-barred as the prescribed period of twelve months had been completed (under Section 22 (1) (ii) (b) of the Companies Act, 1956). It was expressed that Section 16 of the Companies Act, 2013 does not specify any time limitation.

ADDITIONAL INFO