Central Goods and Services Tax (Sixth Amendment) Rules 2018

Central Board of Indirect Taxes and Customs (CBIC) Notification No. 28/2018 - Central Tax dated the 19th June 2018, reads as follows –

In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

Amendment in Rule 10CB of I.T. Rules 1962 - Public Comments Invited

June 20, 2018: In order to make the actual allocation of funds consistent with that of the primary adjustment, section 92CE was inserted in the Income-tax Act, 1961 (‘the Act’) vide Finance Act, 2017 with effect from 1st April, 2018, to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise (AE).

Limited Liability Partnership (Amendment) Rules 2018

Ministry of Corporate Affairs (MCA) Notification dated the 12th June, 2018, and published in the Official Gazette on 14th June, 2018.

G.S.R. 557(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely:—

 1. (1) Short Title and commencement. - These rules may be called the Limited Liability Partnership (Amendment) Rules, 2018.

Companies (Accounting Standards) Amendment Rules 2018 - Notified

Ministry of Corporate Affairs MCA's Notification G.S.R. __ (E) dated 18th June, 2018, reads as follows:-

In exercise of the powers conferred by clause (a) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956) read with section 210A and sub-section (3C) of section 211 and of the said Act, the Central Government, in consultation with National Advisory Committee on Accounting Standards, hereby makes the following rules to amend the Companies (Accounting Standards) Rules, 2006, namely.-

[Customs] Exchange Rate Notification w.e.f. 20th June 2018

Central Board of Indirect Taxes and Customs (CBIC) notification no. 54/2018 - Customs (N.T.) dated 19th June, 2018 :-

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendments in the Notification of the Central Board of Indirect Taxes and Customs No.49/2018-CUSTOMS (N.T.), dated 7th June, 2018, with effect from 20th June, 2018, namely: -

Quarterly BSR-1: Outstanding Credit of Sch. Commercial Banks (Dec 2017)

Jun 18, 2018: Today, the Reserve Bank released its web publication entitled Quarterly Basic Statistical Returns (BSR)-1 : Outstanding Credit of Scheduled Commercial Banks (SCBs), December 2017 on its Database on Indian Economy (DBIE) portal.

It captures various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, type of account, and interest rates. Data covering 1,15,163 offices of 93 SCBs (excluding Regional Rural Banks) are presented for bank groups, population groups and states.

India’s Foreign Trade during May 2018 (Stats on Exports & Imports)

June 15, 2018: The data on India's foreign trade for the month of May, 2018 as released by the Ministry of Commerce & Industry, Department of Commerce, Economic Division, is presented hereunder.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports during May 2018 were valued at US $ 28.86 Billion as compared to US $ 24.01 Billion during May 2017 exhibiting a positive growth of 20.18 per cent. In Rupee terms, exports were valued at Rs. 194928.45 crore in May 2018 as compared to Rs. 154713.69 crore during May 2017, registering a positive growth of 25.99 per cent.