The various nuances of the anti-profiteering law under GST
By Ranjeet Mahtani & Stella Joseph As companies gear up for the final stages of implementing GST, a crucial exercise which is being carried out is a re-look at the existing contracts and negotiation with vendors from the perspective of alignment of contracts with the GST regulations. A crucial point of negotiation is for the vendor to pass on all benefits accruing or arising under GST to the recipient. In this context, the legislative backing comes in the form of Section 171 of the Central Goods and Services Tax Act, 2017 (“CGST Act”) which embodies the Anti-Profiteering provisions and the Anti-Profiteering Rules which have been finalised by the GST Council in its 17th meeting held on 18th June 2017. In terms of Section ...
Sovereign Gold Bonds Scheme gets government nod
Source: PIB, Government of India The Union Cabinet chaired by the Prime Minister Narendra Modi, on Wednesday gave its approval for introduction of the Sovereign Gold Bonds Scheme, as announced in the Union Budget 2015-16. The scheme will help in reducing the demand for physical gold by shifting a part of the estimated 300 tonnes of physical bars and coins purchased every year for Investment into gold bonds. Since most of the demand for gold in India is met through imports, this scheme will, ultimately help in maintaining the country's Current Account Deficit within sustainable limits. The issuance of the Sovereign Gold Bonds will be within the government's market borrowing programme for 2015-16 and onwards. The actual amount of ...
