Search Result for : Insurance

Govt exempts duty on re-imports of certain goods

The Dollar Business Bureau The Government has exempted custom duty on the re-imported goods which are exported under claim for drawback of any customs or excise duties levied by the Union, drawback of any excise duty levied by a State, for rebate of Central Excise duty, bond without payment of Central Excise duty, duty exemption scheme (DEEC/Advance Authorisation/DFIA) or Export Promotion Capital Goods Scheme (EPCG). “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods falling within any Chapter of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)….when reimported into India, from so much of the duty of customs leviable and the whole of the additional duty, ...

GST July 1st release: Yet to be an assured reality?

By Ranjeet Mahtani & Sweta Rajan On the path to complete all responsibilities and release the requisite laws, regulations and rates ahead of the proposed transition date of July 1, 2017, the GST Council met on June 3, 2017. The key developments during the meeting were: A committee comprising revenue officers from Centre and States is to be set up to entertain complaints relating to anti-profiteering. GST rates of the items which were not placed across the agreed rate slabs (after the Council’s meetings on 18 and 19 May, 2017) were decided, including 3% GST on gold and gold jewellery, 0.25% on rough diamonds, 5% on packaged food items sold under registered trademarks, 18% on biscuits, 5% on footwear priced below Rs. 500/- ...

IGST, CGST and Compensation Bill receive Lok Sabha nod

By Ranjeet Mahtani and Sweta Rajan A seven-hour long debate in the Lok Sabha, resulted in the passage of the Integrated GST, Central GST and GST Compensation Bills this week. Having been introduced as ‘money bills’ the Rajya Sabha did not have the power to amend or reject bills. Now, the Bills require presidential assent to become law. In preparation for the transition to GST, the Central Government has introduced another bill in the Lok Sabha to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Excise Tariff Act, 1985, the Finance Act, 2001, and the Finance Act, 2005, and to repeal certain existing enactments. These amendments are essential to modify the tax levying ...

GST Council meets today, action packed days ahead

Ranjeet Mahtani & Sweta Rajan All eyes and ears are on the GST Council's meeting this weekend. At the time of stop press, the update is that the GST Council has reached a consensus on the CGST  and IGST bills, but the State GST bill could not be discussed - it emerges that some amendments by the Law Department are yet to be incorporated. These agreed bills will be taken up later this month by the Parliament, and the GST Council will have a further meeting on March 16th. Ahead of the GST Council’s meetings today, March 4th and tomorrow, a limited indication of some of its proposals to the provisions of the GST laws has been provided.  Peak rate at 40% One such ...

Government considers centralised registration under GST

Ranjeet Mahtani & Stella Joseph  Recent news-reports indicate that even under the GST regime the Government is considering the option for centralised registration for certain sectors including e-commerce, telecom and insurance. The peculiarity of these sectors is that their customers are situated throughout the country and potentially the place of supply for such sectors would be in each State / Union Territory. This will entail registration and other compliances in all States and Union Territories where the place of supply is. To explain further, filing of returns (and statements), which at present are at least 3 per month per State and one annual return, would involve preparing and making 1332 filings per year (for a company-taxpayer operating in all Indian States). ...

Foreign Exchange Management (Tenth Amendment) Regulations, 2015

Dated October 30th, 2015 | Copy of | Notification No.FEMA.354/2015-RB | Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Tenth Amendment) Regulations, 2015 G.S.R. 823(E).—In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May 2000) namely:- 1. Short Title & Commencement (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) ...

Review Of Foreign Direct Investment (FDI) Policy On Various Sectors

Dated November 10th, 2015 | Press Note | Today, India is the fastest growing economy among major Nations. The World Bank has improved India’s ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%. Several Global Institutions have projected India as the leading destination for FDI in the World. IMF has branded India as the brightest spot in the Global Economy whereas the World Bank projects India's growth at 7.5% and even better. 2. With coming of NDA Government to power, Shri Narendra Modi has expressed his commitment to poverty elimination, inclusive development [make India a developed Country] and also to make India a Global Manufacturing Hub. Being aware of the constraint of financial ...

UK eyes Indias potential defence market

The Dollar Business Bureau Committed to strengthening its trade ties with India, the British government on Thursday expressed hope over India’s plan for opening up of its key sectors to the UK market. “India's plans to open up its defence and insurance markets, the Goods and Services Tax (GST) to create a single market, are highly desirable and will indeed serve to create wealth and jobs and increase the quantum of British-India trade," said the UK Minister of State for Trade and Investment Francis Maude of Horsham. The UK Minister was speaking at a conference to announce the opening of the India-UK Business Convention in New Delhi. The Minister said that his government is committed to deepen ties with India, thus ...