Search Result for : Jammu Kashmir

Goods and Services Tax Go live on July 1, 2017

By Ranjeet Mahtani & Sweta Rajan The 16th and 17th meetings of the GST Council took place on June 11 and 18 respectively. During these meetings, various decisions were taken, the key aspects of which are summarised below. Most importantly, it was unanimously decided that the GST regime will be introduced with effect from July 1, 2017. Key decisions taken by the GST Council over the last ten days: Composition scheme: The threshold of annual turnover for availing the composition scheme has been fixed at Rs 75 lakhs for traders, manufacturers and restaurant service providers in all states except in the case of nine special category states (north-eastern states) where the threshold is fixed at Rs 50 lakhs. The turnover limit for the composition levy ...

GST: Luxury cars, aerated waters, cigarettes subjected to highest tax rate

By Ranjeet Mahtani & Niraj Hande The most crucial GST Council meeting took place on 18th and 19th May, 2017 in Srinagar, Jammu and Kashmir. The GST Council has finalised seven sets of GST Rules and completed the fitment of most goods and services in various tax brackets in the last two days. Rules The GST Council has approved seven sets of GST Rules which pertain to Composition, Tax Invoice Credit & Debit Notes,Input Tax Credit, Payment of Tax, Refund, Registration and Determination of Value of Supply. The Rules pertaining to Transition and Returns were not finalised and shall require further vetting before approval. The next step will be for Governments, State and Central to now notify these. Rates The GST Council has ...

LoC trade of California almonds new mode of terror funding: NIA

PTI After clothes and 'dupattas', California almonds have emerged as the new product in cross- LoC trade in Jammu and Kashmir that are being used a mode of terror funding, according to the NIA. The NIA has registered a case in this connection and carried out searches on traders at trade facilitation centres at Salamabad in Kashmir region's North Kashmir's Baramulla district and Chakan-da-bagh in Poonch district of Jammu region.According to the cross-LoC trade agreement between India and Pakistan, products grown in both sides of Jammu and Kashmir will be exchanged under barter system. The products included 'Badam giri' that is grown in parts of Pakistan- occupied-Kashmir (PoK).During the searches, documents related to exchange of California almonds were seized by NIA and ...

Khadi weaving, spinning centre opens in Srinagar

PTI The Minister for micro, small and medium enterprises (MSME) Kalraj Mishra, on Sunday, inaugurated a spinning and weaving centre and marketing plaza for khadi goods in Srinagar. At the centre -- Harmukh Khadi Gram Udyog Sansthan -- Mishra also distributed 25 model charkhas among local artisans at a function, said a government release. "The charkha is a symbol of resistance and can help maximum number of unemployed youth and women in far flung areas to attain economic independence," Mishra said. The event was organised by Khadi and Village Industries Board Srinagar. The minister said the Centre is ready to provide all sorts of assistance to the state of Jammu and Kashmir in order to remove regional ...

J&K to get exclusive Women Business Centre

Source: PTI   Jammu and Kashmir will soon have an exclusive "Women Business Centre" which would help boost women entrepreneurship in the state. In a significant step to boost women entrepreneurship in the state, Chief Minister Mehbooba Mufti has ordered the conversion of Jammu Haat into an exclusive Women Business Centre. For this, she directed Industries and Commerce Department to prepare a Business Plan within the next two months so that brass tacks are done to establish the Centre, which she said is ideally located in the heart of the winter capital. She said this while taking a detailed briefing of the Industries and Commerce Department, in the Civil Secretariat, here today. Assuring all help to MSME (Micro, Small and Medium Enterprises) sector in the state, ...

Goods imported into India and intended for Jammu and Kashmir relief

Dated 11th December, 2014 | Copy of | Notification No.33/2014-Customs | In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts all goods falling under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) when imported into India and intended for donation for the relief and rehabilitation of the people affected by the floods in the State of Jammu and Kashmir from – (a) the whole of the duty of customs leviable thereon under the First Schedule to the said Customs Tariff Act; and (b) the whole of additional ...

India unlikely to place restrictions on trade across LOC

Vanita Peter D’souza | The Dollar Business India is unlikely to place any restrictions on trade along the India-Pakistan’s Line of Control (LoC) as no incidence of adulteration has been reported in the recent years. Nirmala Sitharaman, Commerce & Industry Minister, Government of India, informed the Parliament yesterday, “No in incidence of adulteration which adversely affected trade has come to the notice of Government.” The LoC trade in India is usually the trade between India’s Jammu & Kashmir and Pakistan Occupied Kashmir (POK) which is not counted as trade with Pakistan. As a part of the Government of India’s Confidence Building Measures (CBMs), a list of essential items are allowed for trade at zero duty. India also has Trade Facilitation ...