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 ...
Indiana governor welcomes Infosys, announces India visit
PTI Encouraged by Infosys' decision to set up a tech centre in his state and generate 2,000 jobs, Indiana Governor Eric Holcomb will lead a high- powered trade delegation to India later this year with the sole objective of attracting more Indian business, particularly IT companies. "I'm looking forward to travelling to India, probably in the fall, before the winter," Holcomb told PTI in an exclusive interview in his office at the State Capitol. Holcomb, who succeeded Vice President Mike Pence as Indiana governor, said he wanted to travel to India soon after his inauguration early this year but pressing engagements and now the summer prevented him from doing so. Holcomb, who would be the first Indiana governor ...
MP govt gives 40 acres to Ramdevs Patanjali at Rs 10 cr
The Dollar Business Bureau The Madhya Pradesh Govt has allocated 40 acres of land to yoga guru Baba Ramdev’s company Patanjali Ayurved. The land allocated is in the Pithampur industrial area and Patanjali intends to set up a food processing unit at a cost of Rs 10 crore. Speaking to the media, Kumar Purushottam, MD, Madhya Pradesh Audyogik Kendra Vikas Nigam, Indore said, "We have allotted 40 acres of land to Patanjali Ayurved at Rs 25 lakh per acre. We have sent a letter to the company, asking them to deposit Rs 10 crore in government exchequer for the land.” Detailing the company’s objectives Kumar Purushottam said, the company planned to invest 500 crore for the next three years and provide employment to ...
Bill to deal with black money abroad gets approval
The Dollar Business Bureau The lower house of the Parliament, Lok Sabha, on Monday, passed the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, which would further deal with the black money stashed overseas. The Bill was passed in Lok Sabha amidst Opposition’s demand to forward the Bill to a Standing Committee. Rejecting the Opposition’s demand, Arun Jaitley, Union Finance Minister, said, “Delay in enacting the legislation would provide the offenders an opportunity to transfer their unaccounted wealth to the unknown destinations.” There would be a short compliance window for the undisclosed income holders which would provide them an opportunity to come clean by paying 30% tax and 30% penalty, informed the Minister speaking at ...
