DGFT will authorise PAN no. to be the IEC no., for applicants from July 1
The Dollar Business Bureau The Customs makes changes in IEC that would come into effect with the introduction of the Goods and Services Tax scheduled to be implemented from July 1. According to the latest Customs notification no- 09/2018 dated 12th June, 2017, GSTIN would be used for purposes of (i) credit flow of IGST on import of goods, and (ii) refund or rebate of IGST related to export of goods. As GSTIN will be used for the purposes mentioned above, it is important as an identifier at the transaction level. In view of this, it has been decided that importer/exporter would need to declare only GSTIN (wherever registered with GSTN) at the time of import and export of goods. The PAN level aggregation of ...
Finance Bill gets presidential assent, takes effect from today
PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...
CBEC issues detailed process to service tax and central excise payers on migration to GST
The Dollar Business Bureau The draft Model and GST Laws and Rules are in the public domain and CBEC is making all efforts in the smooth implementation of GST by April 1, 2017. One of the priority tasks in this regard is the migration of the existing Central Excise/Service Tax assessees to GST. It is in this regard that the Directorate General of Systems, CBEC has issued a detailed notification with illustrative schematic diagrams of the migration processes to help the assessees. A schematic representation of the migration process is given below: In order to migrate to GST, the assessees need to have a provisional ID and password. These details can be obtained by logging into ACES portal (www.aces.gov.in). These details are being obtained from ...
Rational personal taxes, flat 25% corporate tax in 4 yrs: FM
Source: PTI Finance Minister Arun Jaitley has promised a rational tax rate for individuals and bringing down of corporate tax to 25% flat in four years beginning next fiscal along with removal of exemptions except those that encourage individual savings. Addressing students and faculty at the Columbia University in New York on Monday night, he said along with a rational rate of taxation, more banking transactions and making PAN card compulsory for payments over a threshold limit will go a long way in tackling the problem of domestic black money. He also said that once the corporate taxes go down, the exemptions, over there are a bulk of litigations and discretions, will have to be phased out. The Finance Minister said ...
Traders can pay fees using credit, debit cards from this week
Source: PTI Exporters and importers will be allowed to pay their fees and penalties through debit or credit cards from this week, a move aimed at further improving the ease of doing business in India. Currently, traders can pay fees only manually or through net banking. "The technical process to allow and enable payment of fee through debit/credit cards has been completed. The new Commerce Secretary Rita Teotia will formally launch the facility this week," an official said. The Directorate General of Foreign Trade (DGFT) receives lakhs of applications every month and the fees ranges between Rs 100 to Rs 10,000. The traders can avail this facility from all the public and private sector banks. Exporters body Federation of Indian Export Organisations ...
Budget likely to bring up measures to tackle black money
The Dollar Business Bureau Union Budget 2015 while raising the bar on expectations is likely to be interesting too with the government trying to figure out ways and means to check “black money” in the country. According to sources, in addition to some of the key recommendations made by the Special Investigation Team (SIT) on how to take on the menace of “black money” in the past, the Union Finance Minister, Arun Jaitley has asked other investigative agencies their measures to curb unaccounted money in the system. Based on some of the presentations so far, the sources said that in addition to making tax evasion a “crime” in the country, the Permanent Account Number (PAN) could be more used as ...
