Latest Tax News & Updates

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Fiscal Deficit target looks closer on high GST mop-up

Goods And Services Tax - 03-Apr-2019

The goods and services tax (GST) and savings on expenditure may have saved the day for the government, taking it within kissing distance of the fiscal deficit target of 3.4% of GDP, offsetting shortfall in direct tax collections. GST collections touched their highest since the single levy was launched in July 2017, coming in at Rs 1.07 lakh crore in March, data released by the government on Monday showed. Annual GST collections are seen at Rs 11.77 lakh crore, ahead of the revised...

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A fair assessment of Goods and Services Tax

Goods And Services Tax - 03-Apr-2019

An assessment was made by Kapil Patidar & Arvind Subramanian in June 2018. This showed that in the first year of implementation of GST, revenues grew by 11.9% and the buoyancy was 1.20. A buoyancy ratio over 1shows progressiveness in the revenue growth and opens up the prospect of a rising tax-to-GDP ratio.  This is a significant improvement over the pre-GST period when the buoyancy ratios for state value added tax (VAT) and central indirect taxes like central excise and service...

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RBI Trade Credit Policy Revised Framework

Fema/RBI - 03-Apr-2019

Attention of Authorised Dealers is invited to the rationalised principal regulation governing the External Commercial Borrowings (ECB) and Trade Credits already notified on December 17, 2018 through the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 gazetted vide Notification No. FEMA.3R/2018-RB dated December 17, 2018. The new ECB framework based on the above regulation was issued on January 16, 2019 vide A. P. (DIR Series) Circular No....

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Export and Import of Indian Currency

Fema/RBI - 03-Apr-2019

Attention of Authorised Persons is invited to Regulation 8 of Foreign Exchange Management (Export and import of currency) Regulations, 2015, in terms of which a person may take or send out of India to Nepal or Bhutan and bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs. 100/-. Further, an individual may carry to Nepal or Bhutan, currency notes of Reserve Bank of India denominations above Rs....

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Annual Closing of Govt. A/cs Special RBI Measures for FY 2018-19

Fema/RBI - 03-Apr-2019

March 26, 2019 Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2018-19) The Government of India has desired that all government transactions done by agency banks for Financial Year 2018-19 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose. 2. Accordingly, all agency banks should keep the...

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