Latest Tax News & Updates

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CBIS amends new GST composition schemes rules related to ITC

Goods And Services Tax - 03-Apr-2019

New Delhi, the 29th March, 2019 G.S.R. 268(E).– In exercise of the powers conferred by sub-section (1) of section 9, sub- section (1) of section 11, sub-section (1) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (herein after referred to as the “said Act”), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments...

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Taxability of Fabric & Furnishing Cloth under MVAT Act

Goods And Services Tax - 03-Apr-2019

The Trade Circular was issued to clarify the taxability of the goods covered under Entry 101(a) and 101(b) of the Schedule-C appended to the MVAT Act. It was clarified that the sales of the notified furnishing fabric are exempted from tax in respect of all sales made other than the last point. The Notification cited at Ref. (1) above specifies the last point of sales as sale made for consumption. In other words, the sales of furnishing fabric as covered under entry 101 made by the registered...

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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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