|18 sections, 2 rules for GST notified||21 June 2017|
|CBDT notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961||20 June 2017|
|Black money: Switzerland ratifies automatic exchange of information with India||18 June 2017|
The new tax reform is a step is for the betterment of the economy will help in unifying more than a dozen of central and state levies into one.
The provision also prescribe the rate of interest for computing the income in case of failure to repatriate the excess money within the prescribed time limit.
Switzerland has ratified the automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details of suspected black money.
The Bill aims at providing a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.
The IAC, in the meeting, agreed to focus on large stressed accounts at this stage and accordingly took up for consideration the accounts, which were classified partly or wholly as non-performing from amongst the top 500 exposures in the banking system.
Contribution from EU has helped in setting up and improving schools and facilities across India. It also helped in bridging gender and social gaps.
The RBI also made it clear that the old notes, which were introduced after Prime Narendra Modi’s demonetisation drive in November 2016, will continue to remain the legal tender.
Concerned industry groups and associations or even individual industry representatives can approach the respective Sectoral Group officers with their problems related to GST implementation.
The GST rates for telecom services, marbles, granite and spectacles were retained.
RBI has cut the Statutory Liquidity Ratio (SLR) by 50 basis points to 20 per cent.
Finance ministry in an official memorandum said subsequent to the abolition of the FIPB, concerned administrative ministries have been allotted the work of granting approval for foreign investment in the specific sector.
India signed an agreement with Sri Lanka to provide fresh assistance of USD 318 million as a credit line for the development of the nation’s railway sector.
The total estimated cost of the Assam Citizen Centric Service Delivery project is USD 49 million.
India and World Bank signed an agreement for IBRD Credit of USD 36 million for Himachal Pradesh Public Financial Management Capacity Building Program.
The 2016/17 GDP growth registered was 7.1 per cent, which was lower than 8 per cent, which was achieved in the previous FY of 2015-17.
The linking of Aadhaar number and PAN is a means to seamlessly avail income tax facilities online.
The central bank said that the note will bear the signature of Shaktikanta Das, Secretary in the Ministry of Finance. Rest other currency notes bear the signature of the RBI Governor.
DIPP, the nodal body for Start-up India, said that an entity shall now be considered a start-up up to seven years from the date of its incorporation/registration.
Cable TV and Direct-To-Home (DTH) services will attract 18 per cent GST.
The meeting focuses on achieving high 5s–strategy that includes which include agriculture, energy, industrialisation, regional connectivity and improved quality of life.
With the signing of these two APAs, the number of APAs signed in Financial Year 2017-18 is now four.
Pradhan said that OPEC should work towards responsible pricing, which is important for India for socio-economic and developmental reasons.
Education, Healthcare and Third Tier Railway Travel will be exempted from GST.
GST Rates of 1211 items were finalised by the GST council with 81 per cent of them facing a levy of up to 18 per cent.
Anti-duty imposed on aluminium foil is up to $1.63 per and up to $8.71 per kg duty was slapped on imports of amoxicillin, used in pharmaceuticals.
The estimated cost of the Project will be Rs 1028.95 crore with expected completion cost of Rs 1190.98 crore.
The coal allocation of linkages in future will be transparent and bidding based, barring some exceptions as per Tariff Policy.
The restructuring plan involves closing down the operations of all the non-viable plants at Rasayani unit of HOCL except Di-Nitrogen Tetroxide (N2O4) plant which is to be transferred to ISRO.
It will enable Transparent Tax Administration by sharing status reports and thematic analysis reports.
The base year of WPI was revised in order to align it with the base year of other macroeconomic indicators like the Gross Domestic Product (GDP) and Index of Industrial Production (IIP).