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NPPA instructs companies to submit documents/ information related to Form-I application of new drugs under DPCO, 2013

July 24, 2017
National Pharmaceutical Pricing Authority of India (NPPA) vide office memorandum dated July19, 2017 has decide to give last opportunity for the companies to submit the requisite documents related to Form-Iapplication of new drugs under Para 2(u) DPCO, 2013 by August 5,2017 failing to which their Form-I application shall be treated as rejected without making any further communication. [F.No.19(78)/2014/DP/NPPA/Div.II] URL: http://www.nppaindia.nic.in/order/memorandum19072017.pdf

Central Government launches Pradhan Mantri Vaya VandanaYojana (PMVVY) a Pension Scheme exclusively for the senior citizens

July 24, 2017
The Central Government has launched the PradhanMantriVayaVandanaYojana (PMVVY) exclusively for the senior citizens aged 60 years and above which is available from May 04, 2017 to May 03, 2018. The Scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme. Following are the major benefits under the PradhanMantriVayaVandanaYojana (PMVVY):- Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years. Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase. The scheme is exempted from Service Tax/ GST. On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable. Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds. The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded. On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary. The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependents. The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidized by the Government of India and reimbursed to the Corporation. [Release ID :168721] URL: http://pib.nic.in/newsite/PrintRelease.aspx

EPFO issues instructions for employers for use of facility to furnish Compliance in respect of multiple units’ establishments

July 24, 2017
Employees’ Provident Fund Organisation (EPFO) has issued instructions for the employers to use a facility to furnish their location-wise employees’ particulars. The procedure to utilize the facility is detailed herewith. Now, an employer can declare for each employee the period for which the employee has worked at a particular branch/location by utilizing the facility provided for this purpose in the employer’s portal at unified portal. The employer should use his login to add all the branches/locations of the establishment in the Form SA. The period of posting of employees at various branches/locations can be declared by the employer by using the “Member Location Mapping” option under the “Establishment” tab in the employer’s portal. This can be done either by entering data on the screen one by one or in bulk by uploading file. The employers may be informed about this facility and advised to use it. It shall be mandatory on the part of all such multiple location establishments to fill the details of location-wise employees which will enable the concerned offices to view the location of the employees in the ECR through field office interface of unified portal.This is for strict compliance of Regional Offices to advise such multi-location employers to fill the details of location of each employee in “Member Location Mapping”. [No. C-I/3(19)2016/Clarification/ECR/7357] URL: http://www.epfindia.com/site_docs/PDFs/Circulars/Y2017-2018/C1_MultipleUnits_Estt_7357.pdf

ESIC issues instructions on Determination of Contribution u/s 45-A of the ESI Act.

July 24, 2017
Employees State Insurance Corporation (ESIC) has issued instructions on determination of contribution where the employer has defaulted in payment of the contribution and submission of prescribed returns or where inspection of records for the period involved has not been conducted. In this instruction, it was laid down that wages at rate of Rs.8250/- per employee per month may be assumed with effect from May 01, 2010 on wards for determining the amounts of contribution payable in respect of the employees of the factory/establishment. Consequently on increase in the wage ceiling for coverage of employees from Rs. 15000/- per month to Rs.21000/- per month with effect from Jan 01, 2017 the matter has been reconsidered. Accordingly the Director General has approved that Wages in the circumstances mentioned in the above para may now be assumed @ Rs.11550/- (Rupees Eleven Thousand five Hundred Fifty only) per employee per month for determining the contribution u/s 45-A of the ESI Act for all wage period commencing on or after Jan 01, 2017 [N0. T-11/13/1/2010-Rev-I] URL: http://esic.nic.in/backend/writereaddata/file/4674df37a8b3b3c14bc163a0a217e5a5.pdf  

The Apprenticeship (Fourth Amendment) Rules, 2017

July 24, 2017
The Central Government vide notification dated July 19, 2017 has further amended the Apprenticeship Rules, 1992.Vide this amendment Schedule- I which refers to stipend to be paid to the apprentice for his apprenticeship has been substituted. [G.S.R. 936(E)] URL: http://www.egazette.nic.in/WriteReadData/2017/177505.pdf

Exemptions on Supply of Intra-State Supply of Second Hand Goods under the Central Goods and Services Tax Act

July 24, 2017
The Central Government, on being satisfied that it is necessary in the public interest so to do and on the recommendations of the Council, has exempted supplies of second hand goods by a supplier, who is not registered, to a registered person, dealing in buying and selling of second hand goods and who pays the goods and services tax compensation cess on the value of outward supply of such second hand goods under Rule 32(5) of the Central Goods and Services tax Rules, 2017, from any supplier, who is not registered, from the whole of the goods and services tax compensation cess leviable thereon under section 8 of the Goods and Services Tax (Compensation to States) Act, read with Section 9(4) of the Central Goods and Services Tax Act. [G.S.R. 938(E)] URL: http://www.egazette.nic.in/WriteReadData/2017/177510.pdf  

CBEC issues Exchange Rate Notification

July 24, 2017
In accordance with Section 14 of the Customs Act, 1962, the Central Board of Excise and Customs releases Exchange Rate Notification for valuation of goods for purposes of assessment under the said Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods on which a duty of customs will be chargeable. The Central Board of Excise and Customs (CBEC) on July 20, 2017 has issued an exchange rate notification giving the rate of exchange of conversion of the below mentioned foreign currencies in Indian rupees which shall be effective from July 21, 2017: Australian Dollar Bahrain Dinar Canadian Dollar Chinese Yuan Danish Kroner EURO Hong Kong Dollar Kuwait Dinar New Zealand Dollar Norwegian Kroner Pound Sterling Qatari Riyal Saudi Arabian Riyal Singapore Dollar South African Rand Swedish Kroner Swiss Franc UAE Dirham US Dollar Japanese Yen Kenya Shilling [Notification No. 72/2017 – Customs (N.T.)] URL: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2017/cs-nt2017/csnt72-2017.pdf

TRAI extends last date to receive comments on TRAI’s Consultation paper on data Speed under Wireless Broadband Plans

July 24, 2017
Telecom Regulatory Authority of India (TRAI) had issued Consultation paper on data Speed under Wireless Broadband Plans on June 01, 2017 inviting comments & counter comments from stakeholders till June 29, 2017 & July 13, 2017 respectively. On request from the stakeholders the last date for submission of comments was extended till July 20, 2017 & counter comments upto August 03, 2017. On further request received it has been decide to extend the last date for filing comments till August 10, 2017 & for counter comments till August 24, 2017. Stakeholders are requested to submit their comments on or before August 10, 2017 preferably in electronic form to kapilhanda@trai.gov.in. For any clarification on the aforesaid consultation paper, Shri. Arvind KumarAdvisor (Broadband & Policy Advisor), Telecom Regulatory Authority of India, Mahanagar Doorsanchar Bhawan, Jawaharlal Nehru Marg, New Delhi-110002 may be contacted at Tel. No. +91-11-23220209. [Press Release No. 52/2017] URL: http://www.trai.gov.in/sites/default/files/Press_Release_20072017_1.pdf

MCA Updates XBRL (eXtensible Business Reporting Language) Validation Tool & CSR Reporting Business Rules

July 24, 2017
The Ministry of corporate Affairs (MCA) has updated the version of MCA XBRL Validation Tool and CSR reporting business rules related the XBRL C&I Taxonomy 2016. MCA has also advised to use the new version of MCA XBRL Tool V3.0.6 while filing AOC-4 XBRL. URL: http://www.mca.gov.in

SEBI releases Circular on Investments by FPIs in Corporate Debt

July 24, 2017
Securities & Exchange Board of India (SEBI) has released circular on Investments by FPIs in Corporate Debt. The Combined Corporate Debt Limit shall be available on tap for investment by foreign investors till the overall investment reaches 95%, after which,the auction mechanism shall be initiated for allocation of the remaining limits. In the event the overall of FPI investment in CCDL exceeds 95%(as indicated by the debt utilization status updated daily on the websites of NSDL and CDSL, the following procedure shall be followed: The depositories (NSDL and CDSL) shall direct the custodians to halt all FPI purchases in corporate debt securities. The depositories shall then inform the exchanges (NSE and BSE)regarding the underutilized debt limits for conduct of auction. Upon receipt of information from the depositories, the exchange(starting with BSE) shall conduct an auction for the allocation of underutilized debt limits on the second trading day from the date of receipt of intimation from the depositories. Thereafter, the auction shall be conducted alternately on NSE and BSE. The auction shall be held only if the free limit is greater than or equal to INR 100cr. However, if the free limit remains less than 100 cr for 15 consecutive trading days, then an auction shall be conducted on the 16th trading day to allocate the free limits. The auction shall be conducted in the following manner: Particulars Details Duration of bidding 2 hours (15:30 to 17:30 hrs) Access to platform Trading members or custodians Minimum bid INR 1 crore Maximum bid One-tenth of free limit being auctioned Tick Size INR 1 crore Allocation Methodology Price time priority Pricing of bid Minimum flat feeof INR 1000 or bid price whichever is higher Time period for utilization of the limits 10 trading days from the date of allocation   Once the limits have been auctioned, the FPIs will have an utilisation period of 10tradingdays within which they have to make the investments. The limits not utilised within this period shallcome back to the pool of free limits. Upon sale/redemption of debt securities, the FPI will have a re-investment period of 2tradingdays. If the reinvestment is not made within 2tradingdays, then the limits shall come back to the pool of free limits. A single FPI/ FPI Group cannot bid for more than 10% of the limits being auctioned. The auction mechanism shall be discontinued and the limits shall be once again available for investment on tap when the debt limit utilisation falls below 92%.It is clarified that in such a scenario, the reinvestment facility shall be terminated and cannot be availed for the same limits when the utilisation crosses 95% again. FPI investments in unlisted corporate debt securities shall compulsorily be in dematerializedform and subject to a minimum residual maturity of 3 years. All other terms and conditions for FPI investments in listed and unlisted corporate debt securities shall remain the same. The depositoriesshall put in place the necessary systems for the dailyreporting by the custodians of the FPIs.The exchanges shall disseminate the

RBI issues Master Circular on Detection and Impounding of Counterfeit Notes

July 24, 2017
The Reserve Bank of India (RBI) vide notification dated July 20, 2017 has issued Master Circular on Detection and Impounding of Counterfeit Notes. The Counterfeit Notes can be impounded by- All Banks All Treasuries and Sub-Treasuries. Issue Offices of Reserve Bank of India. Banknotes tendered over the counter / received directly at the back office / currency chest through bulk tenders should be examined for authenticity through machines. No credit to customer’s account is to be given for counterfeit notes, if any, detected in the tender received over the counter or at the back-office / currency chest. In no case, the counterfeit notes should be returned to the tenderer or destroyed by the bank branches / treasuries. Failure of the banks to impound counterfeit notes detected at their end will be construed as willful involvement of the bank concerned in circulating counterfeit notes and penalty will be imposed. Notes determined as counterfeit shall be stamped as “COUNTERFEIT NOTE” and impounded in the prescribed format (Annex I). Each such impounded note shall be recorded under authentication, in a separate register. [RBI/2017-18/26 DCM (FNVD) G – 4/16.01.05/2017-18] URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MC26200720173A82F033DC0243D4A660674D6482C3E7.PDF  

DERC proposes legal advisory cell for consumers

July 21, 2017
Delhi Electricity Regulatory Commission (DERC) in order to create awareness of the legal rights to the consumers and to protect them from all eventualities which ultimately affect the men and material in their life has proposed to provide legal advisory cell for grievance redressal mechanism. The scheme envisages: – Retaining of minimum 6 Advocates by DERC for a period of 1 year for providing free legal advice / guidance services to the Consumers approaching them for advice, immaterial of place of living or jurisdiction etc. The Advocates of this cell at DERC may put endeavours to assist the consumer in all and every provisions of law which the consumer could not have understood and ensure that remedy is availed without causing any hindrance to the consumers. The Advocates during their term with DERC shall not be allowed to represent such consumer(s) /intending complainants or the Discom, before any authority, Commission or Court of Law. Out of 6 retainers, the senior most advocates with 5 years of experience shall be responsible for supervising other retainers and he shall be directly reporting to Executive Director (Law) about the progress of present initiative. Any retainer if found culpable of charging or collecting or demanding any remuneration illegally from any consumer /complainant etc with regard to electricity matters, he shall be proceeded with for misconduct under the Advocate Act 1961. The remuneration shall be paid as monthly retainership fee from DERC. The aforesaid provisions will ensure in all times to come to promote and enhance the legal rights of the consumer and will go a long way to receive knowledge and information in protecting their rights. Stakeholders are requested to forward their suggestions/ comments/ objections on the above latest by August 14, 2017. The comments/ suggestions/ objections may be forwarded to Secretary, DERC either by post or through email to secyderc@nic.in URL: http://www.derc.gov.in/Public%20Notice/Legal%20Advisory.pdf    

APSERC issues draft Arunachal Pradesh State Electricity Regulatory Commission (Procedure, Terms & Conditions for grant of Transmission Licence & other related matters) Regulations, 2017

July 21, 2017
Arunachal Pradesh State Electricity Regulatory Commission (APSERC) has issued draft Arunachal Pradesh State Electricity Regulatory Commission (Procedure, Terms & Conditions for grant of Transmission Licence & other related matters) Regulations, 2017 which are placed on commissions website www.apserc.in. Any objections or suggestions on draft regulation may be sent by any interested person through e-mail to apserc_75@yahoo.com. [No. APSERC/RA-14/I/2017-18/271-73] URL: http://apserc.in/pdf/Draft-Regulations/12th-June-2017/Notice.pdf  

West Bengal Government issues Clarification regarding submission of Bond/Letter of Undertaking (LUT) by the Exporters in respect of Exports without payment of Integrated Tax under WBGST/ CGST Rule 96A

July 21, 2017
The Government of West Bengal has received number of queries from the Trade Associations and Exporters regarding procedure to be followed for export of goods and services under the GST regime. Thus the Government has issued Clarification regarding submission of Bond/Letter of Undertaking (LUT) by the Exporters in respect of Exports without payment of Integrated Tax under WBGST/ CGST Rule 96A. In accordance with the provisions of rule 96A of West Bengal Goods and Services Tax (Third Amendment) Rules, 2017 a registered person availing of the option of supplying goods or service for export without payment of Integrated Tax is required to furnish, prior to export, a Bond or a LUT in Form GST RFD-11 to the jurisdictional Commissioner binding himself to pay the tax due along with interest in terms of sub-section (1) of section 50 within a period of – Fifteen (15) days after the expiry of three months from the date of issue of Invoice for export, if the goods are not exported out of India; or Fifteen (15) days after the expiry of one year, or such further period as may be allowed by the Commissioner, from the date of issue of Invoice for export, if the payment of such services is not received by the exporter in convertible foreign exchange. In view of this, following procedure is required to be followed while furnishing of Bond or LUT:- the following registered persons shall be eligible for submission of LUT in Form GST RFD-11 in place of Bond: A status holder as specified in the Foreign Trade Policy 2015-20 (relevant portion is annexed herewith); or Who has received the due Foreign Inward Remittances amounting to a minimum of 10% of the Export Turnover, which should not be less than 1 crore rupees the in preceding financial year, and he has not been prosecuted for any offence under the West Bengal Goods and Services Tax Ordinance, 2017 or under any of the existing laws in case where the amount of tax evaded exceeds two hundred and Rs.50 lakh. The LUT shall be furnished in duplicate for a financial year in the annexure to FORM GST RFD- 11 referred to in sub-rule (1) of rule 96A of the West Bengal Goods and Services Tax (Third Amendment) Rules, 2017 and it shall be executed by the working partner, the Managing Director or the Company Secretary or the proprietor or by a person duly authorised by such working partner or Board of Directors of such company or proprietor on the letter head of the registered person. All exporters, not covered under Para 4 (a) of this Circular, would have to submit Bond. A running Bond is required to be furnished in Form GST RFD-11 under rule 96A of the West Bengal Goods and Services Tax Rules, 2017. The Bond would cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself. The exporter shall ensure that the outstanding tax liability on exports

Gujarat Goods and Services Tax (Third Amendment) Rules, 2017

July 21, 2017
The Government of Gujarat has made the Gujarat Goods and Services Tax (Third Amendment) Rules, 2017 to further amend the Gujarat Goods and Services Tax Rules, 2017. These Amendment Rules shall come into force form July 1, 2017. In the Gujarat Goods and Services Tax Rules, 2017, Rule 44, 96 and 119have been amended and Rule 96A related to refund of integrated tax paid on export of goods or services under bond or Letter of Undertaking has been inserted. The following Chapters have also been inserted after Rule 138: Inspection, Search and Seizure Demands and Recovery Offences and Penalties [No. (GHN-60)/GSTR-2017(5)-TH] URL: https://www.commercialtax.gujarat.gov.in/vatwebsite/download/cir_noti/NOTI/Rules%2096A%20and%20139%20to%20162.pdf

Central Government exempts existing models of buses from the applicability of rule 125C of the Central Motor Vehicles Rules, 1989

July 21, 2017
The Central Government vide notification dated July 19, 2017 has exempted the existing models of buses with seating capacity of 13 or more passengers excluding driver from the applicability of sub-rule (1) of rule 125C of the Central Motor Vehicles Rules, 1989 up to the 30th September, 2017 or until further orders whichever is earlier. Rule 125-C. reads as follows-(1) the testing and approval for body building of buses shall be accordance with AIS:052:2001 as amendedfrom time to time for vehicles mentioned therein, till the corresponding BIS specifications are notified under the Bureau of Indian Standards Act, 1986 [S.O. 2258(E)] URL: http://www.egazette.nic.in/WriteReadData/2017/177490.pdf

Central Government issues draft Static and Mobile Pressure Vessels (Unfired) (Amendment) Rules, 2017

July 21, 2017
The Central Government vide notification dated July 17, 2017 has issued draft Static and Mobile Pressure Vessels (Unfired) (Amendment) Rules, 2017. Vide this amendment- The dispenser and connected fittings used for dispensing auto LPG or auto LNG in motor vehicles provided in the auto LPG or auto LNG dispensing station shall be designed, constructed, tested and maintained in accordance with the requirements laid down in Schedule II or Schedule IV of these rules, as the case may be, and be of a type approved in writing by the Chief Controller.”   Licence fees mentioned in schedule-I has been substituted as under-   Sr.No Purpose Fees (in figures) 1 Approval or renewal of shop approval to manufacture pressure vessel, vapouriser and fittings under Rule 4 (3) (i) and (ii) 5000/- per year 2 Approval of design drawing of pressure vessel, vapouriser & fittings under Rule 4(3) (iii) 2500/- 3 Import of pressure vessel under Rule 4(5). 5000/- 4 Repairing of pressure vessel under Rule 6 2500/- 5 Recognition/Revalidation of competent person/inspector under Rule 12 5000/- per year 6 Approval of vehicle mounting drawing for transport of compressed gas under Rule 35(2) 2000/- 7 Prior approval of specification and plans of vessels and premises under Rule 46. 2000/- 8 Issue of authenticated copy of licence under Rule 49(3) 1000/- 9 Prior approval of alternation in the licensed premises under Rule 53(2). 2000/- 10 Amendment of licence under Rules 54(1). 1000/- 11 Transfer of licence under Rule 54(2) 1000/- 12 Issue of new licence in case of death or disability of licensee under Rule 60(2). 1000/- 13 Issue of duplicate copy of licence under Rule 61. 1000/- 14 Grant / renewal of recognition for installer/operator as mentioned in Schedule –II & IV 5000/- per year   Procedure for granting recognition to Auto LPG operator is as under- Any organisation intending to be recognised as Auto LPG operator shall submit their application giving details of company’s credentials with regard to their experience in the field of management and operation of Auto LPG dispensing station to the Chief Controller of Explosives Every such application shall be accompanied by a scrutiny fee as specified in Part B of the Schedule I. The Chief Controller shall within a period of ninety days from the date of receipt of the application either– (a) prima facie after having satisfied himself with regard to competence and professional ethics, for recognition of the applicant as an Auto LPG dispensing station operator, shall call the applicant along with his technical team for an interview by a team of officers nominated by Chief Controller for assessing the technical and practical knowledge and capability of the applicant; or (b) If the applicant does not prima facie meet the requirement for recognition shall reject the application with reasons; or If the applicant in the interview conducted under this rule is found to have adequate knowledge and capability for the recognition applied for, the Chief Controller shall grant the recognition under the rules; orin case any

Central Government issues draft Gas Cylinders (Amendment) Rules, 2017

July 21, 2017
The Central Government vide notification dated July 17, 2017 has issued draft Gas Cylinders (Amendment) Rules, 2017. Vide this amendment new definition is inserted to rule 2 as under- ‘(iia) “Auto LNG” means a liquefied natural gas meant for automotive fuel’;   for the clause (xxiii) relating to the definition of term “gas cylinder” or “cylinder” and as occurring after the clause (xxvii), the following clause shall be substituted, namely:- ‘(xxviii) “gas cylinder” or “cylinder” means any closed metal container having a volume exceeding 500 ml but not exceeding 1000 liters intended for the storage and transport of compressed gas, including any liquefied petroleum gas (LPG) container or liquefied natural gas (LNG) container or compressed natural gas (CNG) cylinder fitted to a motor vehicle as its fuel tank but not including any other such container fitted to a special transport or undercarriage and includes a composite cylinder and cryogenic container, however, the water capacity of cylinder used for storage of CNG, nitrogen, compressed air, etc. may exceed 1000 liters up to 3000 liters provided the diameter of such cylinder does not exceed 60cm’; New clause (xxxixa) shall be inserted, namely :- ‘(xxxixa) “liquefied natural gas” means a fluid in the cryogenic liquid state composed predominantly of methane;’   Objections or suggestions, if any, to these draft rules may be sent to the Joint Secretary (Explosives), Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Room No. 259, Udyog Bhawan, New Delhi-110 107, email:singh.shailen@nic.in, 45 days from the date on which the copies of the Gazette of India containing this notification are made available to the public. [G.S.R. 886(E)] URL: http://www.egazette.nic.in/WriteReadData/2017/177492.pdf  

ESIC issues clarification relating to Maternity Benefits under ESI Scheme.

July 21, 2017
Employees State Insurance Corporation (ESIC) has issued clarification regarding Maternity Benefit was issued. In View of the amendment in Employees State Insurance (Central) Rules 1950, for the first 2 maternity benefits Insured Woman (IW) shall be entitled to receive Maternity Benefit for 26 weeks of which not more than 8 weeks shall precede the expected date of confinement. For having 2 or more than 2 surviving children, IW shall be entitled to receive maternity benefit during the 12 weeks of which not more than 6 weeks shall precede the expected date of confinement. Instances have come to notice that the family particulars of IW vary from those available in the IP Portal which led to undue benefit. In order to obviate this issue, it has been decided to obtain a self- declaration from the IW for number of her surviving children as on date of presenting the maternity benefit claim. The requisite Self-Declaration form is enclosed herewith. It has also been decided that on the basis of Self-Declaration given by the IW, if found varying from family particulars available on IP Portal, the Branch Manager will ensure payment of total 12 week of maternity benefit immediately. Remaining payment, if any, shall be made to IW within 14 days subject to verification of the records of the employer etc. [No.R/14/13/99-Bft.II] URL: http://esic.nic.in/backend/writereaddata/file/f4783d33bdc39cb2932b90f531acafdf.pdf

Cabinet approves alternative mechanism for creation and launch of a New Exchange Traded Fund

July 21, 2017
The Cabinet has authorized the Alternative Mechanism for creation and launch of a New Exchange Traded Fund on the following: To take decision for divestment through Exchange Traded Fund (ETF) out of all the listed CPSEs including CPSEs listed subsequently subject to GoI retaining 51% in these CPSEs; To take decision on the divestment in respect of Public Sector Banks, other listed Public Sector Financial Institutions and Public Sector Insurance Companies (when listed) through ETF or other methods subject to GoI retaining 52%; and To take decision on matters related to divestment through ETF like constitution of ETF portfolio; the price/net asset value at which share of listed companies forming the ETF basket will be placed by the Govt. for divestment at the disposal of the ETF provider (AMC); the incentive structure for investors – upfront discount, loyalty bonus etc.; and any other aspect of pricing and the mode of disinvestment as required to be taken by the Government. [Release ID :168678] URL: http://pib.nic.in/newsite/PrintRelease.aspx  

Cabinet approves Integrated Goods and Services Tax (Amendment) Bill, 2017

July 21, 2017
The Union Cabinet has given its ex-post facto approval for the promulgation of the Integrated Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Integrated Goods and Services Tax (Amendment) Bill, 2017. The Ordinance has extended the provisions of the Integrated Goods and Services Tax Act, 2017 referred to as (IGST Act) to the State of Jammu & Kashmir. The Ordinance has been promulgated on 8th July, 2017 and the Integrated Goods and Services Tax (Amendment) Bill, 2017 will be tabled in the current session of the Parliament. [Release ID: 168674] URL: http://pib.nic.in/newsite/PrintRelease.aspx

Cabinet approves Central Goods and Services Tax (Amendment) Bill, 2017

July 21, 2017
The Union Cabinet has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017. The Ordinance has extended the provisions of the Central Goods and Services Tax Act, 2017 referred to as (CGST Act) to the State of Jammu & Kashmir. The Ordinance has been promulgated on July 18, 2017 and the Central Goods and Services Tax (Amendment) Bill, 2017 will be tabled in the current session of the Parliament [Release ID: 168676] URL: http://pib.nic.in/newsite/PrintRelease.aspx  

CBDT issues clarificationon TDS to be deducted on amount paid or payable excluding GST

July 21, 2017
The Central Board of Direct Taxes (CBDT) vide circular dated July 19, 2017 has issued clarification on TDS to be deducted on amount paid or payable excluding GST. It is hereby clarified that wherever in term of agreement or contract between the payer & payee, the component of ‘GST on services’ comprised in the amount payable to the resident is indicated separately, tax shall be deducted at source under Chapter XV II-B of the Acton the amount paid or payable without including such ‘GST on services’ component. [Circular No. 23/2017] URL: http://www.incometaxindia.gov.in/communications/circular/circular_23_2017.pdf

Maharashtra Motor Vehicles Tax (Amendment) Ordinance, 2017

July 20, 2017
The Governor of Maharashtra is has enacted the Maharashtra Motor Vehicles Tax (Amendment) Ordinance, 2017 on July 14, 2017. The Ordinance has made amendments to Section 3(1C), Section 3(1D), Second Schedule and Third Schedule of the Motor Vehicles Tax Act, 1958. [MAHARASHTRA ORDINANCE No. XIV OF 2017] [Section: Part 8 (English), Extraordinary No. 102] URL: https://egazzete.mahaonline.gov.in/Forms/GazetteSearch.aspx  
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