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Event Date Act Applicable Form Obligation 06/07/2017 Service Tax Challan No.GAR-7 E-payment of Service Tax for month ending June for Cos & quarter ending June for others. 07/07/2017 Income Tax Form No.27C (TCS) Submission of Forms received in June  to IT Commissioner 07/07/2017 Income Tax Challan No.ITNS-281 Payment of TDS/TCS deducted/collected in June 10/07/2017 Excise ER-1 Return for Non SSI assessees for June 10/07/2017 Excise ER-2 Return for EOUs for June 10/07/2017 Excise ER-3 Submission of return by SSI units for June quarter 10/07/2017 Excise ER-6 Return by units paying duty >  1 crore (CENVAT + PLA) for June 12/07/2017 D-VAT BE - 2  Advance information for 2nd fortnight of July of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi 15/07/2017 D-VAT  DVAT 20  Payment of DVAT TDS for June 15/07/2017 Income Tax  Form 15G/H  E-filing of form 15G/H received during June Quarter 15/07/2017 Income Tax...

The government has lowered the interest rate on small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi by 0.1 percentage point for the July—September quarter, a move that will prompt banks to lower deposit rates. The rates have been lowered by 0.1 percentage point across the board compared to the April-June quarter. However, interest on savings deposits has been retained at 4% annually. Quarterly calibration Since April last year, interest rates of all small saving schemes have been recalibrated on a quarterly basis.A Finance Ministry notification said investments in the public provident fund (PPF) scheme will fetch a lower annual rate of 7.8%. Kisan Vikas Patra (KVP) investments will yield 7.5% and mature in 115 months.The one for girl child savings, Sukanya Samriddhi Account Scheme, will offer 8.3% annually, from 8.4% at present. The investment on 5-year Senior Citizens Savings Scheme will yield 8.3%. The interest rate on the senior citizens scheme is paid quarter...

The goods and services tax (GST) might adversely affect economic growth in the initial part of 2017-18 before providing a boost from the fourth quarter onwards,  economists said. They added retail price inflation would largely remain unaffected but inflationary expectations would persist as prices would rise for services such as premium  air travel and air-conditioned hotels as well as goods such as aerated drinks, hybrid cars and fertilisers. These items have negligible weights in the consumer  price index (CPI).  Rigid inflationary expectations would not allow inflation to decline significantly, though taxes paid on inputs would be reimbursed, which would have a damping  effect on inflation, some economists said. Also, the wholesale price index-based inflation will not be affected by the GST due to a new way of calculating price rise that does not take into account indirect  taxes. "The GDP will be negatively impacted  for at least two qu...

Liquidity in secondary market for corporate bonds will be increased by minimal number of ISINs Regulator Sebi on Friday put in place a new framework for consolidation in debt securities as part of its efforts to deepen the corporate bond market. Liquidity in the secondary market for corporate bonds will be increased by way of minimal number of ISINs (International Securities Identification Numbers). ISINs code, which has 12 characters, is used for uniquely identifying securities like stocks, bonds warrants and commercial papers. Generally, investors trade in corporate bonds that are freshly issued by a particular issuer. As a result, the outstanding securities of the same issuer  become mostly illiquid. In order to increase liquidity as well as ensure that an issuer's ability to raise funds through debt securities is not curtailed, Sebi has focused on  minimising the number of ISINs. Under the new framework, an issuer will be permitted a maximum of 17 ISINs mat...

The biggest tax reform of independent India, the goods and services tax (GST), was finally rolled out at the midnight hour on Friday, with President Pranab  Mukherjee and Prime Minister Narendra Modi pressing a button to mark the occasion in the historic central hall of Parliament. Calling the GST “a good and simple tax”, Modi said the country was moving towards a modern taxation system, much simpler and more transparent than the  existing one. “From Gandhinagar to Itanagar, from Leh to Lakshadweep, the dream of one nation, one tax will come true,” he added. The GST replaces 17 central and state taxes, including services tax, value-added tax, octroi, duties and other charges, except Customs levy, across the country  except in Jammu and Kashmir. The tax will create a common market in the $2-trillion economy with 1.3 billion people. It is expected to curb “tax terrorism and  inspector raj”.  At the hour-long event, former prime minister H D Deve Gowda, i...

Infosys founder N R Narayana Murthy believes the goods and services tax (GST) will simplify trade, boost the economy, and generate jobs. While the GST Network might encounter a few teething problems, that was part of any large implementation, he said in an interview with Raghu Krishnan. Edited excerpts: Do you think implementation of the GST would boost economic growth? There are different estimates of the impact of the GST. A National Council of Applied Economic Research report says the gross domestic product (GDP) will have an additional 1-2 per cent growth. I’m also told there is a US Fed Reserve report claiming the GST would boost India’s growth by 4 per cent. That would be fabulous. There is absolutely no doubt the GST will boost GDP, as the new tax regime will remove hassles to trade. This will help entrepreneurs and the whole country will benefit. Do you think more people will enter the formal economy? When you have a nationwide tax, which is clear and easy to comp...