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Showing posts from October 14, 2017

To be published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i)]

Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 38/2017 – Central Tax (Rate) New Delhi, the 13th October, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.8/2017- Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 680(E), dated the 28th June, 2017, namely:- In the said notification, the proviso under Paragraph 1 shall be omitted. 2. The exemption contained i…

3 months into GST exports rise over 25%

3 months into GST exports rise over 25% Exports grew at a six month high rate of 25.7 per cent in September year on year, maintaining the momentum of 13 months of interrupted rise and despite the problems of getting refunds under the goods and services tax (GST) regime.This was the second month of exports expanding in double digits after outbound shipments were up 10.29 per cent in August. The pace of export growth comes after they contracted for more thanayear. The country exported goods worth Rs 28.61 billion in September against  Rs 22.76 billion in the same month last year.In the third month into the GST, export growth picked up mainly owing to rising global crude prices, which pushed up processed petroleum exports by nearly 40 per cent, apart from a broad based improvement in exports of major foreign exchange earners such as engineering goods and gems and jewellery. This may give credence to the observations of the Economic Advisory Council to the Prime Minister (EACPM) that green s…

Aadhaar helped Indian govt check fraud save Rs 9 bn Nilekani

Aadhaar helped Indian govt check fraud save Rs 9 bn Nilekani The Indian government's Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about Rs 9 billion by eliminating fraud in beneficiary lists, its architect Nandan Nilekani has said here.The system, launched by the previous UPA government, has been "enthusiastically" supported by the current government led by Prime Minister Narendra Modi, and Finance Minister Arun Jaitley, said the 62-year-old non-executive chairman of Infosys- India's second largest software services firm. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday.He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure.Aadhaar now has more than a billion people registered on its system, he said. "It has also saved the government about Rs 9 billion in fra…