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Operation Clean Money will be top priority for tax officials in this quarter, according to the Central Board of Direct Taxes, which has circulated a detailed action plan and directed field officers to complete verification of cash deposited in banks since demonetisation by May 31. The apex direct taxes body has asked officials to prepare a master list of reporting entities in the context of Statement of Financial Transaction (SFT), which was required to be filed by January 31 for cash deposited during the demonetisation drive. This is being done to ensure appropriate action is taken including levy of penalty against reporting entities that have not registered with the department and those that have not filed SFT.The CBDT has given a deadline of June 30 for all cases pending for verification of demonetised data sans permanent account number. Rajiv Chugh, tax partner at EY India said, “Clean and Swachh continues to be the government's mantra post demonetisation and the current qu...

As the roll-out deadline nears for a national goods and services tax (GST), there is ambiguity on its applicability to gold jewellery. A section of jewellers considers making charges asaservice charge and shows this separately while billing.If a service, the applicable rate would be 18  per cent, by the draft GST guidelines. Another section of jewellers, however, adds making charges in value of the jewellery; they do not show it separately but add it to the price of gold. In this case,  the applicable rate under GST would be two per cent (assumed, as the government is yet to formally state the rate for jewellery) on the cumulative value of the precious ornaments, if the government continues with the uniform rate on gold and jewellery. “By the international standard, bills must be made showing making charges separately.We have urged the government to levy the same rate on gold and jewellery (including on making charges) under GST,” said Surendra Mehta, secretary, India Bull...

Foreign investments in most sectors likely to be put on automatic approval route; sourcing norms for single-brand retail may be eased.The proposed dismantling of Foreign Investment Promotion Board, which vets proposals involving fund inflows from overseas, is likely to be bundled with related policy reforms. On top of the list is doing away with prior government approval for investments in most sectors, including single-brand retail, which could see dilution of the 30% domestic sourcing clause. “Contours of the proposed changes to the foreign direct investment policy are almost ready...Non-strategic sectors should be on automatic,“ said a senior government official privy to discussions on the matter. With domestic private investment not picking up, the government is largely counting on foreign funds to speed up infrastructu re creation. India needs an estimated $1.5 trillion over 10 years to build infrastructure such as roads, airports and power projects. The latest round o...

The government and the central bank on Wednesday gave time till April 30 for "commensurate deposits" by people who have declared their unaccounted income under the  Pradhan Mantri Garib Kalyan Yojana (PMGKY) that allowed parking money in non-interest bearing deposits for four years.The extension of time till April 30 has also  been given to banks for uploading details to the central bank´s EKuber system.The PMGKY, which opened on December 17, 2016, provided last chance to holders of  undisclosed income to come clean by paying tax and penalty.The scheme closed on March 31. Inapress release, the central bank said, "It has now been decided by the government of India, in case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKY on or before March 31, to allow extension of time till April 30 for banks to upload details to central bank´s EKuber system and for depositors to make commensurate deposits, if not already done." Busin...

Ahead of the implementation date of May 1 for Real Estate (Regulation and Development) Act, 2016 (RERA), the government has notified remaining sections of the Act through a gazette. The sections notified by the ministry of housing and urban poverty alleviation include key measures such as registration of realty project and agents, functions and duties of project promoters, including compensation, insurance and title of the project, rights and duties of allottees. The notified measures include punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order, etc. The notified section of 79-80 that deals with  jurisdiction of the Act has also been notified. “No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act,“ said the notified section 80. “It's a positive step and shows the government's com mitment to protect home buy ers...

Every entity registered under the proposed goods and services tax (GST) might have to maintain separate accounts relating to each activity.This is a part of the  draft GST rules on accounts and records released by the Centre on Wednesday.It also released draft norms on advance ruling and appeals and revision.“Tax payers need  to maintain invoices, supply bills, challans, credit &debit notes, etc for each activity,” said Rakesh Nangia, managing partner Nangia & Co. Business Standard New Delhi, 20th April 2017