CA Online

CBEC to build information repository on imports   Can a specific type of meat be exported to India? What procedures need to be followed?  Global suppliers eyeing India's growing economy will soon be able to get such basic queries on exports  answered through a single window, freeing them from the maze of multiple complex notifications  scattered across various websites of ministries or departments that’s fiendishly difficult to access.  The Central Board of Excise and Customs (CBEC) is undertaking a mammoth exercise to build a central  repository to provide a supplier all the information required about norms governing product imports in  simple language. This will be available on one site or via a mobile app. “The idea is to make it  simple for traders to access information,” a government official told ET.  “Any information about any regulation would be available at the click of mouse or a tap on the  mobile.” Though all the information is available, traders need to ploug

Cabinet approves CGST refund scheme  The government has approved a new metro rail policy, a scheme to refund central goods and services tax  ( CGST) to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East ctill  2027, and changes to strategic disinvestment policy to speed up decision-making. The cabinet cleared  the CGST refund scheme with a budgetary allocation of Rs 27,413 crore, which will come as a big relief  to sectors like pharma, automobiles, FMCG.  These units, which hitherto enjoyed exemption from central excise for 10 years, will get a refund of  58 per cent of CGST. “Within the framework of the GST Act, each industry will be entitled to its own  refund mechanism during this particular period (until March 31, 2027),” finance minister Arun Jaitley  told reporters after the meeting of the cabinet that was presided over by Prime Minister Narendra Modi  on Wednesday. Under the new GST regime rolled out on July 1, there is no provision f

Sebi proposes Aadhaar-based identification for investors The Securities and Exchange Board of India (Sebi) is planning identification of stock market investors  through their Aadhaar numbers. In its annual report for 2016-17 released on Monday, Chairman Ajay  Tyagi said “Sebi will continue to strengthen market supervision through various steps such as  Aadhaar-based identification of investors, effective market surveillance and monitoring of compliances  by regulated entities.” The move is in line with the government agenda of making Aadhaar mandatory for opening bank accounts,  filing tax returns as well as for any financial transaction of ~50,000 and above. The government in  Budget 2017-18 has already mandated linking of the Aadhaar number with the Permanent Account Number  (PAN) to avoid creation of multiple accounts for evasion of taxes. In the annual report, Sebi said it was working on linking Aadhaar with individual demat accounts.  “Sebi will try to enhance market int

Govt bans pure gold jewellery exports from India In a major blow for domestic jewellery manufacturers, exports of gold ornaments, medallions, or any  other articles of more than 22 carats (ameasure of purity) have been banned. In a notification issued on Monday, the Directorate General of Foreign Trade (DGFT) said: “The Foreign  Trade Policy 201520 are amended to allow export of gold jewellery (plain or studded) and articles  containing gold of 8 carats and above up toamaximum limit of 22 carats only from domestic tariff area  and export oriented units (EOU) or any such privileged facilities.” This means exports of jewellery or  medallion, withagold content of more than 22 carats have been banned with immediate effect (24carat is  pure gold). A group of jewellers see it asamajor blow while for others it hasa “negligible” impact because the  demand for pure gold jewellery is minuscule. “We had written to the Ministry of Finance about eight months ago highlighting the round tri

Sebi proposes Aadhaar-based identification for investors The Securities and Exchange Board of India (Sebi) is planning identification of stock market investors  through their Aadhaar numbers. In its annual report for 2016-17 released on Monday, Chairman Ajay  Tyagi said “Sebi will continue to strengthen market supervision through various steps such as  Aadhaar-based identification of investors, effective market surveillance and monitoring of compliances  by regulated entities.” The move is in line with the government agenda of making Aadhaar mandatory for opening bank accounts,  filing tax returns as well as for any financial transaction of ~50,000 and above. The government in  Budget 2017-18 has already mandated linking of the Aadhaar number with the Permanent Account Number  (PAN) to avoid creation of multiple accounts for evasion of taxes. In the annual report, Sebi said it was working on linking Aadhaar with individual demat accounts.  “Sebi will try to enhance market int

Note ban raised tax base: PM Haryana Chief Minister Manohar Lal Khattar honours freedom fighters´ family members atafunction at Tau  Devi Lal Stadium to celebrate 71st Independence Day, in Gurugram on Tuesday PHOTO: PTI Tamil Nadu  Chief Minister EdappadiKPalaniswami inspects the guard of honour during the 71st Independence Day  function at Fort St George in Chennai on Tuesday PHOTO: PTI West Bengal Chief Minister Mamata Banerjee  at the Independence Day function at Red Road in Kolkata on Tuesday. The Business Standard, New Delhi, 16th August 2017

PAN deactivation jolt for tax evaders in stock market Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month,  income-tax (I-T) sources say a majority were duplicates and were being used to open share-trading and  demat accounts, transact on the stock markets, and operate in shell firms. The I-T department has discovered one individual could have five to seven PAN cards, each with a  slightly different spelling of the holder’s name. According to I-T officials, such people, who have been identified as small- and medium-sized stock  brokers, sub-brokers and their clients, have evaded taxes. They could have evaded so by using one card for filing tax returns, and others for investing in  financial instruments or making high-value transactions, said a senior tax official. High-value transactions of more than Rs 50,000 and above require PAN details. During demonetisation,  PAN was required to be quoted in the case of cash deposits of more th