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Composition scheme window open for six more months

Composition scheme window open for six more months Bid to bring more small taxpayers into easier compliance plan The Goods and Services Tax (GST) Council has decided to keep open the composition scheme, an easier compliance and tax option, till March 31. The second window of the scheme closed on September 30. It allows small taxpayers to pay a fixed rate of turnover as tax and eases GST formalities.“The opportunity to opt for composition scheme will be available till March 31, 2018,” Revenue Secretary Hasmukh Adhia told Business Standard. The move will give entities more time to evaluate their business models to comply with the scheme requirements, enabling more assessees to avail of it.A notification moving the deadline to March is expected by early this week.The Council, chaired by Finance Minister Arun Jaitley, had on Friday raised the eligibility threshold of annual turnover to Rs 1 crore from Rs 75 lakh for the composition scheme. The scheme offers a flat rate of tax and

New limit for reporting gold transactions soon Govt

New limit for reporting gold transactions soon Govt The government will soon notify a new threshold for reporting to authorities about transactions in gold and other precious metals and stones, with a view to curb parking of black money in bullion, Revenue Secretary Hasmukh Adhia said. On Friday, it had reversed its August order of bringing gems and jewellery dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA). In an interview to PTI, Adhia said the August 23 order had to be rescinded because it created “confusion andalot of negative sentiment” because no threshold for transactions to be reported was set.  The Business Standard, New Delhi, 09th October 2017

Govt open to amending IBC to address difficulties

Govt open to amending IBC to address difficulties The government is open to amending the Insolvency and Bankruptcy Code to resolve practical difficulties and redress grievances, Union Minister PP Chaudhary has said. Assuring that the challenges thrown up by some cases would get resolved, the minister said that the government is monitoring the implementation of the Code. The Code became operational in December past year. “When we see it is not practically possible to implement certain provisions or practically on some count the Code is silent, then we can fill the gap by way of bringing some new amendment. If we think some amendment is required, then we will consider it,” Chaudhary said The Business Standard, New Delhi, 09th October 2017

Govt will clear refunds for exporters in 2 months: Adhia

Govt will clear refunds for exporters in 2 months: Adhia The government will clear pending goods and services tax (GST) refunds of exporters by November end. Over the next six months no tax will be levied on exports, the GST Council has decided, Revenue Secretary Hasmukh Adhia said. Over July-August, an estimated Rs 67,000 crore was accumulated as the Integrated GST (IGST), of which only Rs 5,00010,000 crore will be due as refunds to exporters, he told PTI. While no tax has to be paid on goods to be exported in the remaining months of current financial year, an e-wallet service will be launched from April 1 that will give exporters notional credits that can be used to pay GST, he said. The Business Standard, New Delhi, 09th October 2017

Diwali comes early for SMEs, exporters

Diwali comes early for SMEs, exporters The Goods and Services Tax (GST) Council on Friday took major decisions to prevent working capital of exporters from getting locked up and reduce the compliance burden on small and medium enterprises, while reducing rates on 27 items of daily use, including khakhra,which may help the ruling party, the BJP, in pollbound Gujarat. It deferred implementing the controversial eway Bill and the reverse charge mechanism.The Council also postponed imposing tax deducted or collected at source, which will particularly benefit ecommerce companies.It also decided to set up a committee to frame principles to reduce rates, depending on revenue patterns of the GST so that no ad hoc decision was taken, said Finance Minister Arun Jaitley, who chaired the Council meeting. Exporters will start getting credit for the integrated GST (IGST) paid for July from October 10 and for August from October 18. Other refunds of the IGST paid on supplies to special economi

Board rooms to become more robust, transparent

Board rooms to become more robust, transparent Corporate board rooms will go through a sea change with the Kotak committee on corporate governance making some far reaching recommendations on inducting more independent directors, timely disclosure of related-party transactions and splitting the role of chairman and MD/CEO. The formalisation of information flow between promoters and companies will make sure that allegations made against Infosys and Tata Sons are not repeated, say CEOs and corporate lawyers The recommendations are grounded in market realities and benchmark India against best global governance practices. Though a few promoters said recommendations like appointing more independent directors, including women, would be a difficult task due to lack of talent. “The recommendations will have far-reaching implications on the board rooms with half of the board consisting of independent directors and dividing the role of chairman and MD/CEO. This is the best in global stand

Aadhaar mandatory for post office deposits, PPFs, KVPs

Aadhaar mandatory for post office deposits, PPFs, KVPs The government has made biometric identification Aadhaar mandatory for all post office deposits, PPF (Public Provident Fund), the National Savings Certificate scheme and Kisan Vikas Patra.Existing depositors have been given time till December 31 to provide the 12 digit unique identification number. The Ministry of Finance has issued four separate Gazette notifications in this regard.“Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrolment for Aadhaar,” the notification dated September 29 said.Existing depositors who have not provided Aadhaar number at the time of application for such deposit "shall submit his Aadhaar number to the post office savings bank or deposit office concerned, on or before December 31, 2017", it added. The government has insisted on quoting Aadhaar for bank deposits, obtaining mobile phone and several other utilities to weed out