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Exporters can claim refund for GST paid in Aug, Sept

Exporters can claim refund for GST paid in Aug, Sept Exporters can soon start claiming refunds for goods and services tax (GST) paid in August and September as GST  Network(GSTN) will launchan online app for processing of refund this week, said its Chief Executive Officer Prakash Kumar. The GSTN, the company handling tech infra for the indirect tax regime, has from October 10 started issuing refunds to exporters for integrated GST(IGST) they paid forJuly, after matching GSTR 3 Band GSTR 1. For August and September, while the initial return GSTR 3Bhas already been filed, the final return GSTR1 has not yet been filed.“A separate online app for claiming IGST refunds for August and September  would be made available on the GSTN portal this week,” saidKumar. The GSTN has developed the app where in exporters can save and upload their sales data, which a repart of GSTR1after filling up export details n Table6A.The table will be the next racted separately and after exporters digitally sign it, …

Indian firms lead world on disclosing CSR spend Study

Indian firms lead world on disclosing CSR spend Study India has witnessed a marginal dip in corporate social responsibility related reporting by the top 100 companies, but continues to be among the best in the world in this aspect, a 49 country study has found.It also tops the list of countries with the highest rate of corporate social responsibility related information in annual reports, the study said, adding 98 percent of the top 100 companies have the details. As agains ta 100 percent compliance observed in 2015, the reporting  rate dipped marginally to 99 percent for 2017, the study by global consultancy major KPMG has said.

The Business Standard, New Delhi, 24th October 2017

Many Issues on GSTN Sorted Effort on to Make It Hassle Free

Many Issues on GSTN Sorted Effort on to Make It Hassle Free Several issues around the GSTN portal have been addressed and efforts are on to make the filing smooth, the network's chairman Ajay Bhushan Pandey said.In an interview to PTI, Pandey said a group of ministers (GoM) headed by Bihar Deputy Chief Minister Sushil Kumar Modi reviews the functioning of the GST Network (GSTN) every fortnight to ensure that it is working smoothly. The GoM will meet next on October 28 to review the actions taken to make the filing of GST process smooth. This will be the third meeting of the GoM since it was constituted in September.“Many of the issues which had arisen prior to the constitution of the GoM, have been addressed. The attention to these issues from government side is from a very high level. The CEO of Infosys personally attends the GoM meeting. The objective is to make the return filing process very smooth,“ Pandey said. He said the GoM in the next meeting will decide on the future cours…

GST Invoicing Norms for Retailers Eased

GST Invoicing Norms for Retailers Eased Retailers need not issue separate invoices for exempted items, can club all purchases in one bill Retailers won't have to issue long invoices detailing prices and taxes for each item under the goods and services tax (GST) regime, further easing the billing and compliance burden on them. They will also not have to issue separate invoices for exempted items taxed at the 0% rate and can club all purchases in one bill. The GST Council has approved these changes based on the recommendations of the law committee set up to review demands by stakeholders. The two changes will make invoicing and filing easier for retailers. They can issue invoices clubbing all goods taxed at one rate and mention just the total tax, facilitating smaller and less cumbersome invoices. Under the earlier arrangement, all items had to be mentioned separately along with their prices and taxes. Retailers had argued that the end-customer is concerned with the net sale price and d…

Govt Plans to Set Rules for Food Exports Packaging

Govt Plans to Set Rules for Food Exports Packaging Regulations to be in sync with those in developed markets such as US and EU The government is working towards new packaging norms for export of food items to address concerns over food safety and health standards even as some Indian food products face rejection in developed markets.The ministry of commerce and industry has constituted a standing committee to formulate packaging standards for export of 500 products including fresh fruits and vegetables, spices, tea, and coffee. The regulations will be in sync with those of developed markets such as the US, Vietnam, the European Union, and Japan, said an official from the ministry.“A large amount of contamination can happen during transit if the packaging is not done properly,“ said the official. “The government is keen to promote exports of fresh and processed food products and is hoping that these regulations will help in increased business for exporters,“ the person sa id on condition o…

EPFO to consider crediting ETF units to PF accounts

EPFO to consider crediting ETF units to PF accounts Retirement fund body EPFO is likely to consider next month a proposal to credit subscribers' share of its ETF investments to their provident fund accounts which can be redeemed at the time of withdrawal."Employees Provident Fund Organisation's (EPFO) apex decision making body the Central Board of Trustee (CBT) headed by Labour Minister Santosh Gangwar will meet in November. They are likely to consider the proposal to credit ETF investments to members' accounts," a Labour Ministry official told . The official said that the issue was listed on the agenda of the CBT meeting held earlier this year and was referred to the Comptroller and Auditor General (CAG) .The official said that the CAG had agreed to the proposal in principal but sought few clarifications.As per estimates, EPFO's investment in ETFs is expected to touch Rs 45,000 crore by the end of the current fiscal. EPFO had started investing in Exchange Trade…

SEBI likely to tighten listing norms

SEBI likely to tighten listing norms To crack down on shell companies, regulator may raise the bar on financial record, trading volumes Capital market regulator SEBI is likely to propose the tightening of listing criteria on the stock exchanges, at its upcoming board meeting on September 18.The proposal may apply to the main board of stock exchanges as well as the small and medium enterprises (SME) segment, sources close to the development told BusinessLine. The move follows the recent action by the SEBI to suspend trading in 331 entities on the ground that they were shell companies. Listing criteria is the minimum threshold that companies should follow in terms of financial record and trading volumes to be listed on the bourses. SEBI intends to now raise the threshold to prevent shell companies from getting listed.“The thinking within SEBI is to ensure a tighter regime against shell companies that gain entry to stock markets and become a vehicle for money laundering and tax evasion,” th…