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Centre proposes to extend Aadhaar linking deadline to those willing to enrol

Centre proposes to extend Aadhaar linking deadline to those willing to enrol The government proposed extending the deadline for mandatory linking of Aadhaar with bank accounts and mobile phones from December 31, 2017 to March 31, 2018, but only exclusively for those who are “willing to enrol for Aadhaar”. A one-page note, with writing on both sides of it, passed on to a Bench led by Chief Justice of India Dipak Misra on October 25 contained the proposal. Offering the three-month leeway for the "Aadhaar-willing" citizens, the note however insisted that those already with Aadhaar will be “required” to sync their Aadhaar numbers with SIM cards, bank accounts, PAN and “other schemes where Section 7 (Aadhaar Act) notifications have been issued”. The government’s suggestion created such a furore in court that Justice Misra asked the government to re-think its proposal to make it voluntary for Aadhaar-holders also. The court asked Attorney-General K.K. Venugopal, for the Centre, whethe…

IGST relief likely for foreign banks MNCs

IGST relief likely for foreign banks  MNCs  The government may be looking to give some respite to foreign banks and multinationals which are saddled with the additional cost of paying 18% integrated goods and services tax (IGST) on the services provided to their international offices, said two people close to the development.  An advisory to this effect may be issued by the tax department in the coming weeks, one of the persons cited earlier said, requesting not to be named.  “The tax officials realise that this (tax on multinationals) is an unintended consequence, and this could get resolved in the coming weeks,” the other person said. Under the GST framework, a multinational — especially a foreign bank or infrastructure company — that has a branch or operation in India, has to pay IGST. Many foreign banks have already started paying 18% IGST to avoid any litigation. This tax liability has emerged under the GST framework as it considers services provided by one branch to another as inter…

Sebi restructures expert panel on fair market conduct

Sebi restructures expert panel on fair market conduct Regulator Sebi has reorganised its committee on 'fair market conduct' that advises it on measures to improve surveillance of markets and strengthen rules for algo trades. The fair market conduct committee is chaired by former law secretary T K Viswanathan. Besides Viswanathan, the panel consists of 14 members, including top executives of leading bourses NSE and BSE as well as government representatives. Members of the committee include BSE's Ashishkumar Chauhan; NSE's Vikram Limaye; Anup Bagchi, Executive Director of ICICI Bank; Kaku Nakhate, country head at Bank of America Merrill Lynch; KPMG Chairman and CEO Arun Kumar and HDFC Mutual Fund Managing Director Milind Barve. The Securities and Exchange Board of India (Sebi) had constituted this committee in August this year. The committee is mandated to suggest measures for improvement in PIT (Prohibition of Insider Trading) norms, PFTUP (Prohibition of Fraudulent and Unfai…

Govt waives fine for delayed filing of Aug Sep GST returns

Govt waives fine for delayed filing of Aug Sep GST returns The government on Tuesday waived penalty on delayed filing of the initial goods and services tax (GST) returns for the months of August and September.“To facilitate taxpayers, late fee on filing of GSTR3B for August and September has been has been waived,” Finance Minister Arun Jaitley tweeted. He said that the late fee, which has been already charged to businesses, will be credited back to taxpayers  accounts.The government had earlier waived late fee for delayed filing of the maiden returns for July under the GST regime.Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.As per the data, 5.58 million GSTR3B returns were filed for July, 5.13 million for August and over 4.2 million for September. The Business Standard, New Delhi, 25th October 2017

GST collections rise to Rs 92,150 cr in September

GST collections rise to Rs 92,150 cr in September Collections under the goods and services tax (GST) rose by Rs 1,481 crore to Rs 92,150 crore in September against Rs 90,669 crore in the previous month.However, these were marginally lower by Rs 133 crore than Rs 92,283 crore in July.Little over 50 per cent of the assessees filed summary returns for September.

Of eight million assessees, 4.29 million filed GSTR3B. As many as 3.94 million had filed GSTR 3B by Friday, the deadline for September filing.To enable late filing, the authorities have waived late fee for August and September.For the first three months, the Centre and states collected around Rs 2.75 lakh crore, slightly more than the targeted tax collections of Rs 2.73 lakh crore.

 The target has been taken from the Union budget estimates for 2017-18, assuming 14 per cent growth in state revenue collections. The 14 per cent growth was taken, according to a formula of compensating loss-making states.This would give Rs 48,000 crore f…

Bank capital infusion to highways Modi govt unveils Rs 9 trillion plan to boost economy

Bank capital infusion to highways  Modi govt unveils Rs 9 trillion plan to boost economy The plan, unveiled by finance minister Arun Jaitley, includes spending Rs 2.11 trillion towards pumping capital into banks and another Rs 7 trillion on a roads and highways project. Prime Minister Narendra Modi’s government announced it would invest over Rs 9 trillion to recapitalise state-owned banks and build new roads and highways on Tuesday, its biggest move yet to shore up an economy growing at its slowest in three years.Plans include spending Rs 2.11 trillion towards infusing capital into banks over the next two years and another Rs 7 trillion over the next five years on the roads project, some of which will run through economic corridors as well as remote border and coastal areas. The Rs 2.11 trillion is far higher than the Rs20,000 crore the government had previously planned to invest, in 2017-18 and 2018-19, in recapitalising banks.Separately, the government also announced an increase in the…

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, …