Taxes

28th meeting of GST council held

28th meeting of GST council held
The 28th meeting of GST council was held in New Delhi on 21st July 2018 under the Chairmanship of Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs. Refrigerators, washing machines, Lithium-ion batteries, Vacuum cleaners were reduced from 28% to 18% tax rate. Sanitary Napkins, Coir pith compost, Rakhi were exempted from tax slab from previous 12% tax slab.

Chhattisgarh’s first FM Ramchandra Dies

Chhattisgarh’s first FM Ramchandra Dies
The former and first finance minister of Chhattisgarh, Ramchandra Singh Deo died on 20th July, 2018. He served as the Minister of Water Resources before Chhattisgarh was carved out of Madhya Pradesh in 2000. The first Chief Minister of Chhattisgarh, Ajit Jogi, chose him as the minister with key portfolios, including finance, commercial tax and planning.

PAN-Aadhaar linking deadline extended

The CBDT (Central Board of Direct Taxes) extended the deadline for the PAN-Aadhaar linking to March 31, 2019. The policy-making body of the tax department issued an order, under Section 119 of the Income Tax Act extending the deadline. The CBDT order has come against the backdrop of the Supreme Court’s extension of the March 31, 2018 deadline for linking Aadhaar card.

S. Ramesh appointed as Chairman of CBIC

S Ramesh has been appointed as Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. Ramesh, an officer of the Indian Revenue Service had mandated with the responsibility of implementing the Goods and Services Tax (GST). The CBIC, which works under the Finance Ministry, is headed by a Chairman and can has 6 members.

States got ` 10,000 cr tax online post e-gov

States have collected taxes worth 10,000 crore online since the rollout of Transport Mission Mode Project (MMP) under the Centre’s e-Governance initiative, the Road Transport and Highways Ministry said. Over 19 crore vehicles and 10 crore driving license records have come under the National Register, it said. The ministry added that over 50 lakh national permits have been issued online.

Sushil Chandra gets another one-year extension

Central Board of Direct Taxes (CBDT) chairman Sushil Chandra has got a one-year extension up to May 31, 2019. He took over as chairman of the Central Board of Direct Taxes (CBDT) in 2016. This is the second extension that he has got. CBDT has six members, apart from the chairman, and is responsible for framing policy related to direct taxes and the Income Tax Department.

CBDT notifies DTAA between India and Kuwait

The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. It had entered into force on March 26, updating the provisions in the DTAA. The protocol, which was signed on January 15, 2017, was notified on May 4 this year. India and Kuwait had signed a double taxation avoidance pact on June 15, 2006.

CBIC to handle applications for Inland Depots

Applications for setting up of Inland Container Depots, Container Freight Stations, and Air Freight Stations will now be handled by the Central Board of Indirect Taxes and Customs. The move will promote ease of doing business at trade front. Earlier, the commerce ministry used to handle these applications. The development would help India improve its ranking in trading across borders.

Govt. collects Rs 7.41 trillion from GST

Govt. has collected Rs 7.41 trillion in taxes in the first year of the Goods and Services Tax (GST) between August 2017 and March 2018The revenues for four months have not been accounted for because of the mid-year rollout and an accounting lag. Under GST, the tax levied on consumption of goods or rendering of service is split 50:50 between the Centre and the states.

Govt. signed 16 APAs in March 2018

The Central Board of Direct Taxes entered into 14 Unilateral Advance Pricing Agreements and 2 Bilateral Advance Pricing Agreements (APA) during the month of March 2018.The APAs pertain to sectors like Telecommunication, IT, Automobile, Manufacturing and Banking, Finance & Insurance. The APA scheme launched by Government provides certainty to taxpayers in the domain of transfer pricing.