FM Arun Jaitley introduces GST Bill in Lok Sabha

27-03-2017

New Delhi: Finance Minister Arun Jaitley on Monday tabled the four legislations for implementation of the goods and services tax in the Lok Sabha.The Union Cabinet has already cleared the four supplementary GST legislations -- CGST, IGST, UTGST and Compensation Law -- for introduction and passage in the ongoing session of Parliament. Besides, the Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate the rollout. These will also be taken up in Parliament in due course. The government proposes to launch GST from July 1. Last week Jaitley had emphasised the urgency to pass the GST

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Credit and debit cards including RuPay Cards issued by the public sector banks
February 3, 2017

Reserve Bank of India (RBI) collects information on the number of debit and credit cards outstanding by the Scheduled Commercial Banks (SCBs). The credit and debit cards outstanding for the last three years is placed below: (in millions)   2013-14 (As at the end of March 31, 2014) 2014-15 (As at the end of March 31,

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Utilisation of Foreign Exchange Reserves
February 3, 2017

India’s foreign exchange reserves (FER) increased from US$ 341.6 billion at end March 2015 to US$ 360.2 billion at end March 2016 and US$ 360.8 billion as on 20th January 2017. India’s foreign exchange reserves (FER) comprise foreign currency assets, gold, Special Drawing Rights (SDRs) and Reserve Tranche Position (RTP) with the IMF. The level

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Money Credited in Bank Accounts
February 3, 2017

Reserve Bank of India (RBI) has advised the banks vide in circular Ref. No.DBS.CO.PPD / 4220/11.01.005/2016-17 dated November 29, 2016 to take action to prevent / detect / contain the malpractices or wrongdoing by staff in branches exchange / deposit of Specified Bank Notes (SBN). The banks were also advised vide the same circular to strengthen

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Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore; the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore
February 3, 2017

Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial year 2017-18, the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore. As per Receipt Budget 2017-18, the Budget Estimates for direct taxes have been fixed at Rs. 9,80,000 crore, including Rs. 5,38,745 crore for Corporation Tax and

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Closure of Public Sector Undertakings (PSUs)
February 3, 2017

NITI Aayog constituted a committee on Sick/Loss making/Non performing Central Public Sector Enterprises (CPSEs) on March 9th 2016. The committee noted that financial performance of 74 CPSEs has been unsatisfactory and a number of these have requested for and received periodic support from budgetary resources. Over the years, this has become a

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Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
January 29, 2017

 The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards.  The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of

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