Notifications & Circulars
Ministry of Finance
24.10.2019
Goods and Services Tax
Amendment in notification No. 21/2019-Central Tax, dated the 23rd April, 2019
MANU/CGST/0052/2019
In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2019-Central Tax, dated the 23rd April, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 322(E), dated the 23rd April, 2019, namely:-
In the said notification, in paragraph 2, after the first proviso, the following proviso shall be inserted, namely: -
"Provided further that the due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter July, 2019 to September, 2019, or part thereof, shall be the 22nd day of October, 2019.".
2. This notification shall be deemed to have come into force with effect from the 18th day of October, 2019.
Tags : Amendment Notification Self-assessed tax Details
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Press Information Bureau
23.10.2019
Commercial
CCEA approves Review of Guidelines for Granting Authorization to market Transportation Fuels
MANU/PIBU/1505/2019
The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has approved the Review of Guidelines for Granting Authorization to market Transportation Fuels. This marks a major reform of the guidelines for marketing of petrol and diesel.
The existing policy for granting authorization to market transportation fuels had not undergone any changes for the last 17 years since 2002. It has now been revised to bring it in line with the changing market dynamics and with a view to encourage investment from private players, including foreign players, in this sector. The new Policy will give a fillip to 'Ease of Doing Business', with transparent policy guidelines. It will boost direct and indirect employment in the sector. Setting up of more retail outlets (ROs) will result in better competition and better services for consumers
Salient features & Major Impact:
Much lower entry barrier for private players - the entities seeking authorisation would need to have a minimum net worth of Rs.250 crore vis-a-vis the current requirement of Rs. 2000 crore prior investment. Non - Oil Companies can also invest in the retail sector. Requirement of prior investment in Oil and Gas Sector, mainly in exploration and production, refining, pipelines/terminals etc., has been done away with. The entities seeking market authorisation for petrol and diesel are allowed to apply for retail and bulk authorisation separately or both. The companies have been given flexibility in setting up a Joint Venture or Subsidiary for market authorisation.
In addition to conventional fuels, the authorized entities are required to install facilities for marketing at least one new generation alternate fuel, like CNG, LNG, biofuels, electric charging, etc. at their proposed retail outlets within 3 years of operationalization of the said outlet
More private players, including Foreign players, are expected to invest in retail fuel marketing leading to better competition and better services for consumers. The new entities will bring in latest technology for marketing of fuels and also encourage digital payments at the ROs.
Entities will also encourage employment of women and ex-servicemen at the retail outlets. CCTV facilities will be set up at all retail outlets. The authorised entities are required to set up minimum 5% of the total retail outlets in the notified remote areas within 5 years of grant of authorisation. A robust monitoring mechanism has been set up to monitor this obligation. An individual may be allowed to obtain dealership of more than one marketing company in case of open dealerships of PSU OMCs but at different sites.
Tags : Guidelines Transportation Fuels
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Press Information Bureau
23.10.2019
Commercial
Cabinet approves MoU between India and Kuwait in the field of accounting, finance and audit knowledge base
MANU/PIBU/1507/2019
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) for capacity building and strengthening the accounting, financial and audit knowledge base in Kuwait.
Benefits:
The MoU entails that two entities of India and Kuwait which are:
Institute of Chartered Accountants of India (ICAI) and Kuwait Accountants and Auditors Association (KAAA) will work together to hold and conduct technical events, seminars and conferences in Kuwait for the benefit of both organizations' members and development of their professional expertise. Costs will be shared as agreed in writing by both parties for each event.
ICAI and KAAA shall work together for establishing possible cooperation in respect of Corporate Governance, technical research and advice, quality assurance, forensic accounting, issues concerning Small and Medium-sized Practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest. Both ICAI and KAAA will implement and support provisions of the MoU for cooperation, advancement of accounting knowledge, collaboration to hold professional development and technical events, seminars and conferences. KAAA will provide venue for such events and will encourage its students and faculty members to attend these events.
Under the proposed provisions of the MoU, ICAI and KAAA will aspire to discuss potential future developments in the area of mutual collaboration. In the first instance these discussions will be based on gaining an insight into the structure and cooperation, external regulatory and self-regulatory framework and measures governing both the profession and the members of both the organizations. This will be in the interests of improving governance and effectiveness of their respective organizations.
KAAA and ICAI will collaborate to offer short-term professional courses in the domain of accounting, finance and audit in Kuwait for Kuwaiti nationals and members of the ICAI.
ICAI and KAAA will take appropriate steps and measures to work together for establishing possible cooperation in the identified areas of mutual interest. ICAI will offer technical programs to employees of Kuwait Government/Ministries/KAAA members and Kuwaiti Nationals in collaboration with KAAA.
In Kuwait, the Indian Chartered Accountants fraternity is helping the local business community and stakeholders on Financial Reporting matters and is held in high esteem. The proposed MoU is expected to consolidate the trust and help to build a positive image for the Indian Chartered Accountants in Kuwait.
Tags : MOU Approval India and Kuwait
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Press Information Bureau
23.10.2019
Direct Taxation
Income Tax Department conducts search on a prominent business group in Delhi
MANU/PIBU/1511/2019
Income Tax Department conducted search operation on a group based in Delhi in connection with tax evasion and money laundering. The group is engaged in various e-governance projects and financial services. It has presence across several cities in India and also in Dubai.
The search and seizure action have led to unearthing of several incriminating evidence establishing large scale tax evasion, hawala transaction and money laundering by the said taxpayer group. The group has taken recourse to use of shell companies based in Delhi / Kolkata to route unaccounted money.
Earlier, the Department had conducted search action on entities related to Fertilizer procurement. Investigations had revealed that huge amount of commission was being collected in Dubai through shell companies of a Dubai based operator who is also an accused in a VVIP Chopper scam. A part of such commission was laundered back to India through the aforesaid Delhi based group.
Preliminary enquiries reveal the quantum of accommodation entries and hawala transactions to be more than Rs. 1000 crore.
Tags : Business group Tax evasion Search
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Telecom Regulatory Authority of India
23.10.2019
Media and Communication
Extension of time to receive comments on Consultation Paper on Issues related to Interconnection Regulation, 2017
MANU/TRAI/0116/2019
The Telecom Regulatory Authority of India (TRAI) had issued the consultation paper on 'Issues related to Interconnection Regulation 2017' on 25 September 2019. The last date for receiving written comments from the stakeholders was fixed as 23 October 2019 and counter comments, if any, by 6 November 2019. The stakeholders have sought extension of time for sending their comments on the consultation paper on 'Issues related to Interconnection Regulation 2017'. In view of this, it has been decided to extend the last date for submission of written comments upto 4 November 2019. Counter comments may also be submitted by 13 November 2019. No further requests for extension would be considered.
Tags : Extension Time Interconnection Regulation
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Telecom Regulatory Authority of India
23.10.2019
Media and Communication
Release of Consultation Paper on 'Cloud Services' seeking comments of all stakeholders
MANU/TRAI/0117/2019
1. Telecom Regulatory Authority of India (TRAI) released a Consultation Paper on 'Cloud Services' seeking comments of all stakeholders. Full text of the consultation paper is available on TRAI's website.
2. Earlier, TRAI issued recommendations on 'Cloud Services' on the 16th of August, 2017, covering legal and regulatory framework for Cloud Services, overarching and comprehensive legal framework for data protection, interoperability and portability, legal framework for Cloud Service Providers (CSPs) operating in multiple jurisdictions, cost-benefits analysis etc. Further, DoT vide letter dated 27th September 2018, conveyed that Government of India has considered the recommendations of TRAI and sought additional recommendations from TRAI on terms and condition of registration of Industry body, eligibility, entry fee, period of registration, and governance structure etc.
3. The objective of this Consultation Paper is to analyse and discuss the matters relevant for prescribing a framework for registration of industry bod(y)(ies) for cloud service providers. The paper covers issues like Eligibility criteria for registration of CSPs' industry body, Obligations of CSPs' industry body, Membership policy and other policy issues related to Governance Structure. The consultation is focused and limited to the subject matters on which DoT has sought additional recommendations from TRAI vide above mentioned reference letter dated 27th September, 2018.
Tags : Release Consultation Paper 'Cloud Services'
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Press Information Bureau
23.10.2019
Civil
Cabinet approves proposal for Agreement on Science and Technology Cooperation between India and the United States of America
MANU/PIBU/1506/2019
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for Agreement on Science and Technology Cooperation between India and the United States of America.
Benefits:
Agreement will open a new chapter in bilateral relations as both sides will leverage complementary strengths spurred by a significant convergence of mutual interests in science and technology. The Agreement would provide an opportunity to promote 'high quality' and 'high impact' research and innovation partnerships as well as broadening and expanding relationships between the extensive scientific and technological communities.
Tags : Agreement Approval Science and Technology
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