Code is a comprehensive and systemic reform, which will give a quantum leap to the functioning of the credit market and would take India from among relatively weak insolvency regimes to becoming one of the world’s best insolvency regimes; Vision of the new law is to encourage entrepreneurship and innovation. History was created on 11th…
As part of ease of doing business and reduction of Transaction Cost of the exporters, the Government decides to do away with the Landing Certificates required under Merchandise Export from India Scheme (MEIS) with effect from 4th May, 2015. Government with the approval of the Minister of State (I/C), Ministry of Commerce and Industry…
The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India has taken several measures to manage litigation and reduce disputes. The prominent initiatives are given below: Litigation Management:• The threshold limit below which appeals are not to be filed by the department in CESTAT (Tribunal) and High Courts…
The Central Government has , by Circular No. 1026/14/2016-CX dated 23rd April, 2016, extended the time limit for taking Central Excise registration of an establishment by a jeweller up to 01.07.2016. However, the liability for payment of Central Excise duty is with effect from 1st March, 2016. The assessee jewellers may make the payment of…
In order to improve the operational and financial efficiency of State power distribution companies (DISCOMs), Ministry of Power, Government of India had framed UDAY (Ujwal DISCOM Assurance Yojana) scheme on November 20, 2015. As part of the scheme, Reserve Bank of India had issued the special bonds (non-SLR special securities) on behalf of eight State…
Central Board of Excise and Customs (CBEC) has issued a circular to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The Circular rescinds all the past circulars and instructions and prescribes a new simplified and consolidated procedure. The Circular No. is 1023/11/2016 CX dated 08/04/2016 Taking…
The Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of Rs. 3,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2026” for a notified amount of Rs. 8,000 crore (nominal) through price based auction, (iii) “7.73 per cent Government…
In the General Budget for 2016-17, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery with simplified procedures. Salient features of the simplified procedures for this levy have been explained vide press release issued by the Government on 4th of March,…
The Defence Pension Disbursing Offices (DPDOs) functioning under Controller General of Defence Accounts (CGDA) in the Ministry of Defence have released revised pensionary benefits to 2,21,224 Defence pensioners drawing service/disability pension. The amount along with first instalment of arrears had been released and credited by the Defence Ministry to the accounts of these pensioners on…
The Ministry for Labour & Employment will launch the Common Registration Facility on e-biz Portal, integration of the Annual Return under Mines Act 1952 and common ECR for EPFO/ESIC with the ShramSuvidha Portal, here tomorrow. The Ministry has decided to integrate the registration process under 5 Labour Acts with the e-biz portal of the Department…