Thursday, 12 January 2017

Updates:

Updates:
  1. CBDT has extended its one-time tax dispute resolution scheme by a month, giving companies including Vodafone and Cairn Energy time till January 31 to accept its offer to settle retrospective tax demands.
  2. Manufacturer can avail Composition Scheme up to 50 lacs @ minimum 5%(2.5% CGST & 2.5% SGST) & Trader  at  2%(1%CGST 1%SGST). NA to Service provider. 
  3. Madras High Court has held that the assessee is entitled to Service Tax Credit on catering services. M/s IP Rings Ltd v. CESTAT Chennai. 
  4. SEBI (Securities and Exchange Board of India) has established its own Investor Protection & Education Fund (IEPF).
  5. RBI issued Notifications / Circulars for 
    1.  Restriction on currency exchange for foreigners to continue till 31.01.2017.
    2. Supply of 40% bank notes / cash to bank branches in rural area