The government had made quoting of Aadhar number mandatory for opening bank account and for financial transactions of Rs.50,000 or above.
Existing bank account holders have been asked to furnish their Aadhaar number by December 31, 2017, failing which, the account will cease to be operational, according to a revenue department notification.
Provisional Id will be the GST Identification number (GSTIN)
The existing tax payers under VAT, Central Excise, Service Tax and other taxes which will be subsumed under GST ,who are not migrated by 15th June, 2017, will get one more chance to migrate and registration will reopen from 25th June, 2015. The migration window opened on 01st June, 2017, will be closed by today midnight.
Director General of Foreign Trade (DGFT) vide Trade Notice 09 dated 12th June, 2017 notified that importer/exporter would need to declare only GSTIN (wherever registered with GSTN) at the time of import or export of goods.
For persons who are not required to register under GST, the PAN number shall work as a IEC code. Further, for all new applicants who are not required to register under GST, the application shall be made to DGFT and applicant’s PAN will be authorised as IEC.
For existing IEC Holders, the DGFT is taking the responsibility to make necessary changes in the system so that the PAN of existing IEC holder will become their new IEC code.
To view the copy of trade notice issued by DGFT, click the link below:
Latest update( as on 25-11-2017)
For imports and exports customs is asking for IEC even after implementation of GST. Recently, on application filed for IEC, DGFT is allotting PAN of the applicant as the IEC.
Please click the link below for the IGST exemption list as decided by the GST council on 11th June, 2017.
GST Council in its meeting on 11th June, 2017, reduced the rates of 66 items. Insulin, pickles, computer printers, agarbatti, school bags, coloring books, and cashew nuts are among the 66.
Tax rate of items reduced from 12% to 5% – Insulin, cashew nut , agarbattis
Tax rate of items reduced from 28% to 18% – school bags, printers, ,tractor parts, movie tickets up to Rs.100/-
Nil rate – Coloring books
CBDT notifies Cost Inflation Index with base year as 2001-2002 vide notification 44/2017 dated 05th June, 2017.
Cost Inflation Index for Capital Gain
| Sl no. | Financial Year | Cost Inflation Index |
|
1 |
2001-02 | 100 |
|
2 |
2002-03 | 105 |
| 3 | 2003-04 |
109 |
|
4 |
2004-05 | 113 |
| 5 | 2005-06 |
117 |
|
6 |
2006-07 | 122 |
|
7 |
2007-08 | 129 |
| 8 | 2008-09 |
137 |
|
9 |
2009-10 | 148 |
| 10 | 2010-11 |
167 |
|
11 |
2011-12 | 184 |
| 12 | 2012-13 |
200 |
|
13 |
2013-14 | 220 |
| 14 | 2014-15 |
240 |
|
15 |
2015-16 | 254 |
| 16 | 2016-17 |
264 |
| 17 | 2017-18 |
272 |
To view the notification, click the link below:
The Gst council, in their meeting held on 03rd June 2017, decided rates of commodities like gold, textiles, footwear, branded packaged food products etc. The rates decided in the meeting are as follows:
1. Packaged food items sold under registered trademarks will be taxed at 5 per cent.
2. Footwear below Rs 500 to be taxed at 5 per cent, over Rs 500 at 18 per cent.
3. Zero tax for Silk, jute
4. Apparel below Rs 1,000 to be taxed at 5 per cent, over Rs 1,000 to be taxed at 12 per cent
5. Gold to be taxed at 3 per cent and biscuits at 18 per cent. Rough diamond will be taxed at 0.25%.
6. Cotton and natural fiber will be taxed at 5 per cent and man-made at 18 per cent.
7. Solar panels will be taxed at 5 per cent under GST.
8. Bidis will be taxed at 28 per cent under GST and will not attract any cess, Tendu leaves at 18 per cent.
GST council in it’s meeting today (03-06-2017) cleared all the pending rules including transitional provisions and returns and all states agreeing for a July 01, 2017 rollout of the GST regime.
The meeting is also scheduled to finalise tax rates of six items including gold, textiles and footwear.
CBDT had extended the last date for furnishing Statement of Financial Transactions as per rule 114E (5) of Income Tax Rules read with Section 285BA(1) of Income Tax Act for Assessment year 2017-18 from 31st May, 2017 to 30th June, 2017.
To view the notification, please click the link below:
Karthik & Sunil 