Tax Administration Current Affairs - 2020

GoI discontinues 7.75% savings bonds

The Reserve Bank of India recently announced that the Government of India has discontinued 7.75% savings bonds. Highlights The 7.75% savings bonds that are also called government bonds or RBI bons were issued in 2018. They were available for the resident citizens of India alone. The value of one bond was Rs 1000 and there Read More…

Tax Heads of BRICS met through Video Conference

On May 29, 2020, the Heads of Tax authorities of BRICS met through video conference. The Conference was hosted by Russia. Highlights The meeting was attended by the Heads of Tax Authorities of Russia, Brazil, India, China and South Africa. The meeting was hosted by the current Presidency, Russia. India was represented by the Finance Read More…

Cabinet approves changes in Vivad Se Vishwas bill, 2020

The Vivad se Vishwas Scheme was announced by Finance Minister Nirmala Sitaraman during the Budget 2020-21. On February 12, 2020, the Union Cabinet approved to make required changes in the Vivad Se Vishwas Bill, 2020 in order to widen its cover over litigation pending in debt recovery tribunal. Highlights The amendment has been introduced in Read More…

Government approves re-organisation of field formations of CEBC to implement GST

The Union Finance Minister has approved re-organisation of field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST). Under it, CBEC will be renamed as the Central Board of Indirect Taxes and Customs (CBIC) after getting required legislative approval. Key Facts The existing formations of Read More…

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