Taxation Current Affairs - 2019

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CBDT signs seven unilateral APAs in October 2017

The Central Board of Direct Taxes (CBDT), the policy-making body of income-tax department has signed seven unilateral advance pricing agreements (APAs) in October 2017. With this, total number of APAs entered into by CBDT now stands at 184. This includes 171 unilateral and 12 bilateral APAs. In current financial year, total of 32 APAs (2 Read More…

Month:  Categories: Governance & Politics

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Cabinet approves agreement on cooperation and mutual assistance in customs matters between India and Armenia

The Union Cabinet approved signing and ratifying agreement between India and Armenia on cooperation and mutual assistance in customs matters. The agreement will be signed by two countries after it is approved by respective Governments. Key Facts The agreement will provide legal framework for sharing of information and intelligence between Customs authorities of two countries. Read More…

Month:  Categories: Governance & Politics

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Government imposes anti-dumping duty on certain Chinese steel products

The Union Finance Ministry has imposed anti-dumping duty on imports of certain steel wire rods from China for five years to guard interest of domestic players from cheap in-bound shipments. The duty will be difference between landed value of steel products and US $535 per tonne while for others, it should be gap between landed Read More…

Month:  Categories: Business, Economy & Banking

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GST council constitutes GoM to review GST Composition Scheme

The GST Council has constituted a Group of Ministers (GoM) to make the composition scheme more attractive and revisit the goods and services tax rates on restaurants. It will be headed by Assam Finance Minister Himanta Biswa Sarma and submit its report in two weeks. Committee’s role It will examine steps to make it more Read More…

Month:  Categories: Government Schemes & Projects

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CBDT signs 2 more APAs with taxpayers

The Central Board of Direct Taxes (CBDT) has signed two more advance pricing agreements (APAs) in September 2017 with Indian taxpayers in order to reduce litigation by providing certainty in transfer pricing. The two signed APAs pertain to automobile and healthcare consulting sectors. They include provision of IT enabled services (ITES), provision of software development Read More…

Month:  Categories: Governance & Politics

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GSTN reopens composition scheme window for small traders

The GST Network (GSTN) has reopened composition scheme window facility for small taxpayers with turnover of up to Rs.75 lakh to opt for composition scheme, which offers easy compliance for business as returns are to be filed only quarterly. The window will be open for those taxpayers who have migrated from earlier excise, service tax Read More…

Month:  Categories: Business, Economy & Banking

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Ministry of Corporate Affairs, CBDT ink MoU for Automatic and Regular Exchange of Information

The Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT) have signed Memorandum of Understanding (MoU) for automatic and regular exchange of tax information. The purpose of the MoU is to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by Read More…

Month:  Categories: Governance & Politics

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