All India Proficient Corporate Services

18/10/2017

21/09/2017

Notification regarding GST rate for branded cereal, pulses and flour

The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:

a) A brand registered as on 15.05.2017 shall be deemed to be a registered brand for the purposes of levy of 5% GST, irrespective of whether or not such brand is subsequently deregistered.

b) A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST.

c) A brand registered as on 15.05.2017 under any law for the time being in force in any other country shall also be deemed to be a registered brand for the purposes of levy of 5% GST. d) A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name for the purposes of levy of 5% GST.

2. Notifications giving effect to the Council’s recommendations relating to changes in GST rates on goods and conditions appended thereto are proposed to be issued on 22nd September, 2017.

3. Regarding aforesaid recommendations of the Council, these notifications, interalia, provide that 5% GST will apply if on brand name [as defined in the notification] an actionable claim or enforceable right in court of law is available. In this context, these notifications also provide that this 5% GST will, however, not apply if the person concerned voluntarily foregoes any actionable claim or enforceable right on such brand name, subject to the conditions that he:

a) files an affidavit to the effect that he is voluntarily foregoing his actionable claim or enforceable right on such brand name with the jurisdictional Commissioner of Central Tax or State Tax, or the jurisdictional officer of Union Territory Tax, as the case may be, and

b) prints in indelible ink, both in English and local language on each such unit container, that in respect of brand name printed on the unit containers he has voluntarily foregone his actionable claim or enforceable right.

*****

04/06/2017

in its 15th Meeting held Today, Approved the following:

with 40% /60% ITC of CGST on Closing Stocks
, Gems, Gold & Gems Jewellery 3%
Diamond - 0.25%
- 12%, Below ₹1000 - 5% (Both without ITC)
- 18%
below ₹ 500 - 5%, Rest - 18%
& Cotton Yarn - 5%
Yarn / Fiber - 18%
Process of Textiles - 5%
Food - 5%
- 5%
& Jute - 0%
- 28% (No Cess)

Next GSTCouncil Meeting on 11JUN2017 to discuss unfinished Matters

25/11/2016

Govt shows its Might, Depositing Excess Cash Not Right

Change in IT Law to levy tax @ 60%

Cabinet moves in to tax deposit above threshold, post note ban

The Cabinet tonight is believed to have discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.
The move comes amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the 500 and 1,000 rupee notes were banned, which authorities apprehend may be the laundered black money.

There was no official briefing on what transpired in the meeting that was called at short notice as Parliament is in session. Traditionally, there could no disclosures outside on any policy decision taken during the sitting of Parliament.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.

There have been various statements on behalf of the government ever since the demonetisation scheme was announced on November 8, which has led to fears of the taxman coming down heavily on suspicious deposits that could be made to launder black money.
Officials have even talked of a 30 per cent tax plus a 200 per cent penalty on top of a possible prosecution in cases where blackmoney holders took advantage of the 50-day window for depositing the banned currency.

Sources said the government plans to bring an amendment to the Income Tax Act during the current winter session of Parliament to levy a tax that will be higher than 45 per cent tax and penalty charged on blackmoney disclosed in the one- time Income Disclosure Scheme that ended on September 30.
As for those black money holders who did not utilise the window, they would be charged a higher rate which could be close to 60 per cent that the foreign blackmoney holder had paid last year.

Sources said the government is keen to root out benami deposits, particularly in Jan Dhan accounts.
There was also talk of the government imposing a limit on domestic gold holding, but it is not clear if the proposal was discussed at the Cabinet meeting chaired by Prime Minister Narendra Modi tonight.

Modi's November 8 shock ban on high-denomination currency notes had swept away 86 per cent of the currency in circulation in the biggest-ever crackdown on black money, corruption and counterfeit currency. The move had led to Rs 14 lakh crore worth currency being withdrawn from circulation.

The Cabinet meeting, summoned at a very short notice, comes amid reports of high tax penalty terrifying people from putting their cash savings in the formal banking system.
The sources said the government wants all of the 500 and 1,000 banknotes to be deposited and not burnt or destroyed for the fear of penal action.

The Income Tax Department had previously warned that cash deposits above Rs 2.5 lakh threshold post demonetisation decision could attract tax plus a 200 per cent penalty in case of income mismatch.

It was stated that the department was tracking all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.
This had instilled fear in people with reports of the banned currency even being destroyed.

The sources added that the government may come out with a deposit scheme or an instrument like bond where the cash savings in the banned notes could be deposited.

A 50-day window was given to holders of the old currency to deposit in their bank accounts. But the penal tax provisions were deterring many.

Times of India. 25.11.2016

24/11/2016

At 23 places you can use old 500 Currency till Midnight of 15th December!

13/11/2016

http://indianexpress.com/article/business/banking-and-finance/banks-demonetisation-finance-ministry-atms-to-increase-exchange-limit-from-rs-4000-to-rs-4500-cash-withdrawal-limit-to-be-rs-2500-modi-black-money/

The weekly limit of Rs 20,000 for withdrawal from Bank accounts has been increased to Rs 24,000. The limit of Rs.10,000 per day has been removed.

09/11/2016

08/11/2016

Modi bans 500 and 1000 rupee old notes! Absolutely the greatest thing he could ever do! Hats off! Absolutely awesome !

The greatest move! Cheers!

There is absolutely nothing more amazing that the he could have done to wipe off black money! Two thumbs up! Now await another move to attack the real big hoarders of black money. Those who have it stashed abroad... am sure since he has taken this move, he will do something about that too, soon!

Till then let's rejoice this once in a lifetime moments

Now purple & grey are in trend......

08/11/2016

Dear Clients.. Important News:
1. Govt withdrawns 500 n 1000 notes frm today midnight..
2. Govt. Hospitals n air carriers will accept 500 n 1000 notes till 11th Nov..
3. 500 1000 notes can be deposited in bank till 30th Nov..
4. ATMs will nt work on 9th n 10th Nov..
5. Initially limit of only 2000rs. Set to withdraw money frm ATM, post 11th..
6. Banks will remain closed on 9th..

Please do the needful asap..

05/11/2016

GST UPDATE:

8.11.2016 is the day of migration of eight million existing assesses of excise, vat, custom & service tax in Goods & Service Tax Network...
Its first step by the department to get ready for smooth transition to the implementation date of April 01...

03/11/2016

Finance Minister Mr. Arun Jetali declare four GST Rates on recommendation of GST Council.
Rates are 5%, 12%, 18%, & 28% ...
Classification of goods & services will be declare soon......

30/10/2016

May the gift of prosperity and happiness fill your heart and home with joy on Diwali and always…
Happy Choti Deepawali