GOI ANNOUNCES LAUNCH OF 7.75% SAVINGS (TAXABLE) BONDS, 2018 COMMENCING FROM 10TH JANUARY

Similar documents
RBI/ /114 IDMD.CDD.No.1671/ / January 03, 2018

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]

R.C. JAIN & ASSOCIATES LLP

(Taxable) Bonds, 2018 AMOUNT OF

FDI. Investment by foreign investors directly in the productive assets of another nation.

GST: An Integrated Tax

ZERO TOLERANCE AGAINST CORRUPTION 1

ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES

Revised Form A APPLICATION FORM FOR 7.75% SAVINGS (TAXABLE) BONDS, 2018

Downloaded from Update PPT on GST (As on 01 st January 2018)

GOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017)

Indirect Taxes Committee, ICAI

LABOUR LAW UPDATES. Ministry of Labour and Employment has recently introduced the following amendments for the benefit of the employees:

GOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016

GOODS & SERVICES TAX UPDATE 3

Impact of notification No. 46/2017 Central Tax (Rate) for restaurant services

The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of

C. B. Thakar, Advocate

SUPPLEMENT FOR COMPANY ACCOUNTS AND AUDITING PRACTICES (Relevant for students appearing in June, 2016 Examination)

Registered Office : 301, Center Point, Dr. Babasaheb Ambedkar Road, Parel, Mumbai Date and Time of Application Receipt.

4. Inward supplies on which tax is to be paid on reverse charge

Government of India Ministry of Finance Department of Economic Affairs. Notification

Levy and Collection of Tax

APPLICABILITY OF SERVICE TAX:

GST Update The Taxation Laws (Amendment) Bill, 2017 introduced in Lok Sabha to facilitate implementation of GST

Addendum to Background Material on GST updated till

Revised Form A. IDBI Bank APPLICATION FORM FOR 7.75% SAVINGS (TAXABLE) BONDS, 2018

CA ROHIT GAMBHIR. Page i

Composition. Exports

Basics of GST. Ganesh Pathuri

Points of discussion with the Group of Ministers on 17th April 2018 on " Return filing under GST-Issues and Challenges"

Presentation by CA RITESH MEHTA, NAGPUR. B. Com., F.C.A., D.I.S.A (ICAI).

GOVERNMENT OF INDIA MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION

THE FINANCE BILL, 2011

WHAT'S NEW. International Developments. The Bank of Canada raised its key interest rate by 25 basis points to 1.25%.

TAX REFORMS IN INDIA

Hope to Resolve Deadlock over GST by April: Arun Jaitley

REVIEW OF THE FDI POLICY OF FOREIGN INVESTMENT IN STOCK EXCHANGES 1

Important MCQ of GST

GST - AN OVERVIEW I-5

Implementation of Goods and Service Tax (GST) in India. Opportunities and Challenges for CMA

The study of conversion of Indirect Taxes into GST in India

TDS Provisions and Compliances under GST

SIGNIFICANT NOTIFICATIONS / CIRCULARS ISSUED DURING THE PERIOD 16 TH JUNE, 2012 TO 15 TH JULY, 2012

DRAFT GOODS AND SERVICES TAX - REFUND RULES, 20--

[Chapter IX] Edition NBC, Chartered Accountants and member of Allinial Global Accounting Association. All Rights Reserved.

Registration, returns & TRANSITIONAL PROVISIONS

Chapter IX Returns Statutory Provision 37. Furnishing details of outward supplies

All About GST and Model GST Law

Analysis of Tax Liability and Credit Utilization in GST Regime

Tax essentials for Individuals

GOODS AND SERVICES TAX RULES, 2017 RETURN FORMATS

Most Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By

IND AS ON ITEMS IMPACTING THE FINANCIAL STATEMENTS

Goods and Services Tax (GST): An Overview

APPLICATION FORM FOR SOVEREIGN GOLD BOND Series II- (Sept 16) INDIA INFOLINE LTD. Applicant(s) Detail (IN BLOCK LETTERS)

E-circular dt 1 st June 2008

GOODS & SERVICES TAX / IDT UPDATE 56

GST - AN OVERVIEW I-5

i. On or before the due date of furnishing the return for the month of September 2018 i.e (unless extended). OR

Excise Obligations For Units Paying Duty Of More Than 1.0 Crores Annually As Per Notifications Issued On

Payment of tax, interest, penalty and other amounts (Section 49)

Materiality of Related Party Transactions and on Dealing with related Party Transactions

Issues in Taxation of Income (Non-Corporate)

REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By CA Sandip Agrawal Sandip Satyanarayan & Co Chartered Accountants

JUST 5 MINUTES TAXCON TM INDIA PRIVATE LIMITED

Current Economic Scenario: Some Indicators

Refunds under GST. I. Introduction

Master class on GST. Institute of Company Secretaries of India - WIRC. CA Ashit Shah. Shah & Savla LLP. Chartered Accountants

INTRODUCTION TO GOODS AND SERVICE TAX

APPLICATION FORM FOR SOVEREIGN GOLD BOND Series II

Rajeev Pai, Chief Financial Officer JSW Steel Limited

SERVICE TAX NOTIFICATION

Important Service Tax Amendments through Union Budget 2016 (By CA. Vikas Khandelwal) 1. Krishi Kalyan Cess (Applicable w. e. f

RELATED PARTY TRANSACTIONS

CA. Hrishikesh Wandrekar Wandrekar & Co.

THE UNORGANISED WORKERS SOCIAL SECURITY BILL, 2008

The issue offers yield ranging from % to % depending upon the series applied for and category of investor

BEFORE THE HON BLE MADHYA PRADESH ELECTRICITY REGULATORY COMMISSION (MPERC) BHOPAL

APPLICATION FORM FOR SOVEREIGN GOLD BOND 2016

Muthoot Finance Limited Public Issue Of Secured Redeemable & Unsecured Redeemable Non-Convertible Debentures

REFUND UNDER GST. Law, Rules & Forms. 4 December 2017 Copyrights Reserved of 21

[To be published in the Official Gazette of India, Extraordinary, Part II, Section 3, Subsection

Frequently Asked Questions on New Fund Offer of BHARAT 22 ETF

FORM NO. 3CD [See rule 6G(2)] Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 PART - A 1.

INTRODUCTION TO GST & CONSTITUTIONAL PROVISIONS

GOODS AND SERVICE TAX (GST) IN INDIA Challenges Ahead. February 28, 2016

PROFESSIONAL PROGRAMME SUPPLEMENT FOR ADVANCE TAX LAWS & PRACTICE

APPLICATION FORM FOR SOVEREIGN GOLD BOND Series II

Levy and Collection of Tax

Kendr. Bi-Monthly Newsletter. Issue # 1 Issue date : 03 October 2016

TAX CONNECT TAX CONNECT. Knowledge Partner: The Bengal Chamber of Commerce & Industry. 192nd Issue: 7th Oct th Oct 2018 INCOME TAX CUSTOMS

MONTHLY COMMUNIQUÉ SEPTEMBER 2011

GST CONCEPT & STATUS

Salient features of Direct Tax Proposals of Union Budget 2011

The. Extraordinary Published by Authority BHADRA 12] THURSDAY, SEPTEMBER 3, 2009 [SAKA 1931

Legislative Brief The Direct Taxes Code Bill, 2010

1.1 Withdrawal of cash by any mode from any account other than SB account. Any A/c holder other than above

TAXATION OF CO-OPERATIVE SOCIETIES (BASIC PROVISIONS)

Input Tax Credit Under GST Law, Rules & Forms. 2 December 2017 Copyrights Reserved of 33

Transcription:

January 05, 2018 GOI ANNOUNCES LAUNCH OF 7.75% SAVINGS (TAXABLE) BONDS, 2018 COMMENCING FROM 10TH JANUARY 2018 1 Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/huf to invest in a taxable bond, without any monetary ceiling. The main features of the Bonds are: (i) (ii) Who can invest: The Bonds are open to investment by individuals (including Joint Holdings) and Hindu Undivided Families. NRIs are not eligible for making investments in these Bonds. Subscription: Applications for the Bonds in the form of Bond Ledger Account will be received in the designated branches of agency banks and SHCIL in all numbering about 1600. (iii) Issue Price: The Bonds will be issued at par i.e. at Rs.100.00 The Bonds will be issued for a minimum amount of Rs.1,000/- (face value) and in multiples thereof. Accordingly, the issue price, will be Rs.1,000/- for every Rs.1,000/- (Nominal). The Bonds will be issued in demat form (Bond Ledger Account) only. (iv) Period: The Bonds will be on tap till further notice and issued in cumulative and noncumulative forms. (v) Limit of investment: There will be no maximum limit for investment in the Bonds. (vi) Tax treatment: Income-tax: Interest on the Bonds will be taxable under the Income-tax Act, 1961 as applicable according to the relevant tax status of the bond holder. Wealth tax: The Bonds will be exempt from Wealth-tax under the Wealth Tax Act, 1957. (vii) Maturity and rate of interest: The Bonds will have a maturity of 7 years carrying interest at 7.75% per annum payable half- yearly. The cumulative value of Rs. 1,000/- at the end of seven years will be Rs. 1,703. (viii) Transferability: The Bonds are not transferable. The Bonds are not tradable in the Secondary market and are not eligible as collateral for loans from banking institutions, non-banking financial companies or financial institutions. (ix) Nomination: A sole holder or a sole surviving holder of a Bond, being an individual, can make a nomination Full details of the scheme are available in the Gazette Notification dated 3rd January 2018. 1 Available at: http://www.pib.gov.in/pressrelesedetail.aspx?prid=1515193

SOCIAL SECURITY FOR CONTRACT WORKERS/LABOURERS 2 In order to provide social security benefits to contract workers/labourers and to regulate employment of contract labour, the Central Government is implementing the Contract Labour (Regulation and Abolition) Act, 1970. The Act applies to every establishment in which 20 or more workmen are employed. These workers avail social security and other benefits under the Employees Compensation Act (1923), the Employees State Insurance Act (1948), the Industrial Dispute Act (1947), the Minimum Wages Act (1948), the Provident Funds Act (1925), the Employees Provident Fund and Miscellaneous Provisions Act (1952), the Maternity Benefit Act (1961), the Payment of Gratuity Act (1972), etc. The number of contract workers employed in establishments in the Central Sphere during the last three years is as under: Year Number of Contract/Outsourced Workers 2015 839234 2016 964001 2017 1110603 This information was given by Shri Santosh Kumar Gangwar, Union Minister of State (I/C) for Labour and Employment in written reply to a question in Rajya Sabha. IMPACT OF DEMONETIZATION AND GST ON KEY INDUSTRIAL SECTORS 3 The growth of different sectors of an economy depends on a number of factors, including structural, external, fiscal and monetary factors (which is partly reflected by demonetisation). Therefore, it is not possible to pinpoint the impact of demonetization and GST on sectoral outputs. India s Import and Export data (month-wise) for the Financial Years 2016-17 and 2017-18 along with growth rate is as under: Month Value of Import (in US $ Million) Growth Rate (in %) 2017-18 2016-17 April 38209 25689 48.73 May 38317 28286 35.46 2 Available at: http://www.pib.gov.in/pressrelesedetail.aspx?prid=1515193 3 Available at: http://www.pib.gov.in/pressrelesedetail.aspx?prid=1515193

June 36983 30917 19.62 July 33986 29305 15.97 August 35561 29303 21.36 September 37628 31839 18.18 October 37117 34495 7.60 TOTAL 257800 209835 22.86 Month Value of Export (in US $ Million) Growth Rate (in %) 2017-18 2016-17 April 24592 20863 17.87 May 23969 22407 6.97 June 23108 22656 2.00 July 22382 21692 3.18 August 23517 21597 8.89 September 28732 22768 26.19 October 23050 23361-1.33 TOTAL 169349 155344 9.02 Note: Figures pertaining to the current Financial Year 2017-18 are provisional. (Source: DGCI&S) The percentage growth of gross value added at constant basic prices for manufacturing and construction sectors of the economy up to second quarter (Q2) of 2017-18 compared to the corresponding period in the previous year are given in the table below.

Sectors 2015-16 2016-17 2016-17 2017-18 Q1 Q2 Q3 Q4 Q1 Q2 Manufacturing 10.8 7.9 10.7 7.7 8.2 5.3 1.2 7.0 Construction 5.0 1.7 3.1 4.3 3.4-3.7 2.0 2.6 Note: As per estimates released by Central Statistics Office Details of revenue generated from central excise & customs duty during the last 12 months is as under: Sl. No. Month Central Excise (in Rs. Crore) Customs Duty [On Export/ Import] (in Rs. Crore) 1 December, 2016 33159 18820 2 January, 2017 34089 18974 3 February, 2017 31927 18797 4 March, 2017 35386 21665 5 April, 2017 31817 20764 6 May, 2017 34150 22051 7 June, 2017 25007 21147 8 *July, 2017 21150 30327 9 *August, 2017 18960 31535 10 *September, 2017 18191 31217

11 *October, 2017 17367 29536 12 *November, 2017 18127 28631 Note: * w.e.f 1st July, 2017 the CVD/SAD on Imports, Non-Petroleum component of Central Excise duty and complete Service Tax have been subsumed under GST. The Customs duty on Imports from July - November, 2017 are inclusive of IGST and GST Compensation Cess. (Source: Department of Revenue.) The Minister of State for Commerce and Industry Shri C.R.Chaudhary gave this information in a written reply to a question in Rajya Sabha. Team ICSI Disclaimer : The information in the Info Capsules is developed according to the information available in public domain and for academic purposes only. Any person wishing to act on the basis of this document should do so only after cross checking with the original source.