GST for importers and exporters

IGST, GST, compensation Cess,bill of entry shipping bill and courier forms.

1. With effect from 1st July 2017 integrated goods and service tax IGST and GST compensation act would come into force.

2. IGST and GST compensation cess wherever applicable, would be levied on cargo arriving on 1st July, 2017 it would be effective from midnight of 31st June, 2017.

3. Cargo arrived up to 30th June, 2017 would not attract a IGST and GST compensation even though the clearance may happen after 1st July, 2011.

4. Additional duty of customs would continue to be levied for imports of petroleum and tobacco products.

5. New bill of entry, shipping bill and courier import and export forum both electronic and Manual are available on cpec website.

Employment News 8-14 2017

GST Goods and service tax

Goods and service tax came into force on 1st July 2017 amid historic midnight session in the Central Hall of parliament in New Delhi. GST replaced more than a dozen state and Central levies and integrated India into one market with one tax rate.

On this occasion the Prime Minister Narendra Modi said that GST is as good and as tax that it will and harassment of traders and small business while integrating India into one market with one tax rate.
He said that it will save time cost fuel and environment.
The Prime Minister said GST would lead to s modern tax administration which is simpler more transparent and helps to control corruption.
He said that GST as an example of Cooperative federalism.

The president Pranab Mukherjee mentioned in his speech the 14 year long journey of GST which began in December 2002 When The Kelkar task force on indirect taxation suggested a comprehensive goods and service tax based on value added tax principle. He said the proposal to introduce GST was first put it in the budget speech for the financial year 2006-07.
The responsibility of preparing a design and a plan of action for the implementation of GST was assigned to the empowered committee of state finance ministers which had been formed earlier for implementation of the value added tax. The empowered committee released its first discussion paper on goods and service tax in November 2009. He said the launch of GST was a moment of satisfaction for him personally because as finance minister he had introduced the Constitutional Amendment Bill for enabling the tax Regime in 2011 later on 8 September 2016 as the President of India Mr Mukherjee had given assent to the constitution one hundred and first Amendment Act after the bill was passed by both houses of Parliament and more than 50% of state legislatures.
The union Finance Minister Mr Jaitley said the GST will create one tax one market and for one Nation.

Functions of Reserve Bank of India

First regulator of currency section 22 of RBI act.

Bankers, fiscal agent and advisor to the government .

Custodian of cash reserve of commercial bank .

Custody and management of foreign exchange reserve section 40

Lender of The Last Resort .

Clearing house for transfer and settlement .

Controller of credit

Inland and Foreign Instruments

According to Section 11 inland instrument means a promissory note bill of exchange, or cheque drawn or Made in India and made payable in or drawn up on any person resident in India shall be Deemed to be and inland instrument.

And inland instrument therefore may be either
1. Made over drawn in India and also made payable in India.

2. Drawn in India or a person resident in India

Since a promissory note is not drawn on any person in India an inland promissory note before is one which is both Made in India and also made payable in India.

Example of Inland instruments

1. a promissory note made in Delhi and payable in Bombay.

2. A bill of exchange drawn in Delhi on a person resident in Bombay.

Foreign Instrument

According to Section 12 foreign instruments means any instrument which is not so drawn made or made payable that it may be called and inland instrument shall be Deemed to be a foreign instrument.Thus a foreign instrument is one which is not an inland instrument.

Examples of foreign instruments are

1. A promissory note Made in India but made payable in England.

2. A promissory note made in England but payable in India.

3. A bill of exchange drawn in India and payable in England.

4. A bill of exchange drawn in England and made payable in India.

I R D A (Insurance Regulatory and Development Authority) an introduction

Introduction

The government appointed A committee in April 1993 under the chairmanship of Shri R N Malhotra ex governor of The Reserve Bank of India this committee on reforms of the Insurance sector submitted its report on 7th January 1994 to the then Union finance minister recommending many changes including its privatisation.

The most important recommendation are listed below
First Recommendation of the entry of private entities into the Insurance sector to introduce healthy competition between the new private insurance and the existing monopolistic .

Second Recommendation of gradual withdrawal of government capital in the existing public sector monopolistic entities.