India: Tax & Professional updates For March 2018
- RBI had discontinued the Letter of Undertaking (LOU) & Letter of Comfort (LOC) for trade credit for import into India with immediate effect from.
- RBI has notified the Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs). Currently, the FPI limit for Government Securities (G-secs) is fungible between investments in G-secs and investment in IRF.
- RBI has issued notification regarding submission of return by the Government-owned Non-Banking Financial Companies. Vide notification no RBI/2017-18/141, dated 15th March 2018.
- Nationwide E-way Bill on Inter-state supplies to be rolled out from 1st April, 2018.
- The Union Cabinet on 310th march approved the Arbitration and Conciliation (Amendment) Bill, which seeks to establish an independent body to make arbitration process user-friendly, cost-effective and ensure speedy disposal and neutrality of arbitrators.
- CBEC has launched Single Window Interface for Facilitating Trade (SWIFT) which will enable the Importers electronically lodges their customs clearance documents at a single point
- The Finance Bill, 2018 as passed by Lok Sabha has inserted a new proviso in section 145A to provide that the securities held by a scheduled bank or public financial institution shall be valued in accordance with ICDS(Income Computation and Disclosure Standards ) after taking into account the extant guidelines issued by the RBI in this regard.
- Cabinet approves Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion between India and Iran
- India’s GDP could reach $5 trillion provided there is consistent growth in manufacturing, services and agricultural sectors, Commerce and Industry Minister Suresh Prabhu said.
- SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee. The move will help entities engaged in forex transactions to maintain their currency risks in a better manner.
- SEBI allows commodity bourses to carry forward unutilized IPF(Investor Protection Fund ) interest income
- Online filing enabled at GST Portal, of Letter of Undertaking (LUT) GST RFD-11, to be filed in case of Exports without GST.
- CBDT has decided to give a last chance to persons who have not filed income tax returns for the last two years. An advisory issued by the board that such persons can file income tax returns by 31st March 2018.
Contributed by: Team Rajput Jain & Associates, Chartered Accountants–Managing Partner, Swatantra Singh, E: firstname.lastname@example.org, W: www.carajput.com