News Update

Jaitley launches National CSR Data Portal & Corporate Data PortalGovt appoints Amardeep Singh Bhatia as Director of Serious Fraud Office till March, 2020Turmoil in AAP - Election Commission favours disqualification of 20 MLAs for holding office of profitMauritius continues to be key source of FDI in India; followed by USA & UK: RBII-T - Discretionary waiver of interest charged u/s 234A to 234C by Settlement Commission, will not negate corresponding right for refund of interest to assessee: SCIntl Customs Day: 20 persons, including 17 officers, to get WCO Certificate of MeritGST - Coffee beans processing units in trouble; seek exemptionGST Council also approves several amendments in CGST RulesGST Council grants mega relief to healthcare services & clarifies rates for many ServicesCX - Claim of assessee that as soon as they paid tax, same became credit in their account is misplaced - Law as it existed at time of taking credit would be applicable: CESTATI-T - Finance cost incurred on overdraft obtained from bank, which is advanced to sister concern for no business purpose, is not allowable business loss: ITATCX - If insurance cover in respect of which credit has been claimed is exclusively in respect of injuries or damages to factory employee, then credit would be admissible: CESTATSteering clear of Anti - Profiteering chargesIssues affecting Credit Card Industry Budget 2018 should provide solutionsGovt amends Passport Rules to substitute certain documents to be attached under Tatkal & non-Tatkal schemesGST Council extends last date for migrated taxpayers to surrender registration upto March 31, 2018 + reduces penalty for late filing of GSTRs + decides to amend e-Way Bill rulesGST Council reduces tax rate from 28% to 18% on used motor vehicles + from 18% to 12% on sugar boiled confectionary, drinking water packed in 20 litre bottles, bio-diesel and bio-pesticides + from 18% to 5% on components required for satellite launch + LPG supplied for domestic consumption + from 12% to 5% on velvet fabric + from 3% to 0.25% on diamonds & precious stonesGST Council decides to exempt RTI-related services + reduces rate on construction of metro projects to 12% + 5% without ITC on housekeeping service through ECO + 5% rate on tailoring service + 18% rate now on entry ticket to water parks or theme parksGST Council shifts focus on anti-evasion measures; Tax rates reduced on 29 goods & 53 ServicesGST Council decides to divide Rs 35000 Crore IGST collections between Centre & States, provisionally17 lakh Composition taxpayers paid only about Rs 307 Crore; Council expresses disappointmentLegislative changes - Council receives demand to introduce Sec 9(4) only for Composition taxpayersGST Council accepts Fitment Committee recommendations to reduce rates on 29 goods + 53 services; New rates to come into force from Jan 25GST Council accepts Sarna Committee report on handicraft items; Fitment Committee to decide tariff for 40 such itemsFinancial Year should roll out on Jan 1 rather than on April 1: Sushil Modi
Untitled Document

THE CONSTITUTION (SIXTY-SECOND AMENDMENT) ACT, 1989

Statement of Objects and Reasons appended to the Constitution (Sixty-second Amendment) Bill, 1989 (Bill No. XXVI of 1989) which was enacted as THE CONSTITUTION (Sixty-second Amendment) Act, 1989

STATEMENT OF OBJECTS AND REASONS

Article 334 of the Constitution lays down that the provisions of the Constitution relating to the reservation of seats for the Scheduled Castes and the Scheduled Tribes and the representation of the Anglo-Indian community by nomination in the Lok Sabha and in the Legislative Assemblies of the States shall cease to have effect on the expiration of a period of forty years from the commencement of the Constitution. Although the Scheduled Castes and the Scheduled Tribes have made some progress in the last forty years, the reasons which weighed with the Constituent Assembly in making provisions with regard to the aforesaid reservation of seats and nomination of members, have not ceased to exist. It is, therefore, proposed to continue the reservation for the Scheduled Castes and the Scheduled Tribes and the representation of the Anglo-Indians by nomination for a further period of ten years.

2. The Bill seeks to achieve the above object.

(Ram Vilas Paswan)

Dated: December 16, 1989

THE CONSTITUTION (SIXTY-SECOND AMENDMENT) ACT, 1989

Dated: January 25, 1990

An Act further to amend the Constitution of India.

BE it enacted by Parliament in the Fortieth Year of the Republic of India as follows:-

1. Short title and commencement:-

(1) This Act may be called the Constitution (Sixty-second Amendment) Act, 1989.

(2) It shall be deemed to have come into force on the date_676 on which the Bill for this Act is introduced in the Council of States.

2. Amendment of article 334:-

In article 334 of the Constitution, for the words "forty years", the words "fifty years" shall be substituted.