News Update

I-T - Resultant profit out of investment in shares is to be taxed as capital gains even if intention of investor is not to earn only dividend income: ITATGST Council's latest recommendations - Part-IIST - Supply of (DMF)/(TECHPACK) to customers - since assessee is manufacturer of excisable goods, they cannot be treated as provider of Scientific or Technical Consultancy service: CESTATA Tale of Two Countries - And Their College Education SystemsCX - Debit note, arising from contractual liability, cannot be considered to be credit note relating to rendering of service u/r 4(7) of CCR, 2004: CESTATChennai Customs seizes foreign currency worth Rs 7.2 lakh in rectum case; Also seizes gold worth Rs 16 lakh from inner wear of lady paxWTO Ministerial meeting to begin in New Delhi tomorrowTotal number of CIC applications declined last fiscalRailways to enhance pax amenities on Nizamuddin station in big wayDr Manmohan Singh says NDA Govt has messed up economyDRI seizes 763 kg of ganja with support of Assam PoliceRussia hits back by issuing marching order of 23 UK diplomatsGST - Reduction in tax rates to cost Exchequer over Rs 29000 Crore in full yearAtal Pension Yojana - 4 lakh accounts mobilisedGovt fostering conducive ecosystem for Fin Tech CompaniesConsumer Confidence up in Dec, 2017: RBI SurveyPublic procurement - PM expresses concern over restrictive clauses being imposed against domestic suppliersIGI Airport Customs seizes Bangkok-bound pax with pistol-carbine conversion units & weapon magnifier unitsTaxing Digital Economy - 110 countries agree to develop tools by consensus (See 'TII Brief')GSTN exploring options to enable taxpayers to generate invoices on GST portalOne Time Settlement of NPAs aims at weaker sections: MoSIncome tax - It is not dominant purpose test but principle of apportionment which is ingrained in provisions of Section 14A - YES: Supreme CourtGST Refunds by Centre & States exceed Rs 10,000 Crore so far: GovtPackaged & processed food key reason behind rise in NCDsCBEC Commissionerates across India launch GST refund outreach drive

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