The buying and selling of second hand goods will not attract Goods and Services Tax (GST) if sold at a price cheaper than the purchase price, the government said on Saturday. HIGHLIGHTS The clarification comes after doubts regarding the Margin Scheme It can be availed by any registered person dealing in second hand goods Dealers of old and used empty bottles are also included Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017, provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods or used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored.
In a big ‘Make in India’ push, the Reserve Bank today came out with fresh tender for currency security features, mandating that the supplier set up the manufacturing unit in the country within two years and gradually increase the local content. RBI cancelled two tenders issued earlier for supply of security features and fibre for currency notes in order to incorporate ‘Make in India’ as an essential requirement. The bid document is for supply of different types of security threads, colour-shifting ink, foil patch, security fibre, paper based taggant, ink based taggant, advanced watermark and micro perforation.
The Railways today launched an integrated mobile application to cater to various passenger requirements, including ticket booking, inquiry, on-board cleaning and ordering meal on a single platform. The app – Rail SAARTHI – was launched here by Railway Minister Suresh Prabhu. Currently there are multiple mobile app by the Railways. To use different services, users need to search and download each application separately. In order to provide better customer experience, there was a need for an integrated application which could give a single window interface for these services, Prabhu said after launching the app.
Railway Minister Suresh Prabhakar Prabhu on Friday said more solar-powered coaches will be inducted in the railway’s fleet. “Indian Railways is committed for environment conservation and use of cleaner fuels,” Prabhu said at an event here. “Indian Railways is trying to increase use of non-conventional sources of energy. More solar-powered trains may be inducted in future.” The minister spoke at an event to launch the first 1,600 HP DEMU train with solar-powered coaches.
The Income Tax Department has identified another 5.56 lakh individuals whose tax profiles are found inconsistent with the money deposited by them post demonetisation. In the second phase of ‘Operation Clean Money’ launched in April with an aim to detect black money generation post demonetisation, the I-T department has used information received under the Statement of Financial Transactions (SFT) from banks to identify additional cases. “These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period,” a finance ministry statement said.
Several petitions challenging the constitutional validity of the Unique Identity programme Aadhaar are pending in the Supreme Court. There is “no question” of extending the June 30 deadline for making Aadhaar mandatory for availing benefits of various social welfare schemes, the centre today told the Supreme Court. Attorney General Mukul Rohatgi told the top court that the idea behind making Aadhaar mandatory for welfare schemes was that the benefit should not go to “ghosts” as was noticed in schemes like the public distribution system (PDS).
When the Railway Ministry introduced an optional Indian railway travel insurance scheme for e-ticketing passengers in September 2016, the move was welcomed. But little did we know how useful the policy would become soon after. Given the recent spate of train accidents that have left many passengers injured and caused several deaths, the insurance scheme has come as a boon for many. The policy can be bought by passengers when booking tickets online from the IRCTC website or through the mobile app.
When two of the biggest banks in the country resist wallets from fintech start-ups, you know a few things are simmering. First, SBI disallowed its net banking users to top up third party wallets and next, ICICI blocked transactions on PhonePe, a Flipkart managed wallet that was launched in partnership with YES Bank – PhonePe allows users to link bank accounts to the smartphone through the National Payments Corporation of India’s encrypted software.
Ahead of the Budget presentation on February 1, expectations are rising that Finance Minister Arun Jaitley could offer more income tax sops than he has in the past. Ahead of the Budget presentation on February 1, expectations are rising that Finance Minister Arun Jaitley could offer more income tax sops than he has in the past. Rajesh Baheti, MD of Crosseas Capital Services, says Mr Jaitley is unlikely to tinker much with the indirect taxes (excise duties) in the Budget as government has set July 1 date for rolling out the goods and services tax (GST) regime.
Vodafone Group Plc doesn’t have much of a choice but to accelerate consolidation moves in India — likely with Idea Cellular with whom it is in talks — as the UK telecom major tries to counter Reliance Jio Infocomm in a key market where it has been struggling to ward off value erosion, add customers and grow revenue market share (RMS). Vodafone India, the No. 2 telco, and third ranked Idea are reckoned to be in merger talks, people aware of the matter told ET, with latest discussions locked over who will have operational control of the merged entity.