GST simplification

Press release by Ministry of Finance on GST simplification.

Major Decisions taken by the GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley 

Posted On: 10 JAN 2019 6:18PM by PIB Delhi

The GST Council in its 32^nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -

1.   Increase in Turnover Limit for the existing Composition Scheme: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States.

1.1    Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration).

2.    Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from Registration and Payment of GST for the suppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits within a weeks’ time. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.

3.   Composition   Scheme for Services: A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a Tax Rate of 6% (3% CGST +3% SGST) having an Annual Turnover in the preceding Financial Year up to Rs 50 lakhs.

3.1  The said Scheme Shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods.

3.2  They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).

4.     Effective date: The decisions at Sl. No. 1 to 3 above shall be made operational from the 1^st of April, 2019.

5.    Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN.

 6.   Matters referred to Group of Ministers:

        i.   A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector.

      ii.    A Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries.

7.  Revenue Mobilization for Natural Calamities: GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.

Gold monetisation scheme

RBI has vide its notification dated 9th January, 2019 made the following amendments to the Gold Monetisation Scheme 2015.

1. The existing sub-paragraph 2.1.1 (iv) shall be amended to read as follows:

“Persons eligible to make a deposit - Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government] can make deposits under the scheme. Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding joint operation of bank deposit accounts including nominations will be applicable to these gold deposits.”

Earlier charitable institutions, Central Government, State Government or any other entity onwed by Central or State Government were not allowed to make the deposits under the Scheme. 

For those who want to read the Gold Monetisation Scheme, it can be found here

The objective of the Gold Monetisation Scheme is to mobilise gold held by households and institutions of the country, and to facilitate its use for productive purposes. 

The RBI notification as above can be accessed here

Weekend Miracle

Just finished reading this interesting book "Weekend Miracle" by Ravi Nair. In the initial pages, the book seems heavy, but as you go along it becomes immensely interesting. It is written in the form of a dialogue between four individuals and talks about the power of visualisation in getting to one's goals or achieving something which someone immensely desires. We are all born with no prejudices but with schooling and college and work environment, family and all, become prejudiced towards lots of things with the result that we are not able to achieve our full potential no matter how hard we try. The answer lies deep in subconscious mind. Basically the subconscious mind is powerful so if one is able to use of the power of the subconscious mind he or she can lead powerful lives. Goodreads rating 4/5

AFC Asian Cup Challenge

9.82 kms for the AFC Asian Cup challenge. We are doing a challenge to run x kms for every goal scored by India in the ongoing AFC Asian Cup Challenge in UAE. India is participating in this tournament after more than 4 decades and in the first match itself they scored 4 goals against Thailand. So my commitment is 6 kms for every goal scored by India. That makes it 24 kms to be done. The challenge to be completed within one week of India exiting the tournament or the last date of the tournament, whichever is later. 

Today's run is dedicated to India's win in football against Thailand 

AI/ ML reporting -

SEBI circular dated 4th January 2019 on Artificial Intelligence/ Machine Learning being used by market intermediaries

Background

1. There is increasing usage of AI (Artificial Intelligence) and ML (Machine Learning) as product offerings by market intermediaries and participants (eg: “robo advisors”) in investor and consumer facing products. SEBI is conducting a survey and creating an inventory of the AI / ML landscape in the Indian financial markets to gain an in-depth understanding of the adoption of such technologies in the markets and to ensure preparedness for any AI / ML policies that may arise in the future.

2. As most AI / ML systems are black boxes and their behavior cannot be easily quantified, it is imperative to ensure that any advertised financial benefit owing to these technologies in investor facing financial products offered by intermediaries should not constitute to misrepresentation

Scope definition
3. Any set of applications / software / programs / executable / systems (computer systems) – cumulatively called application and systems,

a. that are offered to investors (individuals and institutions) by market intermediaries to facilitate investing and trading, OR

b. to disseminate investments strategies and advice, OR

c. to carry out compliance operations / activities, where AI / ML is portrayed as a part of the public product offering or under usage for compliance or management purposes, is included in the scope of this circular. Here, “AI” / “ML” refers to the terms “Artificial Intelligence” and “Machine Learning” used as a part of the product offerings. In order to make the scope of this circular inclusive of various AI and ML technologies in use, the scope also covers Fin-Tech and Reg-Tech initiatives undertaken by market participants that involves AI and ML

4. Technologies that are considered to be categorized as AI and ML technologies in the scope of this circular, are explained in Annexure B. 

Regulatory requirements

5. All registered Stock Brokers / Depository Participant offering or using applications or systems as defined in Annexure B, should participate in the reporting process by completing the AI / ML reporting form (see Annexure A).

6. With effect from quarter ending March 2019, registered Stock Brokers / Depository Participant using AI / ML based application or system as defined in Annexure B, are required to fill in the form (Annexure A) and make submissions on quarterly basis within 15 calendar days of the expiry of the quarter.

7. Stock Exchanges and Depositories have to consolidate and compile a report, on AI / ML applications and systems reported by registered Stock Brokers / Depository Participants in the reporting format (Annexure C) on quarterly basis. The said report (Annexure C) shall be submitted in soft copy only at AI_SE@sebi.gov.in (for Stock Exchange) / AI_DEP@sebi.gov.in (for Depositories) to SEBI within 30 calendar days of the expiry of the quarter, starting from quarter ending March 2019.

Full copy of the circular can be accessed here

transmission of securities

SEBI has vide its circular dated 4th January, 2019 clarified that in case of transmission of shares held in demat mode, it shall follow the same procedure in respect of documentation as is specified in case of transmission of shares in physical mode. In physical mode, it has been specified that succession certificate or probate of will or will or letter of administration or court decree etc. as may be applicable in terms of the Indian Succession Act, 1925 are the documentary requirements.

Now in terms of the aforesaid circular, the same documentary requirements shall be applicable to transmission of securities held in demat made. So basically the successors or heirs have to produce the above set of documents to prove their title and submit the same to the depository participant.

Copy of SEBI circular is enclosed here

Brave Param Vir Chakra Stories

Just completed this absolutely brilliant and breath taking book on the soldiers who were accorded the highest gallantry award by the Indian government i.e. the Param Vir Chakra. Written by Rachna Bisht Rawat in the form of independent stories covering each recipient of the award. She has done a painstaking job in researching the subjects, going across to the family members or the battalion to get more details on the soldiers. The narrative she has kept as moving back and forth between the situation of the war and their past childhood, but it is quite engrossing. 

Most of the Param Vir Chakra were given posthumously and few lived to tell their tale. The stories starts from 1947-18 war over Kashmir with Pakistan, touches briefly on Indian soldiers' deployment as part of the UN force in Congo, the disastrous and unplanned Indo-China war of 1962, the second Kashmir war of 1965, the Indo-Pak war of 1971 which resulted in Bangladesh independence, the retaking of the Saltoro ridge in Siachin glacier in 1987, again another disastrous and unwarranted interference by Indian soldiers in Sri Lanka as part of the Indian Peace Keeping Force and the Kargil war of 1999. 

All stories have goosebumps moment in them, but in my view the most daring and courageous feat is that of Bana Singh who was awarded the Param Vir Chakra for the retaking of Saltoro ridge in the Siachen glacier in 1987 a war which was fought at 18000 feat in sub zero temperatures where man can hardly breathe for a few minutes at the most. The most daring breath taking and courageous feat ever in history of mankind. 

These are stories of soldiers who are ill equipped with poor equipment, clothing, helmets, bullet proof jackets, boots, ammunition etc. but who had abundance of courage to not let down their duty.

Goodreads review 5/5