Meaning of registered brand name in the context of GST rates
Meaning of registered brand name in the context of GST rates; CGST rate of 5% will not be applicable on the supply of goods unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999.
The Central GST (CGST) rate on supply of certain goods, such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses, other than those put up in unit container and bearing a registered brand name, is NIL. Supply of such goods, when put up in unit container and bearing a registered brand name attracts 2.5% CGST rate.
Doubts are being raised as to the meaning of registered brand name. In this context, the Notification No. 1/2017-Central Tax (Rate), dated 28th June, 2017 [which notifies the CGST rates of intra-state supply of goods] and Notification No. 2/2017-Central Tax (Rate), dated 28th June, 2017 [which exempts intra-state supply of the specified goods] clearly defines “registered brand name” as brand name or trade name, which is registered under the Trade Marks Act, 1999. In this regard, Section 2 (w) read with section 2 (t) of the Trade Marks Act, 1999 provide that a registered trade mark means a trade mark which is actually on the Register of Trade Marks and remaining in force.
Thus, unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, CGST rate of 5% will not be applicable on the supply of such goods.
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PFRDA is observing NPS Service Fortnight from 27t h June, 2017 to 11th July 2017 to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers,
With a view to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers, Pension Fund Regulatory and Development Authority (PFRDA) is observing NPS Service Fortnight from 27th June, 2017 to 11th July 2017. During this period all the nodal offices, Pay and Account Offices and DDOs under the Central and State Governments, Points of Presence/ banks/ aggregators/ banking correspondents etc. involved with the acquisition and servicing of NPS subscribers across the country are required to provide all necessary assistance to the subscribers/ prospective subscribers, create awareness about the National Pension System, attend to their services requests, etc in a proactive manner.
It has been observed that the subscribers/employees in the Central Government and State Government are not fully aware of various functionalities/facilities available under the NPS. A large number of the queries/grievances received from these subscribers, pertain to elementary issues like non-receipt of Statement of Transaction, I-PIN,T-PIN etc. However, it is seen that majority of these information gaps are on account of non-availability of the latest contact details of the subscribers in the respective documents/PRANs etc.
In order to promote awareness regarding importance of updation of latest contact details in PRANs and to provide basic facilities on the spot, the NPS Service fortnight is being organised. On this occasion, besides sharing information on the range of functionalities and services now available under the NPS, the subscribers need to be apprised about the need for constant updation of data/information under various fields to enable the system to operate at its optimum service level and enable the subscribers to make the best use of the functionalities available under NPS.
The following activities need to be given focused attention during the NPS Service fortnight:
· Distribution of the NPS brochure to the subscribers
· Updation of subscriber details like email, mobile number, address, etc through S-2 form
· Conversion of non IRA to IRA compliant status by submission of physical subscriber registration forms
· Advising subscribers regarding benefits associated with PRAN being IRA compliant and updation of contact details
· Printing of Transaction Statement for the subscribers and distributing the same on the specific request of the subscriber
· Updation of nomination details
· Resolving pending grievances and exit cases
PFRDA has also advised separately the Central Recordkeeping Agency (CRA/NSDL) and all the nodal offices/ PAOs/ DDOs/PoPs/ Banks etc in this matter for actively assisting the subscribers during this campaign.
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Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs.1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Budget Estimates of Rs. 9.8 lakh crore for Direct Taxes for F.Y. 2017-18.
The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs. 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 14.5% of the total Budget Estimates of direct taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore).
While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%. Refunds amounting to Rs.55,520 crore have been issued during April to June, 2017, which is 5.2% lower than the refunds issued during corresponding period of F.Y. 2016-17.
An amount of Rs. 58,783 crore has been received as Advance Tax up to 30th June, 2017 reflecting a growth of 11.9% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Advance Tax is at 8.1% and that in Personal Advance Tax is at 40.3%.
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Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.53/2017-CUSTOMS (N.T.), dated 15th June, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 7th July, 2017, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
SCHEDULE-I
Sl.No.
|
Foreign Currency
|
Rate of exchange of one unit of foreign currency equivalent to Indian rupees
| ||
(1)
|
(2)
|
(3)
| ||
(a)
|
(b)
| |||
(For Imported Goods)
|
(For Export Goods)
| |||
1.
|
Australian Dollar
|
50.20
|
48.30
| |
2.
|
Bahrain Dinar
|
177.70
|
166.05
| |
3.
|
Canadian Dollar
|
50.80
|
49.10
| |
4.
|
Chinese Yuan
|
9.70
|
9.35
| |
5.
|
Danish Kroner
|
10.05
|
9.70
| |
6.
|
EURO
|
74.65
|
72.25
| |
7.
|
Hong Kong Dollar
|
8.40
|
8.20
| |
8.
|
Kuwait Dinar
|
221.10
|
206.55
| |
9.
|
New Zealand Dollar
|
48.10
|
46.20
| |
10.
|
Norwegian Kroner
|
7.85
|
7.55
| |
11.
|
Pound Sterling
|
85.35
|
82.50
| |
12.
|
Qatari Riyal
|
18.10
|
17.00
| |
13.
|
Saudi Arabian Riyal
|
17.85
|
16.70
| |
14.
|
Singapore Dollar
|
47.65
|
46.20
| |
15.
|
South African Rand
|
5.00
|
4.65
| |
16.
|
Swedish Kroner
|
7.75
|
7.50
| |
17.
|
Swiss Franc
|
68.40
|
65.95
| |
18.
|
UAE Dirham
|
18.25
|
17.05
| |
19.
|
US Dollar
|
65.65
|
63.95
| |
SCHEDULE-II
Sl.No.
|
Foreign Currency
|
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
| ||
(1)
|
(2)
|
(3)
| ||
(a)
|
(b)
| |||
(For Imported Goods)
|
(For Export Goods)
| |||
1.
|
Japanese Yen
|
58.30
|
56.35
| |
2.
|
Kenya Shilling
|
64.65
|
60.40
| |
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Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017.
Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II. Applications for the bond will be accepted from July 10, 2017 to July 14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange. The features of the Bond are given below:
Sl. No.
|
Item
|
Details
|
1
|
Product name
|
Sovereign Gold Bond 2017-18 – Series II
|
2
|
Issuance
|
To be issued by Reserve Bank India on behalf of the Government of India.
|
3
|
Eligibility
|
The Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable Institutions.
|
4
|
Denomination
|
The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
|
5
|
Tenor
|
The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates.
|
6
|
Minimum size
|
Minimum permissible investment will be 1 gram of gold.
|
7
|
Maximum limit
|
The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained.
|
8
|
Joint holder
|
In case of joint holding, the investment limit of 500 grams will be applied to the first applicant only.
|
9
|
Issue price
|
Price of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Limited for the week (Monday to Friday) preceding the subscription period. The issue price of the Gold Bonds will be ` 50 per gram less than the nominal value.
|
10
|
Payment option
|
Payment for the Bonds will be through cash payment (upto a maximum of Rs. 20,000) or demand draft or cheque or electronic banking.
|
11
|
Issuance form
|
The Gold Bonds will be issued as Government of India Stocks under GS Act, 2006. The investors will be issued a Holding Certificate for the same. The Bonds are eligible for conversion into demat form.
|
12
|
Redemption price
|
The redemption price will be in Indian Rupees based on previous week’s (Monday-Friday) simple average of closing price of gold of 999 purity published by IBJA.
|
13
|
Sales channel
|
Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices as may be notified and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents.
|
14
|
Interest rate
|
The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.
|
15
|
Collateral
|
Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
|
16
|
KYC Documentation
|
Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required.
|
17
|
Tax treatment
|
The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond
|
18
|
Tradability
|
Bonds will be tradable on stock exchanges within a fortnight of the issuance on a date as notified by the RBI.
|
19
|
SLR eligibility
|
The Bonds will be eligible for Statutory Liquidity Ratio purposes.
|
20
|
Commission
|
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