CBIC NOTIFIES REDUCTION IN CUSTOMS DUTY ON GOLD AND SILVER
The decrease in Custom Duty on Gold and Silver is declared by the Central Board of Indirect Taxes and Customs (CBIC). The reduction in regards to the customs duty on Gold will be from 11.85% to 6.9% and in the case of silver, the reduction will be from 11.00% to 6.1%.
On May 8, 2000, the Board has made amendment in the notification of Government of India in the Ministry of Finance (Department of Revenue) Notification No. 57/2000-Customs.
GST: NIC HAS ISSUED A LIST OF GSTINs ON WHOM E-INVOICING IS COMPULSORY
On January 27, 2021, a list of GSTINs has been issued by the National Informatics Centre and for the same e-invoicing shall be mandatory.
By the NIC, 73308 GSTNs are enlisted and for the taxpayer, it is mandatory to upload the invoice details and on the Government Invoice Registration Portal, the taxpayer should register supply transaction. The taxpayer would upload his invoice details on a system known as E-invoicing or electronic invoicing and he has to register on the Government Invoice Registration Portal (IRP) and he will be issued the Invoice Reference Number (IRN) which will be generated by the IRP system.
The taxpayer is required to prepare and generate his invoice using his ERP/accounting system or it can be done manually as well and then these invoice details have to be uploaded to IRP and the unique reference number, known as IRN would be generated.
THE NEW ANNUITY SCHEME FOR SBI CUSTOMERS
To secure future investments one should always invest in the right place. The new annuity scheme of SBI is a good option that should be considered for investing in.
For a period of 36,60,84 or 120 months, the investment can be done under this scheme. The rate of interest will be the same on that investment which is for the term deposit of the chosen period. This scheme is an advantage for everyone.
In the annuity scheme of SBI, a minimum amount of Rs. 1000 can be deposited by the customers every month. For maximum investment, there is no limit in this scheme. After a fixed time in the annuity payment, the interest on the amount deposited by the customer would start.
These schemes can work in the future but they cannot be considered the right one for middle-class families as they cannot raise so much money in one-go as they do not have lump sums and most of them invest in a recurring deposit (RD) to secure their future. Through small savings in the RD, the amount is collected and later interest is applied on it, especially it is done when the amount is being returned to the investor. This is one of the reasons why the recurring deposit is very popular among the public.