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Message from Shri V D Agarwal

"The downgrade for this year's looks like a blip in a much positive longer-term picture In general, the state of India's economy is quite good. The government has energetically perused structural reforms, including the GST which will have a payoff longer term,"

Maurice Obstfeld, Economic Counsellor and Director of Research Department at the IMF.

Dear Friends,

Markets are celebrating Diwali festival ahead of time by making all-time highs on Sensex and Nifty. Market sentiments improved significantly as more and more participations coming from the retail investors. The statements and report coming from various international broking houses and rating agencies are pre

New India demands to make your money accountable and more productive, the government initiative of demonetization and GST are important tools to integrate informal with the formal, to assault the shadow economy

direction to expand India into a far, cleaner, bigger and better economy. Latest IMF report support Indian economy in positive side and states that after demonetization and implementation of GST, India is likely


IMF World Economic Outlook 2017

According to the IMF, GST, which promises the unification of India's vast domestic market, is among several key structural reforms under implementation that are expected to help push growth above 8 per cent.

First 100 days of GST implementation, the economy is in bullish mood. The available data support this.

A. Collection

The refund claimed of Rs 65,000 crore on account of input credit is no worry as per Ministry Of Finance (MOF) official’s release.

B. Tax base

The total payer under old system of tax was 8 million which is jumped to

C. Other Barometer of Economy

(ii) Nifty closed at record high; hits an all-time high

Rise in the metal & telecom stocks and quarterly earnings optimism boosted sentiment for the markets. The latest 1,000-point rally has been driven by robust investments from domestic investors (DIIs) and mutual funds (MFs). DIIs and MFIs have pumped close to Rs 70000 crore in equities since 1st April 2017. On the other hand, FIIs are the net sellers in

(iii) Interesting Divergence trend between FIIs and DIIs

In Equities, Foreign Institutional Investors (FIIs) Dumping and Domestic Institutional Investors (DIIs) Pumping. Driven by positive real interest rates and better growth prospects, mutual fund houses bought shares worth Rs 69267.82 crore since April 2017, the highest-ever equity investment in last six months. Transition of savings from physical assets to financial assets have been supporting the inflows.
FIIs are net sellers to the tune of Rs 56108.86 crore in current Financial Year 2017-18 so far whereas DIIs are net buyers to the tune of Rs 69267.82 crore during the same period.
Participation of domestic investors and mutual funds provides stability to capital market and reduces the dependency on fIIs
At present, mutual funds have about 1.52 crore SIP accounts through which investors regularly

invest in domestic mutual fund schemes. AMFI data shows that the mutual fund industry added about 8.23 lach SIP accounts each month on an average during the Current financial year, with an average SIP size of about Rs 3,250 per SIP account.

(iv) FII / DII Stats

(v) Surge in Foreign Direct Investment (FDI)

The Foreign Direct Investments (FDI) in India have nearly doubled over the past decade to USD 42 billion, which was 1.9 per cent of GDP in Financial Year 2016-17. Post 2014 general election, FDI inflows saw a compound annual growth rate of 11 per cent versus a dip of 6 per cent seen over the previous 5 years. According to Department of Industrial Policy and Promotion (DIPP), the total FDI investments India received during April-June 2017 stood at US$ 14.55 billion, indicating that government's effort to improve ease of doing business and relaxation in FDI norms is yielding results.

Economic Calender

Above all support market and we may able to see new highs on Deepawali 2017.


Tax Dossier

GST – Press Release

GST rates on bunker fuel reduced to 5%
  • Transportation of natural gas through a pipeline would attract five per cent GST without input tax credit and 12 per cent with it.
  • The Council proposed that offshore works contract services and associated services relating to oil and gas exploration and production in offshore areas beyond 12 nautical miles will attract 12 per cent GST.
GST –Press release for GST on Leasing Services
  • Leasing of vehicles purchased and leased prior to July 1, 2017, would attract GST at a rate equal to 65 per cent of the applicable GST rate (including Compensation Cess).
  • Sale of vehicles by a registered person who had procured the vehicle prior to July 1, 2017 and has not availed any input tax credits of central excise duty, VAT or any other taxes paid on such motor vehicles, will also be subject to 65 per cent of applicable GST rate.
  • Rates would apply for a period of three years with effect from 1st July, 2017.

GST Notifications

The government of India has issued notifications on 13th October 2017 on the decision taken in 22nd council meeting of GST. A detail discussion has already made in earlier issue. However the summary in index form is under;-


Obligations For GST

GST Return Filing Due Dates

Forthcoming Events

GST Meet on 9th or 10th November 2017 in Guwahati: Big Agendas
  • Bringing the real estate and petroleum within the ambit of the goods
  • Aadhaar could be made mandatory for buying international air tickets, cars.

GST Update From Abhipra

Now one can download their filed return from GSTN as government has made available post view option of return. However Acknowledge number can not be viewed.


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Income Tax Update

1.DARPAN Registration User Guide
The FCRA department through a public notice dated 04.10.2017 has made it necessary for all FCRA registered associations to register with DARPAN Portal and generate Unique Identification Number.

2. CBDT releases draft Master File and Country by Country Reporting Rules, solicits public comments by October 16, 2017
In line with the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016. Further, Section 92D of the Act was also amended vide Finance Act, 2016 to provide for keeping and maintaining of Master File by every constituent entity of an International Group, which was to be furnished as per rules prescribed in this regard. The draft rules1 in this regard has bee

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