Corporate Updates – 29-08-2017

DIPP – Consolidated FDI Policy:

With an intent and objective to attract and promote foreign direct investment in order to supplement domestic capital, technology and skills, for accelerated economic growth, the Government has put in place a policy framework on Foreign Direct Investment, which is transparent, predictable and easily comprehensible. This framework is embodied in the Circular on Consolidated FDI Policy, which may be updated every year, to capture and keep pace with the regulatory changes, effected in the interregnum. The regulatory framework, over a period of time, thus, consists of Acts, Regulations, Press Notes, Press Releases, Clarifications, etc. The present consolidation subsumes and supersedes all Press Notes/Press Releases / Clarifications/ Circulars issued by DIPP, which were in force as on August 27, 2017 and reflects the FDI Policy as on August 28, 2017. This Circular accordingly will take effect from August 28, 2017 and will remain in force until superseded in totality or in part thereof. Reference to any statute or legislation made in this Circular shall include modifications, amendments or re-enactments thereof.


The Ministry of Finance has issued a circular relating to the clarification on the classification and GST rate on lottery tickets. In regards to the references being received by the assesses for their inability to upload the return due to discrepancy in code allotted, i.e., lottery is defined as goods but code allotted for lottery is under services, it is clarified that lottery is goods and the classification for lottery in respective CGST, IGST, UTGST and SGST notifications shall be ‘Any Chapter’ of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and tax on lottery should be paid accordingly at prescribed rates, 12% or 28%, as the case may be.

News from NIRC of ICSI

NIRC of ICSI will be organising an One Day Seminar on Contemporary Issues Under Insolvency & Bankruptcy Code (IBC) on Thursday, the 31st August, 2017, from 9.00 AM onwards, at Hotel Holiday Inn, 13A, Mayur Vihar, District Centre, Delhi 11 00 91 (Near New Ashok Nagar Metro Station). Fee: Rs.1600/- per delegate inclusive of GST; FREE for Corporate Members of NIRC. The fee may also be paid through Paytm. Credit Hour:04

Speak Your Mind