New Updates 16th June, 2016

News Updates dated 16th June, 2016

• ·   The Ministry of Finance has released the “Model GST Law” after getting basic in principle approval from Empowered Committee of State FMs.
  

  
  

  ·   CBEC vide Notification No. 86 /2016-CUSTOMS (N. T.) dated 15^th June, 2016 notified regarding fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Gold and Sliver.

  
  

  ·  Notification 17/2009-ST requires proof that specified services were received by exporter claiming refund of service tax paid; hence, where documents show that services were received by a third party and not by assessee, then, assessee cannot claim refund of service tax paid on such services: Mumbai-CESTAT.

  
  

  ·    The Union Cabinet on Wednesday cleared the new Civil Aviation Policy, paving the way for better regional connectivity and making it easier for new airlines to fly abroad by amending the controversial 5/20 rule. Now, Domestic carriers will no longer have to operate for five years before they can fly abroad. They, however, will still have to deploy 20 aircraft or 20% of total capacity in India, whichever is higher.

  
  

  ·      Union Cabinet on Wednesday gave a go-ahead to merger of State Bank of India (SBI) with its five associate lenders and Bharatiya Mahila Bank. The Combined entity would create a financial sector powerhouse, with total assets worth Rs. 29.7 lakh crore.

  
  

  ·    The US Federal Reserve left its key interest rate unchanged on Wednesday as expected, but signalled that it still plans two rate increase this year. The US central bank also lowered its economic growth forecast for 2016 and 2017.

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