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The Reserve Bank of India has directed all banks to participate in the special clearing operations on March 31 with a view to clear all government accounts. The central bank, in a notification, said special clearing will be conducted at all clearing houses across the country on March 31 to facilitate accounting of all government transactions for the current financial year 2017-18 which ends on Saturday (March 31).
Reliance Jio Prime programme, which was announced by the company last year, will come to an end on March 31, 2018. With the subscription expiry approaching, it is expected that Jio would make an announcement sometime soon. While there is nothing official yet, it is expected that the company might completely do away with the Prime subscription or offer it as a free service.
Several Budget proposals, including the reintroduction of tax on long term capital gains (LTCG) exceeding Rs 1 lakh from sale of shares, will kick in from April 1, the beginning of 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on a turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement, will come into effect from Sunday.
The E-Way Bill, which is an electronic ticket for movement of goods worth over ₹50,000 for distances above 10 km as part of the Goods and Services Tax, will be rolled out for inter-State transport from April 1. For intra-State movement of goods, the E-Way Bill system is expected to be introduced in a phased manner from April 15. Software for the E-Way Bill is being developed by the National Informatics Company and is being monitored by the GSTN.
The Corporate Affairs Ministry has notified Indian Accounting Standard (Ind AS) 115 which would be effective from the new financial year, starting Sunday. According to experts, Ind AS 115 will help in more transparent accounting of revenues and have an impact on companies operating in diverse sectors, including technology, real estate and telecom. The objective of Ind AS 115 is to establish the principles that an entity should apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
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