Cabinet approves cooperation in tax matters with Brics nations

The Union Cabinet on Wednesday gave its approval for the signing of a Memorandum of Cooperation (MoC) in respect of tax matters between India and Brics countries.

The MoC aims to promote cooperation among the Brics revenue administrations on common areas of interest in tax matters and in capacity building and knowledge sharing.

“The MoC will stimulate effective cooperation in tax matters. The collective stand of Brics countries can prove to be beneficial not only to these countries, but also to other developing countries in the long run in tax matters being steered by the G20,” an official statement said after the meeting chaired by Prime Minister Narendra Modi concluded.

Approval on ETF
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved alternative mechanisms for creation and launch of exchange-traded fund (ETF).

It approved taking decision for divestment through ETF out of all the listed public sector enterprises. It also gave its nod for decision through ETF on the divestment in respect of public sector banks, other listed public sector financial institutions and public sector insurance companies.

CGST amendment bill
The Cabinet gave its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017, and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017.