This is to notify all that Goods and Services Tax (GST) on imports of following services from India to Bhutan are now exempted as per the notification issued by the Central Board of Customs & Excise, Government of India.
(1) GST on import of services from India to Bhutan where payments are made in Indian Rupees are exempted vide notification no. 42/2017-Integrated Tax (Rate) dated 27th October 2017. Kindly refer to www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-42-igst-rate-english.pdf for detail information.
(2) GST on supply of services associated with transit cargo via Indian territories to Bhutan are exempted vide notification no. 30/2017-Central Tax (Rate) dated 29th September 2017. Kindly refer to www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-30-CGST-rate-english.pdf for detail information.
For any other information related to Indian GST, please visit www.cbec.gov.in/htdocs-cbec/gst/index.
2017 Annual Meetings of the World Bank Group and International Monetary Fund (13-15 October, 2017)
The 2017 Annual Meetings of the Board of Governors of the World Bank Group (WBG) and International Monetary Fund (IMF) was held in Washington, D.C., USA from 13-15 October, 2017. The Hon’ble Finance Minister, Lyonpo Namgay Dorji, in the capacity of the Board of Governors to the WBG, led the RGoB delegation.
The Board of Governors of the WBG and the IMF meet once a year to discuss the work of their respective institutions. The Annual Meetings bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern including the world economic outlook, poverty eradication, economic development, and aid effectiveness. The meeting also features seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial system.
On the sideline of Annual Meetings, the RGoB delegation also held bilateral meetings with various donor agencies and senior management of the World Bank Group and IMF and discussed issues of mutual interest. The Hon’ble Finance Minister also had courtesy meeting with Ms. S Aparna Subramani, the Executive Director of the World Bank for India, Bangladesh, Bhutan and Sri Lanka who was recently appointed to the post.
En-route to Bhutan, the Hon’ble Finance Minister attended the RemitBhutan Review Meeting with the Royal Monetary Authority (RMA) delegation on 17th October, 2017 in New York. The Hon’ble Finance Minister also launched the RemitBhutan initiative in United Arab Emirates (UAE) and Kuwait on 19th and 21st October, 2017 respectively in collaboration with the RMA and the financial institutions (BoBL, BNBL, DPNBL, and TBank Ltd).