Coverage of Beedi establishments and workers under EPF & MP Act 1952.

Share this on WhatsApp EMPLOYEES PROVIDENT FUND ORGANIZATION (Ministry of Labor & Employment, Govt. of India) Head Office Bhavishya Nidhi Bhawan, 14, Bhikaji Cama Palace, New Delhi- 110066. No. C-I/3(6)2017/Special drive Beedi Workers/4098                                                                                    Date: 24 MAY 2017 To All Additional Central P.F. Commissioner (Zones) All Regional P.F. Commissioner-I & II-In-charge of ROs. Sub: Coverage of… Read More »

Authority under Prohibition of Benami Property Transactions Act 1988 Notified

Share this on WhatsApp MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 40/2017 New Delhi, the 18th May, 2017 (Income-tax) Authority under the Prohibition of Benami Property Transactions Act, 1988 S.O. 1621(E). – In exercise of the powers conferred under sub-section (2) of section 28 read with section 59 of the… Read More »

Bank of India Empanelment of Concurrent Auditors

Share this on WhatsAppApplication Invited By Bank Of India For Empanelment Of Concurrent Auditors In 157 Branches All Over India. Last date of submission: 05.06.2017 Link to Apply Online Terms for Appointment to be confirmed by Applicant a. Any other firm where my / our proprietor / partner is interested as proprietor / partner shall… Read More »

Addendum to GST Rate Schedule for Goods

Share this on WhatsApp ADDENDUM TO THE GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 18th May, 2017] I. The following amendments / additions are required to be made to the aforesaid document: 1. In S.No.22,- (i) In the Nil rate column, the entry “Tender coconut water put… Read More »

GST: Tax on 90% market value in deal among related parties

Share this on WhatsAppGST: Tax on 90% market value in deal among related parties GST: Tax on 90% market value in deal among related parties Companies can pay goods and services tax on 90% of the market value in case of supply of goods to entities such as subsidiaries, branches and joint ventures, following changes… Read More »

Startup Entity redefined by Govt – Notification

Share this on WhatsApp Startup By following Notification Govt has issued new definition of Start up . For Older Definition of Start up read Notification Dated 17.02.2016 MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 23rd May, 2017 G.S.R. 501 (E).—This notification is being issued in supersession of Gazette… Read More »

400 benami transaction identified by Income tax Department

Share this on WhatsAppIncome Tax Department Steps-up actions under Benami Transactions (Prohibition) Amendment Act, 2016   The Income-tax Department (ITD) has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November, 2016. The Prohibition of Benami Property Transactions Rules, 2016 have been framed in this regard. As per the… Read More »

GST Time of Supply of Goods and Services with Examples

Share this on WhatsAppTime of Supply of Goods and Services under GST Time of Supply of Goods Provisions of Time of Supply of Goods are covered in Section 12 of CGST Act 2017 read with Section 31 of CGST Act 2017 (Tax Invoice) As per Section 12 (2) of CGST Act The time of supply of… Read More »

Low GST Rates for Smart phone , Packaged cement ,Homeopathic , medical devices

Share this on WhatsAppGoods and Services Tax (GST) will lead to lower tax burden in several commodities including packaged cement, Medicaments, Smart phones, and medical devices, including surgical instruments The roll out of Goods and Services (GST) Tax will bring benefits to the consumers due to reduced tax rates on various commodities such as packaged… Read More »

Low GST on Entertainment Services in India

Share this on WhatsAppLower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax Service providers shall be eligible for full Input Tax Credits (ITC) of GST paid in respect of inputs and input services Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been… Read More »

Final GST Rules – 25 Key Points

Share this on WhatsAppFinal GST Rules In its 14th meeting in Srinagar on 18th and 19th May,2017 the all-powerful GST council cleared seven rules pertaining to different aspects of GST. These rules relate to Registration, Input Tax Credit, Payment, Refund, Invoice, Valuation and Composition and have paved the way for the rollout of GST from… Read More »

RBI action plan to implement Banking Regulation (Amendment) Ordinance 2017

Share this on WhatsAppReserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017 Date : May 22, 2017 In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017. 2. The amendments… Read More »

Maharashtra Assembly passes State GST Bill

Share this on WhatsAppThe Maharashtra Assembly passed unanimously the State Goods and Services Tax (GST) Bill today, the last day of a special session of the state Legislature. After the passage of the bill in the Lower House, Chief Minister Devendra Fadnavis thanked everyone for their cooperation. “All political parties had unanimity over the GST… Read More »

GST Tariff -As per GST Council Meeting held on 18th May 2017 Taxmann Book

Share this on WhatsApp GST Tariff-As per GST Council Meeting held on 18th May 2017 Paperback – 2017 by Taxmann (Author) As per GST Council Meeting held on 18th May 2017. Incorporating GST Rates for Services Services under Reverse Charge Exemptions to Services Classification of Services GST Rate for Goods GST rates for Goods with HSN… Read More »

Final GST Registration Rules Approved by GST Council 18.05.2017

Share this on WhatsAppCHAPTER— REGISTRATION [ Final GST Registration Rules 2017 as approved by GST Council 18.05.2017 ] 1. Application for registration (1) Every person (other than a non-resident taxable person, a person required to deduct tax at source under section 51, a person required to collect tax at source under section 52 and a person… Read More »

Final GST Refund Forms Approved by GST Council 18.05.2017

Share this on WhatsAppFinal GST Refund Forms Approved by GST Council 18.05.2017 [ Read Final GST Refund Rules Approved by GST Council 18.05.2017 ] Final GST Refund Forms Approved by GST Council 18.05.2017 Share this on WhatsApp

Final GST Refund Rules Approved by GST Council 18.05.2017

Share this on WhatsAppChapter- REFUND [ Final GST Refund Rules Approved by GST Council 18.05.2017 ] 1. Application for refund of tax, interest, penalty, fees or any other amount (1) Any person, except the persons covered by notification issued under section 55 , claiming refund of any tax, interest, penalty, fees or any other amount paid by… Read More »

GST: No scope for rethinking July 1 deadline, says Arun Jaitley

Share this on WhatsAppThe finer points of India’s new tax regime are in place and the government is adamant on its timely roll-out. Speaking to CNBC-TV18, Finance Minister Arun Jaitley said,”I think we are in a state of readiness. Minister after Minister has met me from the states and said do not blink, stick to… Read More »

Real estate transaction disclosures in India

Share this on WhatsAppReal estate transaction disclosures The draft income computation and disclosure standards concerning real estate transactions is based on a guidance note issued on real estate transactions issued by the Institute of Chartered Accountants of India in 2012. Read a May 2017 report [PDF 372 KB] of KPMG Share this on WhatsApp

Income from sub-licensing of property is not business income

Share this on WhatsAppIncome from sub-licensing of property, held not business income The Supreme Court of India addressed the character of income from the sub-lisensing of retail property, and held that such income was taxable as “house property” income and not business income. The case is: Raj Dadarkar and Associates. Read a May 2017 report [PDF 368… Read More »

Intern visa guidelines by Govt of India

Share this on WhatsAppIntern visa guidelines  The Government of India issued comprehensive guidelines for the intern visa program when the individual is sponsored by an Indian company or an educational institution or a non-governmental organisation. Read a May 2017 report [PDF 304 KB] of KMG Share this on WhatsApp

Matching input tax credit under GST

Share this on WhatsAppMatching input tax credit under GST The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read… Read More »

New GST rules provide clarity on 3 issues

Share this on WhatsAppOn Thursday, the GST Council approved all eight rules, clearing the ground for the rollout of the goods and services tax (GST). A preliminary reading of these rules reveals three significant changes.  [ Final GST Rules Approved by GST Council Meeting held on 18.05.2017 ; Download ] First, the final rules have clarified on… Read More »

Quick guide to India GST rates in 2017

Share this on WhatsAppA quick guide to India GST rates in 2017 The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1. Tax rates have been finalised for 1,211 items with a majority… Read More »

Banks to make Minimum qualifications & experience for CFO and CTO – RBI

Share this on WhatsAppMinimum qualifications and experience for CFO and CTO RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer… Read More »

Partial Credit Enhancement to Corporate Bonds from banks – RBI Guidelines

Share this on WhatsAppRBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements… Read More »

Banking Outlets / Branch Authorisation Policy Guidelines for Banks by RBI

Share this on WhatsAppRationalisation of Branch Authorisation Policy- Revision of Guidelines RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the… Read More »