Daily Archives: June 15, 2016

4/6 laning of Kharar-Ludhiana approved by Govt

Cabinet approves of 4/6 laning of Kharar-Ludhiana Section of NH-95 (New NH-05) in Punjab The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the development of 4/6 laning of Kharar-Ludhiana Section of NH-95 (New NH-05) in Punjab. The cost is estimated to be Rs.2069.70 crore including cost of… Read More »

Time of Supply Rules under Model GST Law

Time of Supply Rules under Model GST Law Under the new GST Model Law the incidence of taxation is supply of Goods and Services. It becomes important to determine the point of taxation i.e. the time of supply in order to levy the GST upon the assessee. Section 3 of the Model Law defines Supply… Read More »

ICAI invites suggestions on draft Model GST Law

The 122nd Constitution (Amendment GST) Bill, 2014 to thoroughly overhaul India’s indirect tax regime has been passed by the Lok Sabha in 2015 and pending with Rajya Sabha for its approval and may be passed in the monsoon session of Parliament. This is a welcome step of the government has released draft Model GST Law… Read More »

Sexual Harassment prevention Notification for all technical Institutions in India

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] MINISTRY OF HUMAN RESOURCE DEVELOPMENT (All India Council for Technical Education) NOTIFICATION New Delhi, the 10th June, 2016 No. F. AICTE/WH/2016/01.—All India Council for Technical Education (Gender Sensitization, Prevention and Prohibition of Sexual Harassment of Women Employees and Students and Redressal of Grievances in Technical Institutions)… Read More »

RBI to issue ₹ 20 banknotes with inset letter ‘S’

The Reserve Bank of India will shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter ‘S’ in both the number panels, bearing the signature of Dr. Raghuram G.Rajan, Governor, Reserve Bank of India. The year of printing ‘2016 ‘ appears on the reverse of the banknotes. The design of these… Read More »

Key Takeaway of ICDS -Income Computation and Disclosure Standard

Income Computation and Disclosure Standard Key Takeaway of ICDS -Income Computation and Disclosure Standard The Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purposes of maintenance of books of account Valuation of… Read More »

SWIFT clearance of consignments related to drugs & cosmetics

Single Window Project – Simplification of procedure in SWIFT for clearance of consignments related to drugs & cosmetics. Circular No. 28/2016-Cus F.No.450/147/2015-Cus-IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, dated the 14th June, 2016 To, All Chief Commissioners of Customs / Customs (Preventive), All Chief… Read More »

Model GST Law Key Points

GST (Goods and Service Tax) Finance Ministry of India has released the Model GST Law on 14.06.216 Key Points of Model GST Law  :- Registration  [Section 19 of Model GST Law ]  Registration :The dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds Rs.9 lakhs. Rs.4… Read More »