Daily Archives: August 5, 2016

Builders Welcome Single Tax Regime of GST

By | August 5, 2016

The Goods and Services Tax (GST) could bring in transparency in the functioning of the real estate sector and even reduce the cost of ownership of homes for buyers, especially if the GST rate is lower than all the current rates put together, said builders and tax consultants. These consultants, however, said there’s one problem… Read More »

Computation of book profit u/s 115JB for Ind AS Companies : Govt Invites Comments

By | August 5, 2016

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. A Committee had been constituted, with the approval of  the Finance Minister,  to suggest the framework for computation of book profit for the purposes of levy… Read More »

Govt fixed Inflation Target of 4% & tolerance level

By | August 5, 2016

Statutory and Institutionalised framework for Monetary Policy; Central Government in consultation with RBI announces the Inflation Target of Four Percent The Finance Minister had announced in his Budget Speech for 2016-17 the Government’s intention to amend the Reserve Bank of India Act, 1934 (RBI Act) to provide for a statutory and institutionalised framework for a… Read More »

RNR- Revenue Neutral Rate and Rates for GST : Committee Report

By | August 5, 2016

Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST) December 4, 2015 Related Post Model GST Law Released by Govt FAQs on GST Released by Govt Book on GST- Complete Guide to Model GST Law- June 2016 Edition GST Registration : Report of Joint Committee on Business Process for… Read More »

GST Refund Process : Report of Joint Committee on Business Process for GST

By | August 5, 2016

REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES Empowered Committee of State Finance Ministers New Delhi August, 2015 Related Post Model GST Law Released by Govt FAQs on GST Released by Govt Book on GST- Complete Guide to Model GST Law- June 2016 Edition GST Registration : Report of Joint… Read More »

Sixth Schedule after Constitution 101st Amendment Bill 2016

By | August 5, 2016

SIXTH SCHEDULE [Articles 244(2) and 275(1)]  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] SIXTH SCHEDULE [Articles 244(2) and 275(1)] PROVISIONS AS TO THE ADMINISTRATION OF TRIBAL AREAS IN THE STATES OF ASSAM, MEGHALAYA, TRIPURA AND MIZORAM ***** Powers to assess and… Read More »

Article 366 after Constitution 101st Amendment Bill 2016

By | August 5, 2016

ARTICLE 366  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 366 Definitions. 366. In this Constitution, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say— (1) “agricultural income” means agricultural… Read More »

Article 279A – Goods and Services Tax Council -after Constitution 101st Amendment act 2016

By | August 5, 2016

Article 279A of Constitution of India 1950  [ Article 279A  Inserted by the Constitution (One Hundred and First Amendment) Act, 2016, w.e.f. 12-9-2016. ] Goods and Services Tax Council. 279A. (1) The President shall, within sixty days from the date of commencement of the Constitution (One Hundred and First Amendment) Act, 2016, by order, constitute a… Read More »