Daily Archives: August 6, 2016

9 states may ratify GST Bill withing august 2016

By | August 6, 2016

Senior Union ministers have advised the nine Bharatiya Janata Party (BJP)- ruled states to call special sessions of their legislative assemblies to ratify the Goods and Services Tax (GST) Constitution amendment Bill by the end of this month. The Lok Sabha is slated to debate the Bill on Monday, a discussion in which Prime Minister… Read More »

Category: GST

Exposure Draft on amendment in Ind AS 102 Share Based Payments

By | August 6, 2016

Exposure Draft on amendment in Ind AS 102, Share Based Payments (August 2016) – (04-08-2016) Following is the Exposure Draft of changes proposed in Ind AS 102, Share Based Payments, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this… Read More »

CBDT SOP for Administering Tax Payer Services

By | August 6, 2016

F.No.DIT(TPS-I)/01/2016-17/508 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Directorate of Income-tax (Taxpayer Services-I) New Delhi, the 2nd August, 2016 STANDARD OPERATING PROCEDURES (SOP) FOR ADMINISTERING TAX PAYER SERVICES 1. The Income-tax Department is committed to promote voluntary compliance with the direct tax laws through quality tax payer service.… Read More »

What is Money Bills and Procedure of Money Bills

By | August 6, 2016

Money Bills Definition of Money Bills as per  Section – 110 of Constitution of India 1950 110. (1) For the purposes of this Chapter, a Bill shall be deemed to be a Money Bill if it contains only provisions dealing with all or any of the following matters, namely— (a) the imposition, abolition, remission, alteration… Read More »

GST : Copy of debate in Rajya Sabha on Constitution Amendment Bill relating to GST

By | August 6, 2016

UNCORRECTED DEBATES RAJYA SABHA THE CONSTITUTION (ONE HUNDRED AND TWENTY-SECOND AMENDMENT) BILL, 2014 -(CONTD.) 03.08.2016 2-3PM (115 Kb) 3-4PM (161 Kb) 4-5PM (116 Kb) 5-6PM (158 Kb) 6-7PM (164 Kb) 7-8PM (190 Kb) 8-9PM (147 Kb) 9-10PM (138 Kb) 2-3PM 3-4PM 4-5PM 5-6PM 6-7PM 7-8PM 8-9PM 9-10PM

What to Check before depositing your money in any Scheme ?

By | August 6, 2016

1. Which entities are authorised to raise deposits from public? The entities authorised to accept deposits are given in the table as below: Sr. No. Category Regulator Additional Comments 1 Commercial and Cooperative Banks Reserve Bank of India (RBI) All Commercial and Co-operative Banks are entitled to accept deposits 2 Non-Banking Finance Companies (NBFCs) RBI… Read More »

RBI new website ‘ सचेत ‘ -Sachet- to stop Illegal Collection of Deposits

By | August 6, 2016

Date : Aug 04, 2016 RBI Governor launches Website ‘सचेत‘ to curb Illegal Collection of Deposits “Initiating quick follow up and taking cases to logical conclusion by punishing the guilty is paramount to deter entities in future from carrying out unlawful activity. I hope ‘Sachet’ would help regulators in doing this as much as it… Read More »

Govt Schemes for Promotion of food processing sector in India

By | August 6, 2016

Schemes for Promotion of FPIs For promotion and development of food processing sector in the country, the Ministry of Food Processing Industries is implementing a number of Central Sector Schemes, namely (1) Scheme for Mega food Parks; (2) Scheme for Modern Abattoirs; (3) Scheme for Integrated Cold Chain and Value Addition Infrastructure; (4) Scheme for… Read More »

Poor saving habit of Indians

By | August 6, 2016

Poor saving habit A survey by HSBC (Hong Kong and Shanghai Banking Corporation Limited) named ‘Generations and Journeys’ observed that “a large number (47 per cent) of working age people in India have either not started saving for their retirement or have stopped or faced difficulties while saving for their future.” The report also observed… Read More »

Defence University bill goes online

By | August 6, 2016

Defence University bill goes online The idea of a National Defence University was first conceived in 1967. It was later recommended by Kargil Review Committee and Group of Ministers in 2000. Land for setting up of the Defence University was acquired at Manesar in Dist Gurgaon in September 2012. Part infrastructure development has commenced on… Read More »

Goods and Services Tax Council Purpose under GST

By | August 6, 2016

Goods and Services Tax Council ( As per Proposed  ARTICLE 279A of Constitution) Time for Constitution of Goods and Services Tax Council 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 Council to be called the Goods and Services Tax… Read More »

GST is transactional tax can be implemented from mid of year also : FM

By | August 6, 2016

Theoretically GST can be introduced by October: Arun Jaitley, Finance Minister In an exclusive chat with Supriya Shrinate of ET Now, Finance Minister Arun Jaitley says so far the empowered committee has exhibited good leadership, it has functioned well and once it converts itself into a GST Council, things should become better. Edited excerpts Supriya… Read More »

Category: GST

GST Impact on Inflation in India

By | August 6, 2016

GST to push up inflation in the short term While the finance ministry has sought to allay fears that the implementation of the goods and services tax (GST) will have an impact on inflation, analysts remain sceptical. “Implementation of the GST in the near term could bring some upturn in inflation,” said Morgan Stanley in… Read More »

GST to boost Hospitality and luxury industry

By | August 6, 2016

Proposed GST Rate at 18% to Boost Luxury Retail, Hospitality Sectors Hospitality and luxury industry experts have said implementation of GST (goods and services tax) will benefit the sectors by lowering costs for consumers and facilitating seamless movement of products across the country. The Rajya Sabha on Wednesday voted to approve a constitutional amendment that… Read More »