Daily Archives: September 3, 2016

NOC, voyage return & Assessment in case of Foreign Shipping Companies

SECTION 172 OF THE INCOME-TAX ACT, 1961 – NON-RESIDENTS – SHIPPING BUSINESS OF – STREAMLINING PROCESS OF NO OBJECTION CERTIFICATE (NOC), PART CLEARANCE CERTIFICATE (PCC), VOYAGE RETURN AND VOYAGE ASSESSMENT IN CASE OF FOREIGN SHIPPING COMPANIES (FSCs) CIRCULAR NO.30/2016 [F.NO.500/05/2014-FTD-I], DATED 26-8-2016 Representations have been received in the Board regarding the procedural difficulties faced by… Read More »

Black money 300% rise in Raids, Seizures

BLACK MONEY – THREE HUNDRED PER CENT RISE IN RAIDS, SEIZURES PRESS RELEASE, DATED 30-8-2016 The Income Tax department has seized an all-time high value of cash and jewellery, while Rs. 3,360 crore unpaid taxes have been surrendered this year as part of its enhanced crackdown against black money holders in the country. In a… Read More »

Input Tax Credit under GST

Input Tax Credit  provision of GST Input Tax Credit (ITC) is the core concept of GST as GST is destination based tax. ITC avoids cascading effect of taxes. Meaning of Input Tax Credit under GST Input Tax Credit is eligible only when it is credited to electronic credit ledger of taxable person. “Input tax credit”… Read More »

GST Bill set for prez assent, Odisha 16th state to ratify

The Goods and Services Tax (GST) Constitutional amendment Bill crossed an important landmark on Thursday with Odisha becoming the 16th state to ratify the Bill, paving the way for it to get Presidential assent. Aware of the challenges that still lie ahead before the GST regime could be rolled out by April 1, 2017, Finance… Read More »

Small traders to be exempted from GST: Adhia

Small traders having an annual turnover up to Rs. 25 lakh will be exempted from goods and services tax and the Centre and states are likely to agree to this limit, Revenue Secretary Hasmukh Adhia said on Thursday. “There will be an exemption limit for small traders and the limit is likely to be fixed… Read More »

Category: GST

GST bill can now go for Presidential assent: Arun Jaitley

Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation, Finance Minister Arun Jaitley said on Thursday. With Odisha approving the constitution amendment at a special assembly session on Thursday, 50 per cent of the states have ratified the GST bill. “The requisite number of… Read More »

Category: GST

Rajasthan, Puducherry ratify GST Bill

The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament. Speaking on the resolution, Chief Minister Vasundhara Raje said GST will have a very positive impact and states including Rajasthan, will get advantages. – www.business-standard.com[03-09-2016]

Category: GST

Master Direction- Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016

Master Direction- Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17 September 02, 2016 Master Direction- Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 The Reserve Bank of India, (the Bank), in exercise of the powers conferred under section 45JA of the Reserve Bank of India Act, 1934… Read More »

Category: RBI