Daily Archives: September 5, 2016

GST in renewables : Consultation is must

GST in renewables: Consultation is the need of the hour India recently passed the Constitutional Amendment Bill 2014, also known as the GST (Goods and Services Tax) Bill. The 122nd amendment to the Indian Constitution is the first step that the country is taking towards simplifying the taxation regimen. The GST, once implemented, will be… Read More »

Category: GST

Demands and Recovery under GST

DEMANDS AND RECOVERY UNDER GST BUY Demands for tax short paid or not paid or erroneously refunded ( Clause 51 of Model GST Law) Since tax is payable on self assessment basis, it is possible that the taxable person may not have correctly paid the tax or may not have paid the tax at all.… Read More »

Category: GST

Dr. Urjit R. Patel takes over as RBI Governor

Date : Sep 05, 2016 Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office. Among his assignments… Read More »

Category: RBI

6th FAQs on Income Declaration Scheme 2016 released by Govt

Income Declaration Scheme 2016 – Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions (FAQs) The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into… Read More »

One Nation, One Tax : GST

The next challenge in GST’s path is the formation of a council that will decide rates and rules, as the GST Bill has been passed by several Assemblies. A status check of the planned indirect tax regime: Source http://www.business-standard.com/September 5, 2016  

Category: GST

We want capping of GST rate in law

‘We want capping of GST rate in law’ September 5, 2016 More than half the states have already passed the Constitution amendment Bill on GST. Do you think the GST could now be rolled out on April 1, 2017, as targeted by the government? Since the Bill has been passed and ratified by the required… Read More »

Category: GST

Euthan asia of manufacture in GST

I have designed the expres sion euthanasia of manufacture from the Keynesian concept of euthanasia of the rentier. The concept of manufacture was born in 1944 when the Central Excise Act came into being and died in 2016 when the goods and services tax (GST) was introduced. So, it was 72 years old when it… Read More »

Category: GST

Govt notifies salary & service rules of Insolvency and Bankruptcy Board

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 29th August, 2016 G.S.R. 831(E).—In exercise of the powers conferred in clause (zd) of the sub-section (2) of section 239 read with sub-section (5) of section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following rules, namely:— 1.… Read More »

Govt notifies draft Proposal to revise minimum rates of wages

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 1st September, 2016 S.O. 2835(E).— In exercise of the powers conferred by clause (b) of sub-section (1) of section 3 read with clause (i) of sub­section (1) of section 4 and clause (b) of sub-section (1) of section 5 of the Minimum Wages Act, 1948 (11… Read More »

Spot Price Polling Mechanism

CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/78 September 02, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Dear Sir / Madam, Sub: Spot Price Polling Mechanism 1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable… Read More »

Clarification under Maharashtra Settlement of Arrears in Disputes Act 2016

Office of the Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR No. VAT/MMB-2015/47/2016-17/ADM-8 date 3rd September, 2016. Trade Cir. No. 24T of 2016 Subject : Clarification under Settlement of Arrears in Disputes Act, 2016 Ref: (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circular No.… Read More »

MVAT: Registration through e-Seva Kendra and help desk

Office of the Special Commissioner of Sales Tax, 3rd  floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To No: MAHAVIKAS/e-Service Centres/e-Seva kendra/B-573 Trade Circular No. 23T of 2016 Date: 02/09/2016 Subject: Facility to submit the application for registration through e-Seva Kendra and help desk for new return submission. Background: The Department of Sales Tax has taken various… Read More »

Cost Recovery charges to be deposited by Custodians in Customs facilities

F. No. 8/B/16/ HRD(EMC)/CRB/2016 Directorate General of Human Resource Development Customs & Central Excise (Expenditure Management Wing) C-4 (West Wing), IRCON Building, District Centre, Saket, New Delhi-110 017 Date: 31.08.2016 To The Chief Commissioner of Central Excise, (Bhopal/ Chennai/Cochin/ Coimbatore/ Jaipur/ Meerut/ Mumbai-INagpur/ Pune/Visakhapatnam Zone) The Chief Commissioner of Customs, {Ahmedabad/Bengaluru/Chennai/Delhi/Delhi (Prev.)/Mumbai-II/Thiruchirappalli (Prey.) Zone} Sir/Madam,… Read More »

Assessment and Audit under GST

ASSESSMENT AND AUDIT UNDER GST BUY Meaning of assessment “Assessment” means determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment – clause 2(12) of GST Model Law, 2016. Assessment means determining the tax liability. ‘Assess’ in a taxing statute means the computation of the income… Read More »