Daily Archives: September 7, 2016

Subsidiary company can adopt calendar year as its Financial Year for consolidation of accounts

NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH Universal Robots (India) (P.) Ltd., In re RATAKONDA MURALI, JUDICIAL MEMBER AND ASHOK KUMAR MISHRA, TECHNICAL MEMBER T.P. NO. 99 OF 2016 & CA NO. 109/2(41) CB OF 2016 AUGUST  26, 2016 P.R. Sitaram for the Applicant. ORDER The Petition is filed by the Applicant under Section 2(41) of… Read More »

No need to carry Driving Licenses and Vehicle Registration Certificates !

Driving Licenses and Vehicle Registration Certificates can now be accessed through Mobile App Shri Nitin Gadkari, Minister of Road Transport & Highways and Shipping and Shri Ravi Shankar Prasad, Minister of Electronics & Information Technology and Law & Justice jointly launched a new service – integration of DigiLocker with Driving Licenses (DL) & Vehicle Registration… Read More »

Discussions Begin for Creation of Secretariat to Assist GST Council

The government has begun the groundwork for creation of a secretariat to cater to the Goods and Services Tax (GST) Council, which will be constituted after Presidential assent for the Constitution Amendment Bill enabling implementation of the proposed tax. The government wants the institutional arrangements ready so that the GST Council can start deliberating the… Read More »

Category: GST

States can’t escape adoption of GST

States opposing the goods and services tax (GST), such as Tamil Nadu, would not be able to avoid the indirect tax regime after the Constitution amendment Bill becomes law. The states would, however, be able to adopt a GST structure than is different from the one recommended by the proposed GST Council. The recommendations of… Read More »

Category: GST

Excise, VAT exempted goods by states should be GST exempt: FICCI

India Inc proposed on Tuesday that goods fully exempted from excise duty and VAT by states be categorised as exempted goods in the GST regime, which should be implemented after a minimum of 6 months from the date of adoption of the GST law by the GST Council. “Goods fully exempted from the levy of… Read More »

Category: GST

Capital Gains Accounts Scheme 1988

CAPITAL GAINS ACCOUNTS SCHEME, 1988 [GSR 724(E), DATED 22-6-1988] In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B, sub-section (2) of section 54D, sub-section (4) of section 54F 1[, sub-section (2) of section 54G and sub-section (2) of section 54GB] of the Income-tax Act, 1961 (43 of 1961),… Read More »

Salary received by non-resident in India for services rendered outside India, not eligible for exemption under tax treaty

Salary received by non-resident in India for services rendered outside India, not eligible for exemption under tax treaty: The Chennai Bench of the Income-tax Appellate Tribunal held that a non-resident individual is not eligible to claim any benefit under an income tax treaty. The case is: Swaminathan Ravichandran. Read an August 2016 report of KPMG [PDF… Read More »

Taxability of “free of cost” supplies for GST purposes

Taxability of “free of cost” supplies for GST purposes For purposes of valuing works contracts under the model goods and services tax (GST) law, there can be issues regarding the taxability of “free of cost” supplies.  Read an August 2016 report of KPMG [PDF 319 KB]

Category: GST

Taxability of capital gains, Mauritius investment company

Taxability of capital gains, Mauritius investment company  The AAR determined that the capital gains arising from the transfer of shares is not taxable in India pursuant to Article 13(4) of the India-Mauritius income tax treaty. The case is: Shinsei Investment I Limited. Read a September 2016 report of KPMG

Clarification regarding renting of precincts of religious place meant for general public

F.No. 354/45/2016-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) Circular No. 200/10/2016-Service Tax Dated: 6th September, 2016 To Principal Chief Commissioners of Customs and Central Excise (All) Principal Chief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer… Read More »

Section 124 and Section 125 of Companies act Comes into force w.e.f 07.09.2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th September, 2016 S.O. 2866(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints 7th September, 2016 as the date on which the provisions of section 124, sub-sections (1) to (4), (6)… Read More »

Value of Taxable supply of goods and Services under GST

VALUE OF TAXABLE SUPPLY OF GOODS AND SERVICES UNDER GST Sponsored Book BUY Transaction value is basis for valuation The value of a supply of goods and/or services shall be the transaction value, that is the price actually paid or payable for the said supply of goods and/or services where the supplier and the recipient… Read More »