Daily Archives: October 9, 2016

Casual Taxable Person under Model GST Law of India :Guide

By | October 9, 2016

Casual Taxable Person Casual Taxable Person as per Model GST Law (section 2(21) (21) “casual taxable person” means a person who occasionally undertakes transactions involving supply of goods and/or services in the course or furtherance of  business whether as principal, agent or in any other capacity, in a taxable territory where he has no fixed… Read More »

Section – 31D Copyright Act 1957-Licence for broadcasting of literary and musical works and sound recording

By | October 9, 2016

Section – 31D COPYRIGHT ACT 1957 Statutory licence for broadcasting of literary and musical works and sound recording 31D. (1) Any broadcasting organisation desirous of communicating to the public by way of a broadcast or by way of performance of a literary or musical work and sound recording which has already been published may do… Read More »

Service Tax Late Payment Interest Rate 2016-17

By | October 9, 2016

Service Tax Late Payment Interest Rate 2016-17 Service Tax Late Payment Interest Rate from 14.05.2016 Interest payable for delayed payment of Service Tax is 15%. However, if assessee has collected service tax but did not deposit it with Government, interest rate will be 24% – Notification No. 13/2016-ST dated 1-3-2016 effective from 14th May, 2016.… Read More »

Service Tax Registration : A Complete Guide

By | October 9, 2016

Service Tax Registration  Who are the persons liable to pay service tax and take Service Tax Registration Service Tax (Registration of Special Category of Persons) Rules, 2005 have been issued under these provisions. Following will require registration as per the Rules – (a) Input Service Distributors (b) Service provider who is exempt but whose aggregate… Read More »

CBEC Warns Its Employees Over GST Policies Criticism

By | October 9, 2016

New Delhi: The central board of excise and customs (CBEC) has warned its employees of disciplinary action if they indulge in criticism of the government GST policies. The move comes after Indian Revenue Service (Customs and Central Excise) officers and All India Association of Central Excise Gazetted Executive Officers among others suggested changes in Goods… Read More »

Category: GST

Products generated out of ship breaking is not Scrap, Not liable for TCS u/s 206C

By | October 9, 2016

Held A perusal of the paragraph-6 of the above judgment, would indicate that certain items generated out of ship breaking activity might be known commercially as “scrap” but they are not waste and scrap. These items are re-usable as such, and therefore, would not fall within the definition of “scrap” as envisaged in the Explanation… Read More »

Penalty for sec. 269SS violation couldn’t imposed after six months of limitation period

By | October 9, 2016

Provisions of Section 271-D and 271-E of the Income Tax Act were invoked after six months of limitation and, therefore, such penalty could not have been imposed SUPREME COURT OF INDIA Commissioner of Income-tax, Bikaner v. Hissaria Brothers, Hanumangarh Jn. A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NO. 5254 OF 2008 AUGUST  22,… Read More »

Ban on circulation of trading tips via social media – Key Points of SEBI Paper

By | October 9, 2016

Ban on circulation of trading tips via social media The SEBI has issued consultation paper( C larifications to the SEBI (Investment Advisers) Regulations, 2013 ) proposing amendments or clarifications to the investment adviser regulations. The objective of the consultation paper is to specify uniform standards across all the intermediaries/persons engaged in providing investment advisory services irrespective of whether… Read More »

MEF 2016-17 – PART B and PART C is live now

By | October 9, 2016

Dear Professional Colleagues, Season’s Greetings, Sub: PART B and PART C of MEF 2016-17 has been made live till 31st October, 2016 to enable the applicants to fill/edit the same. As you are aware, MEF 2016-17 has been divided into three parts: Part A: For Bank Branch Auditors’ Panel Part B: For Additional information for… Read More »

Registration requirements under GST

By | October 9, 2016

Registration requirements under GST Turnover for GST Registration of New taxable person :– Every supplier shall be liable to be registered under GST in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds Rs 20 lakhs. (as per GST Council decision). However, if supplier is engaged in business… Read More »