Daily Archives: October 15, 2016

Constitution 101st Amendment Act 2016 -GST

Constitution 101st Amendment Act 2016 Constitution 101st Amendment Act 2016 was notified . Relevant provisions are :- Article 246A after Constitution 101st Amendment Act 2016 Article 248 after Constitution 101st Amendment Act 2016 Article 249 after Constitution 101st Amendment Act 2016 Article 250 after Constitution 101st Amendment Act 2016 Article 268 after Constitution 101st Amendment… Read More »

Infographics on Taxable event under GST (India)

Taxable event under GST (India) Read for Complete Analysis Taxable Event in GST (India) Free Education Guide on Goods & Service Tax (GST) SR No Topic -GST Resources 1 Model GST Law Model GST Law 2 GST Overview Goods and Services Tax (GST): An Overview Integrated Goods & Service Tax (IGST) Act Overview Meaning and Scope… Read More »

GST- All tax exemptions will move to refund mechanism

Government works on ironing out benefits refund mechanism for exporters Oct 15, 2016, NEW DELHI: A new plan is in the works to help exporters shift smoothly to a refunds-based mechanism when the goods and services tax (GST) kicks in. At present, exporters get tax sops upfront. India’s exports sector is facing pressure due to… Read More »

Category: GST

GST may trigger consolidation in warehousing space

GST may trigger consolidation in warehousing space The goods and services tax (GST) regime could usher in consolidation in the Indian warehousing space, property consultants and analysts said. With the government pushing for an April 2017 rollout of the single tax structure, many manufacturers who had built or leased warehouses in nearly every state to… Read More »

Category: GST

CAIT backs penalty waiver in first 3 years of GST rollout

Traders body CAIT on Friday proposed that the government should waive penalties on compliance errors during the first three years of rollout of the goods and services tax (GST) regime. Observing that it would be difficult for anyone to evade taxes under the new framework, CAIT said even the instances of under-invoicing will gradually wane… Read More »

Category: GST

GST rate on polluting items may be higher: FM Arun Jaitley

He said large commitment from the developed countries to provide funding for climate change financing is not sufficient to meet the sustainable development goals and that the multilateral agencies also need to chip in. “Even now there is a debate as to nature of the USD 100 billion (that the developed world has committed for… Read More »

Category: GST

Integrated GST (India) -IGST: Analysis

Levy and Collection of Tax Under IGST Key Points about Integrated GST /IGST Chapter III of the Model IGST Law (THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016 provides for levy and collection of tax (IGST) Section 4 is the charging section for levy of IGST {  corresponding to section 6 of CST Act, 1956 }… Read More »

UP VAT : Update PAN till 31.10.2016 or cancellation of TIN

Uttar Pradesh Goods & Service Tax (UP GST) : For migration to GSTN: PAN Card to be updated by 31.10.16 by all assesse else TIN Shall be cancelled. Circular No. 1617038 dated 07.10.2016 has been issued for PAN – TIN – GSTN. UP GST: As GST would be applicable from 1st April 2016, data of current… Read More »

Effect of GST on Employment Contracts

Model GST Law may redefine employer-employee relationship Unlike in current scenario where provision of service by employee is excluded from definition of service, under the Model GST Law, employee service has not been excluded from the ambit of supply of service. October 14, 2016 There is a growing sense of optimism on GST as India… Read More »

US- Position on Unilateral APA Applications Involving Maquiladoras

IRS Announces Position on Unilateral APA Applications Involving Maquiladoras WASHINGTON –– The Internal Revenue Service today announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria (SAT) under… Read More »

Category: USA

Handbook -CA Professionals & SMEs in Make in India

ICAI initiative for the publication of the book titled ‘CA Professionals & SMEs in Make in India: A handbook for the Practitioners ‘CA Professionals & SMEs in Make in India: A handbook for the Practitioners’: An Initiative of the Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI The Committee for… Read More »

Web portal for Senior Members of ICAI for flexi working hours assignment

ICAI initiative for creating a portal for Senior Members of ICAI www.seniormembers.icai.org A portal for Senior Members of ICAI www.seniormembers.icai.org: An Initiative of the Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI The Committee has developed a website namely seniormembers.icai.org. The website provides a platform for senior members of ICAI… Read More »

Concessional Loan for lady members of ICAI

 ICAI initiative for the arrangement of Specialised Loan for members of ICAI and Concessional Loan to lady members of ICAI Specialized loan scheme for Members of ICAI: An Initiative of the Capacity Building of Members in Practice (CCBMP), ICAI Capacity Building of Members in Practice (CCBMP), ICAI has taken a major initiative for arranging specialized… Read More »

Householder’s Insurance for Chartered Accountants

Householder’s Insurance for Members of ICAI Householder’s Insurance for Members of ICAI: An Initiative of the Capacity Building of Members in Practice (CCBMP), ICAI The Capacity Building of Members in Practice (CCBMP), ICAI has taken a major initiative for arranging in the form of specially designed Householder’s Insurance through The Oriental Insurance Company Limited, New… Read More »

Bullion as collateral, SEBI modified condition for clearing member

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/112 October 14, 2016 To, The Managing Directors / Chief Executive Officers NationalCommodity Derivatives Exchanges Sir / Madam, Sub: Bullion as collateral 1. Vide circular no. CIR/CDMRD/DRMP/01/2015 dated October 01, 2015SEBI had specified comprehensive risk management framework for national commodity derivatives exchanges including norms on collateral that can be accepted by Exchanges from their… Read More »

Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUBSECTION (ii)]  Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 126 /2016-CUSTOMS (N.T.) New Delhi, 14th October, 2016 22 Asvina, 1938 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of… Read More »