Daily Archives: November 28, 2016

will there be inspector raj under GST ?

Modi government allays fears of ‘inspector raj’ under GST NEW DELHI: Addressing fears that an “anti-profiteering” clause in the draft goods and services tax (GST) law may spell the return of inspector raj, the Centre stressed that the provision is an enabling element and will be invoked only in the event of significant violations. “The… Read More »

Category: GST

GST- E-commerce firms to deduct TCS

E-commerce firms like Flipkart and Snapdeal to deduct TCS under GST NEW DELHI: E-commerce operators like Flipkart and Snapdeal will have to deduct TCS -1.02 % (tax collected at source) while making payments to their suppliers, according to the new model GST law, which has done away with the definition of ‘aggregator’. Explaining the changes… Read More »

Category: GST

Appeal or inquiry before Appellate Authority or Board under Sick Industrial Companies (Special Provisions) abated w.e.f 01.12.2016

NOTIFICATION New Delhi, the 25th November, 2016 S.O. 3569(E).— In exercise of powers conferred by clause (b) of section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (1 of 2004), the Central Government hereby notifies the 1st day of December, 2016, as the date for the purposes of clause (b) of section… Read More »

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha on 28.11.2016 by Govt of India ; A scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) has bee proposed in the Bill ‘CHAPTER IXA’ . Scheme is as… Read More »

Download /Print – New Taxation Bill 2016 to Tax Unaccounted cash / Deposits

AS INTRODUCED IN LOK SABHA on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL  2016 Bill No. 299 of 2016 FINANCIAL MEMORANDUM This Bill seeks to impose a higher rate of tax and levy of penalty in respect of certain incomes. It also provides for a scheme for payment of tax, penalty and surcharge on the… Read More »

Print-out of GAR 7 Forms /TR6 Challans is not required

Ease of Doing Business further enhanced for the Importers and Exporters by reducing/eliminating physical print-outs/paper documents for customs clearance; These instructions will become operational from 1st December, 2016; Will help the Importers and Exporters to move towards electronic messaging and paper–free environment. The “Ease of Doing Business” will be further enhanced for the Importers and… Read More »

New Taxation Bill to tax undisclosed income introduced in Lok Sabha by India -PMGKY

Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha; A scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) proposed in the Bill. Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden… Read More »

Gold /jewellery holding Limit as per Income Tax Act

what is the current Income Tax regulation regarding gold holdings?   Notification: No. 347(E), dated 20-5-1978 says: Section(s) Referred: 132 ,132(11) Statute: INCOME TAX Date of Issue: 20/5/1978 In exercise of the powers conferred by sub-section (11) of section 132 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies every Commissioner, for the purpose of passing orders on… Read More »

GST Compensation Cess – Key Points

GST Compensation Cess Government of India has come out with GST (Compensation to the States for loss of revenue) bill, 2016 on 25th day of November, 2016. Let us understand the GST Compensation Cess introduced in this bill :- Background of GST Compensation Cess: Since  GST is a destination cum consumption based tax. Hence the revenue from these… Read More »

Services Definition Changed under Revised Draft Model GST Law

Services -Section 2(92) of Revised Draft Model GST Law Services – Section 2(92) of Revised Draft Model GST Law [ Nov 2016] Key Point Draft Model GST Law    Revised Draft Model   Month  of Release June 2016 November 2016 Services  “services’’ means anything other than goods;   Explanation: Services include intangible property and actionable claim but… Read More »

Mixed supply -Section 2(66) of Revised Draft Model GST Law

Mixed supply -Section 2(66) of Revised Draft Model GST Law Section 2(66) of Revised Draft Model GST Law [ Nov 2016] (66) “mixed supply” means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other by a taxable person for a single price where such supply does… Read More »

Composite supply -Section 2(27) of Revised Draft Model GST Law -New Concept

Composite supply -Section 2(27) of Revised Draft Model GST Law Section 2(27) of Revised Draft Model GST Law [ Nov 2016] (27) “composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction… Read More »

Goods Definition changed under Revised Draft Model GST Law

Goods Definition changed under Revised Draft Model GST Law Section 2(49) of the revised draft model and Section 2(48) of Old Model GST Law Key Point Draft Model GST Law  June 2016 Revised Draft Model  Nov 2016 Goods “goods’’ means every kind of movable property other than actionable claim and money but includes securities, growing… Read More »

Revised Draft GST laws address concerns on credit

Draft GST laws address concerns on credit The finance ministry on Saturday released three draft laws for the proposed Goods and Service Tax (GST), addressing most of the industry’s concerns on the efficiency of input tax credit mechanism, but said the final settlement of compensation for states would be subject to CAG vetting the states’ claims… Read More »