Traders call to exempt tea from levy of GST Tea traders here today appealed to the Centre to exempt tea from levy of the proposed Goods and Services Tax (GST) and remove it from the list of taxable items under the GST Act. If total exemption was not possible, at least tea should be exempted… Read More »
Timely GST implementation, stance of the new Monetary Policy Committee and continued improvement in corporate earnings are the key triggers for equity markets, said Sanjay Kumar, CIO, PNB Metlife, in an interview with Shilpy Sinha. He said any surprise at the FOMC meeting may negatively impact foreign portfolio inflows, thereby hurting the risk-on rally in… Read More »
“The order for hardware was placed in August this year after the Constitution Amendment Bill was cleared by Parliament slightly behind our expectation of placing the hardware order by December last year,” said Navin Kumar, Chairman, Goods and Services Tax Network (GSTN). In an interview withBusinessLine, Kumar, who is overlooking the rollout of the IT… Read More »
Chavan Points Out `Errors’ in GST Notification; Govt Sees No Problem Former Maharashtra CM Prithviraj Chavan has claimed the finance ministry made an “error“ while notifying date of applicability of sections of the GST Constitution Amendment Act in the state. He said local body tax and Octroi collection (in Maharashtra) must stop and collections since… Read More »
With the CPI(M)-led LDF government in Kerala yet to ratify the GST constitutional amendment bill, state Finance Minister T M Thomas Isaac today protested against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23. In a Facebook post, he said Kerala has strong objections to… Read More »
Kerala Finance Minister TM Thomas Isaac has raised concern over the Union Government’s unilateral ways in GST implementation. “The upcoming GST council’s agenda does not even mention the word consensus in the implementation of the new tax regime. But the document has a detailed account of conducting voting for taking decisions,” he said in a… Read More »
Held when an assessee is suffering huge losses for over a period of time, it has to be assumed that they have genuine hardship and that genuine hardship can be redressed or avoided only on payment of the amount which is legally due to them. Of course, the delay is also a matter which is… Read More »
Radisys India (P.) Ltd. v. Income-tax Officer, Ward- 5 (1), Bangalore , JUDICIAL MEMBER AND ABRAHAM P. GEORGE, ACCOUNTANT MEMBER ABRAHAM P. GEORGE IT (TP) APPEAL NOS. 345 & 371 (BANG.) OF 2015 [ASSESSMENT YEAR 2010-11] SEPTEMBER 4, 2015 Smt. Mahaveer C. Jain, CA for the Appellant. Sunil Kumar Agarwal, CIT-DR-I for the Respondent. ORDER… Read More »
Held The only issue to be resolved is whether the assessee would be entitled to claim deduction for the employees’ contribution made to PF after the due date prescribed under the PF Act, but before the due date prescribed for filing of income-tax return in the light of the provisions contained in section 36(1)(va) of… Read More »
Steps to Implement GST in Business There are several steps that businesses may consider for GST readiness and they include: Map the current business transactions and over lay the GST footprint to assess impact of new law Take impact mitigation measures by restructuring transaction flows and / or supply chain Redesign the processes in line… Read More »