Daily Archives: October 13, 2016

GST Suvidha Provider (GSP)

By | October 13, 2016

GST SUVIDHA PROVIDERS (GSP): ILLUSTRATED FRAMEWORK (BUILDING OF GSP ECO SYSTEM) Background The Goods and Services Tax constitutional amendment having been promulgated by the Govt of India, the rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC… Read More »

GST Network to launch registration portal

By | October 13, 2016

Existing taxpayers can enrol and submit their details to ensure seamless tax payment, returns and refunds on the website, to be opened in November New Delhi: Goods and Services Tax Network (GSTN), the company tasked with setting up the information technology backbone for the ambitious indirect tax reform, will open a website for the registration… Read More »

Go for lower GST rates: Arvind Subramanian

By | October 13, 2016

We should go for lower GST rates: Arvind Subramanian October 13, 2016 We should go for lower GST rates: Arvind Subramanian, Chief Economic Adviser NPA continues to remain a challenge for Chief Economic Adviser Arvind Subramanian, who in a free-wheeling interview to ET, talks about a fix and how GST could serve its purpose if… Read More »

Category: GST

MCA to withdraw old incorporation Form INC-29 from November 1, 2016

By | October 13, 2016

MCA to withdraw e-Form INC-29 (Integrated Incorporation Form) with effect from November 1, 2016. Accordingly, INC-29 will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions with effect from November 1, 2016. Stakeholders are requested to plan accordingly and use SPICe (Simplified Proforma for… Read More »

License fee for liquor vending would not fall within section 43B

By | October 13, 2016

IN THE ITAT BANGALORE BENCH ‘C’ Elite Enterprises v. Income-tax Officer, Ward 1, Puttur VIJAY PAL RAO, JUDICIAL MEMBER AND INTURI RAMA RAO, ACCOUNTANT MEMBER IT APPEAL NO. 1738 (BANG.) OF 2013 [ASSESSMENT YEAR 2007-08] AUGUST  26, 2016 Balram R. Rao, Adv. for the Appellant. Sunil Kumar Agarwal, JCIT (DR) for the Respondent. ORDER Vijay… Read More »

Computerized machines are not Computers, 60 % Depreciation not allowed

By | October 13, 2016

Held Increasingly organizations are moving towards computerized integrated manufacturing, where more and more computers, robots, and microprocessors are used in conjunction with the machines. But the machines cannot be called as computers even though computer is an integral and dedicated part of the whole machine. That computer in the machine cannot be used for any… Read More »

Draft rules for application for corporate insolvency resolution process released

By | October 13, 2016

DRAFT FOR PUBLIC COMMENTS  INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 In exercise of the powers conferred under sub-section (2) of section 7, sub-section (1) of section 8, sub-section (2) of section 9, sub-section (2) of section 10, sub-sections (1) and (2) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31… Read More »