World Bank Doing Business 2017 Report The World Bank’s annual Doing Business 2017 report released today recognizes India’s achievements in implementing reforms in four of its ten indicators – Trading Across Borders, Getting Electricity, Enforcing Contracts and Paying Taxes. This is the first time in its history that India has been recognized for improvement in… Read More »
CBDT releases data relating to Income Tax Return Statistics for Assessment Years (AY) 2013-14 & 2014-15; Reports containing the data are available at www. incometaxindia.gov.in Central Board of Direct Taxes (CBDT) had proactively released in April, 2016 time-series data relating to direct tax collections, number of taxpayers, cost of collection, etc., data of number of… Read More »
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 25th of October, 2016 Order under section 119 of Income-tax Act, 1961 Subject: Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond the prescribed time in non-scrutiny cases-reg.- It has come to notice that… Read More »
Circulation of Counterfeit (fake) Currency Notes – Public Notice Date : Oct 26, 2016 It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public. We… Read More »
GST LAW & ANALYSIS – WITH CONCEPTUAL PROCEDURES We are pleased to announce release of our book (2nd Edition) on Goods and Services Tax, titled, “GST LAW & ANALYSIS – WITH CONCEPTUAL PROCEDURES” Key features of the Book: Detailed commentary on Model GST Law, Draft GST Business Processes for Registration, Payment, Return and Refunds to encapsulate the provisions… Read More »
CBDT Circulars on TCS / Instructions, FAQ’s on TCS CBDT Circulars on TCS :- CLARIFICATIONS ON AMENDMENT MADE BY FINANCE ACT, 2016 [CIRCULAR NO.23/2016 [F.NO.370142/17/2016-TPL], DATED 24-6-2016] -para 1.1-1 CLARIFICATIONS ON AMENDMENT MADE IN SECTION 206C BY FINANCE ACT, 2016 [ CIRCULAR NO.22/2016 [F.NO.370142/17/2016-TPL], DATED 8-6-2016] para 1.1-2 PROCEDURE FOR ONLINE SUBMISSION OF STATEMENT OF DEDUCTION… Read More »
Who killed GST? It is becoming increasingly clear that what was expected to be a game-changing reform by ushering in the goods and services tax (GST) may end up being closer to a name-changing exercise. This statement is likely to be perceived by some as an exaggeration, but just consider the facts. The proposed GST… Read More »
Arun Jaitely explains rationale behind tax slabs & Cess under GST Hon’ble Finance Minister, Arun Jaitley, explained the rationale behind the two important issues pending before the GST Council. A. Multi Tax structure Food items which constitute nearly 50% of Consumer Price Index basket should be exempt. The object of this is to ensure that… Read More »
Time of Supply Under Model GST Law First let us understand the major difference between current system of tax and under GST Law. Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal Service Tax is charged on rendering services at the time of Receipt… Read More »
Place of Supply of Goods & Services under Model GST Law. In my last article I had written about Time of Supply of Goods & Services under Model GST Law. Now in this article I continue to explain about the provisions of Place of Supply of Goods & Services. Read Place of Supply in GST –… Read More »