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 »
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 »
Invitation to join Taxheal.com panel of esteemed authors / Submit Articles Taxheal .com would like to invite Authors to join our esteemed panel of Authors. The Authors who like to be Part of Taxheal .com and get their article published on our website can mail their article to us and we will publish the same… Read More »
A picture is going viral on whats app regarding summon from Income Tax to banks to disclose amount deposited in Jan Dhan Accounts, PAN, A/c no., Name, Address etc. ITN. S-…… Summons to Assessee/Witness under Section 131 of the I.T. Act,1961 To. ……………………….. ……………………….. ……………………….. ……………………….. Whereas your attendance is required in connection with the… Read More »
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 »
Value of taxable supply – Section 15 of Revised Draft Model GST Law Section 15 of Revised Draft Model GST Law [ released by CBEC on 25th Nov 2016 ] Value of taxable supply (1) The value of a supply of goods and/or services shall be the transaction value, that is the price actually paid… Read More »
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 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 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 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 »