SPICe (INC-32) Vide the Companies (Incorporation) Amendment Fifth Rules, 2016 dated 29th December 2016, INC-2 is deprecated and INC-7 shall be used for incorporating Part I Companies and companies with more than seven subscribers only. The revised INC-7 shall be made available on the portal for filing purposes w.e.f 15th January 2017. For incorporating OPCs… Read More »
Furnishing of Permanent Account Number or Form 60, as the case may be, on or before 28th February, 2017 is made mandatory for persons having an account with banking company or a cooperative bank to which Banking Regulation Act 1949 applies. 15th January 2017 is the due date for submitting Form 61 where the aggregate… Read More »
To ensure implementation of GST by 1st April, 2017, Central Board of Excise & Customs (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax assessees to GST from today. A 24×7 Helpdesk (Through Toll-Free number and Email) started for the purpose. Central Board of Excise & Customs (CBEC) has initiated the… Read More »
Levy & Collection of GST under Reverse Charge Section 8(3) of Revised Model GST Law, 8. Levy and Collection of Central/State Goods and Services Tax 3) The Central or a State Government may, on the recommendation of the Council, by notification, specify categories of supply of goods and/or services the tax on which is payable on… Read More »
Applicability of Contract Labour (Regulation and Abolition) Act, 1970 has been changed from 20 Employees to 50 Employees for the state of Maharashtra vide Contract Labour (Regulation and Abolition) (Maharashtra Amendment) Act, 2016. Related Notification is as follows :- In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of… Read More »
No additional levy on use of cards at petrol stations says Petroleum Minister MoS (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan said neither the customers nor petrol pump dealers will bear additional charges on digital transactions at petrol stations. He said that the Government had issued guidelines in February 2016 stating that the… Read More »
Migration of existing taxpayers to GST in India Section 166 of Revised Model GST Law 166 . Migration of existing taxpayers to GST (1) On the appointed day, every person registered under any of the earlier laws and having a valid PAN shall be issued a certificate of registration on a provisional basis in such… Read More »
LOK SABHA SECRETARIAT NOTIFICATION New Delhi, the 7th January, 2017 No. 37/1/(XI)/2017/T.—The following order by the President dated the 7th January, 2017 is published for general information: “ In exercise of the powers conferred upon me by clause (1) of article 85 of the Constitution, I hereby summon the Lok Sabha to meet at New… Read More »
Works contract under Revised Model GST Law Works Contract definition under Revised Model GST Law Section 2(110) of Revised Model GST Law, (110) “works contract” means a contract wherein transfer of property in goods is involved in the execution of such contract and includes contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance,… Read More »
Direct Tax and Indirect tax collection April 2016 to December 2016 Tax collection figures for the period April -December 2016 show a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25% over the corresponding period last year i.e. April-December 2015 Direct Tax and Indirect tax collection figures for the period… Read More »