India Development Foundation of Overseas Indians India Development Foundation of Overseas Indians (IDF-OI) is a not-for-profit Trust set-up by the Government of India to facilitate philanthropic contributions by Overseas Indians to social and development projects in India. IDF-OI is chaired by External Affairs Minister, Smt. Sushma Swaraj yesterday Presently, IDF-OI is promoting flagship programmes of… Read More »
Manufacturer under Revised Model GST Law, Definition of Manufacturer under Revised Model GST Law Section 2(63) of the Revised Model GST Law provides that :- (63) “manufacturer” shall have the meaning assigned to it by the Central Excise Act, 1944 (1 of 1944); Revised Model GST Law, :Repeal and saving Further, Section 164 of the Revised Model GST… Read More »
7 th Schedule of Constitution of India 1950 SEVENTH SCHEDULE (7 th Schedule of Constitution of India After Constitution (One Hundred and First Amendment) Act, 2016.) [Article 246] List I – Union List of 7 th Schedule of Constitution of India Defence of India and every part thereof including preparation for defence and all such… Read More »
Taxation of Electricity under GST Regime Definition of Goods under Revised Model GST Law Section 2 (49) of Revised Model GST Law, defines goods (49) “ goods’’ means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to… Read More »
Aggregate Turnover under GST Definition of Aggregate Turnover under Revised Model GST Law Section 2(6) define Aggregate Turnover under Revised Model GST Law as follow :- “Aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of goods and/or services and inter-State supplies of a person having the same PAN, to be computed on all India basis… Read More »
Handbook of GST in India: Concept and Procedures 28 Dec 2016 This book comprehensively discusses provisions contained in the Constitution (101st Amendment) Act, 2016, Model GST law and various Draft Rules and Formats released by the Government so far. The book has been written in a manner which would help professionals in getting a better… Read More »
40 days see Rs 3Lakh crore put into 2 cr new accounts, says FIU data Forty days witnessed over two crore new bank accounts, and over Rs 3 lakh crore new deposits — that’s the big bang demonetisation impact. Data from the Financial Intelligence Unit (FIU) show that between November 15 and December 25, 2016,… Read More »
Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017. Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No.60 (where PAN is not available) in all existing… Read More »
Check posts under GST Regime Check posts hamper smooth movement of goods in India and is regressive in nature. Section 80 of Revised Model GST Law indicate that there will be check post even after GST regime in India. Section 80 is reproduced below :- Inspection of goods in movement (1) The Central or a State Government… Read More »
GST Issue :- Recipient has to keep track that Supplier pays tax to claim ITC (Input Tax Credit ) On an analysis of Section 37 read with Section 16 of the Revised Model GST Law, relating to matching, reversal and reclaim of input tax credit the following facts emerge: a. Every inward supply of a… Read More »