Net Indirect Tax collection upto February 2017 stood at Rs 7.72 lakh crore, 22.2% more than the corresponding period last year Net Direct Tax collections upto February 2017 stood at Rs. 6.17 lakh crore, 10.7% more than the corresponding period last year Indirect Taxes The figures for indirect tax collections (Central Excise, Service Tax… Read More »
Submission of old currency notes of Rs. 500 and Rs. 1000; The grace period for Indian citizen residing in India is March 31, 2017 and for Indian citizen resident outside is June 30, 2017 The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 was promulgated by the President of India (GoI Ordinance No. 10 of… Read More »
Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period Income Tax Department (ITD) has initiated “Operation Clean Money” on 31st January 2017 to leverage technology and data analytics for e-verification of cash deposits made during the… Read More »
Roll out of GST-1st July 2017; Draft CGST Law and Draft IGST Law approved in the 11th Council Meeting held on 4 March 2017 The GST Council in its 9th Meeting held on 16 January 2017 took note of the work to be completed for the rollout of GST and after deliberations, agreed to extend… Read More »
Steps taken by Government to curb the generation of black money Action against black money is an on-going process. Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing… Read More »
Lodging of complaints with CBI in cases of fraud /embezzlement by commercial banks and select Financial Institutions Reserve Bank of India (RBI) Master Directions dated 01.07.2016 on Frauds-Classification and Reporting by commercial banks and select Financial Institutions, inter alia, provide as follows, in regard to lodging of complaints with CBI in cases of fraud /embezzlement:-… Read More »
Dissemination of Trends and Results of General Elections of 5 Assemblies to start at 8 am tomorrow through ECI website A Novel Initiative: ECI website to provide Comparative Analysis on Results of 5 Assembly Elections, 2017 with the 2012 polls Election Commission has set up robust, fool proof and secured infrastructure facility for disseminating Trends… Read More »
Guidelines on insurance e-commerce Download
Query: Under GST, if any person is availing Composition Scheme, can he purchase goods and services from unregistered Person ? Answer: A Composition supplier is required to make purchases only from registered taxpayers. In case, a composition supplier makes any purchases from an unregistered taxpayer, he would be liable to pay tax on reverse charge basis on all… Read More »
How to file Last Return Pre- GST, 1st Return in GST and Reconciliation: Pre-GST & post GST Published on Mar 9, 2017 How to file Last Return Pre- GST (Importance of last return under CE, ST, VAT i.e. current regime and relevant reconciliation) 1st Return in GST (Importance of 1st return and automatic etc.) Reconciliation:… Read More »