Powers, authority and responsibilities of Municipalities, etc. 243W. Subject to the provisions of this Constitution, the Legislature of a State may, by law, endow— (a) the Municipalities with such powers and authority as may be necessary to enable them to function as institutions of self-government and such law may contain provisions for the devolution of… Read More »
For Hurricane Preparedness Week: IRS Offers Tips to Taxpayers Preparing for Hurricanes, Floods and Other Natural Disasters IRS YouTube Videos Preparing for Disasters: English | Spanish | ASL WASHINGTON —With Hurricane Preparedness Week, May 7 to 13, now in progress and the start of the Atlantic hurricane season looming on June 1, the Internal Revenue… Read More »
Revenue Procedure 2017-38 modifies Rev. Proc. 2017-3, 2017-1 I.R.B. 130, which sets forth areas of the Internal Revenue Code (Code) on which the Internal Revenue Service (Service) will not issue letter rulings or determination letters (no-rule areas). It will appear in IRB 2017-22 dated May 30, 2017.
IRS Video Tax Tip : Preparing for Disasters Here is a video tax tip from the IRS: Preparing for Disasters English | Spanish |ASL
Determination of value in respect of certain supplies Rule 6 of draft GST Valuation Rules provides for different mechanisms for valuation in various cases like value of supply of services in relation to purchase or sale of foreign currency, including money changing, booking of tickets for travel by air provided by an air travel agent,… Read More »
Value of supply in case of supply between distinct persons or related persons Rule 2 [Draft Valuation Rules ] provides for a mechanism to arrive at a value in case of distinct persons and related persons by following the same options as available in Rule 1. Issue While supply between distinct persons being covered by this… Read More »
Delete the term ‘open market value’ from GST Valuation Rules Draft Valuation Rules introduces a new concept of ‘open market value’, to be the first value to be applied in case a transaction does not satisfy the requirements of Section 15 Issue It is a new and untested concept and is not even based on… Read More »
ICAI Submitted its Suggestions on GST Rules April 2017 Indirect Taxes Committee THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on Draft Rules of Composition Input Tax Credit Rules Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice,Debit… Read More »
IGST & Procedures (Payment, Return, Refund) on 02.05.2017 by Indirect Committee of ICAI Other Related GST Video Related Post on GST Free Video GST Video -Live Webcast on Input Tax Credit & ITC Rules on 24th April, 2017 GST Video – Major Changes in existing CE & ST regime Vs proposed GST regime GST Video-… Read More »
Advantages of GST in India Here is the list of Advantages of GST in India Advantages of GST in India for Citizens: (i) Simpler tax system (ii) Reduction in prices of goods and services due to elimination of cascading (iii) Uniform prices throughout the country (iv) Transparency in taxation system (v) Increase in employment opportunities Advantages of… Read More »