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"24 May 2017" Archive

Revised law for Issue of summon and notice under PMLA

Notification No. G.S.R.515 (E) (24/05/2017)

(1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer....

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Time of supply of services – A drafting anomaly

The Goods and Service tax is going to the single biggest reform in Indirect Taxes of Independent India. It is going to radically change the way business is done in the country and is going to have a far reaching impact on our economy. The parliament has already cleared the Central Goods and Service Tax Bill among three others on 6th April...

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Posted Under: Finance |

Analysis of Term ‘Consideration’ defined in GST

Consideration in relation to the supply of goods or services includes (a) any payment made or to be made, whether in money or otherwise, in respect of ,in response to, or for the inducement of , the supply of goods or services, whether by the recipient or by any other person but shall not include any subsidy given by the Central Governmen...

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Posted Under: Finance |

GST: Some brief point to get the feel of new regime

Central Excise is levied on ‘manufacture of goods’, VAT / CST is levied on ‘sale of goods’ and service tax is charged on ‘service provided or agreed to be provided’ whereas under GST laws it is “Supply” which would be taxable event....

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Posted Under: Finance |

All about Registration of Charge under Companies Act, 2013

Charge is The right of Bank/Financial Institutions who lend funds to a company to receive money from the company's assets if the debt is not paid on time. As per section 2(16) of the Companies Act, 2013 define charges as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as securi...

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Posted Under: Finance |

GST will trouble accounting and financial reporting?

Currently, accounting treatment of various indirect taxes varies based on their nature and point of levy. Under IND AS, excise duty is included in revenue, since it is a production-based tax. Sales tax and VAT is not included in revenue, since it is levied at the time of sales....

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Posted Under: Finance |

Procedural Aspects for Lower or NIL TDS rate on Sale of Property by Non-resident Indian (NRI)

The benefits of obtaining a lower rate TDS certificate are enormous. It saves interest on monies that would otherwise get blocked, and also the mammoth hassle of obtaining refund at a later stage. However, there are very people who are availing this facility successfully. There is a plethora of theory on internet on this subject; however,...

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Posted Under: Finance |

Major achievements of Govt Social Security and Credit Schemes

Through its Major Schemes, Department of Financial Services is ensuring financial inclusion, providing social security to the people as well as providing credit to various sections of the society. The major achievements of various schemes under the Department are highlighted below...

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Posted Under: Finance |

Online Empanelment with Bank of India for Concurrent Audit

Application Invited By Bank Of India For Empanelment Of Concurrent Auditors In 157 Branches All Over India. Last date of submission: 05.06.2017...

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Posted Under: Finance |

Addendum to GST Rate Schedule For Goods

The list of goods for which the GST rates are yet to be decided by the GST Council, the following entries may be added: (i) Cereals and flour put up in unit container and bearing a registered brand (ii) Puja samagri including havan samagri will be under Nil category. However, the exact formulation for the same is yet to be finalised....

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Posted Under: Finance |
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