"04 June 2017" Archive

Summary of 15th GST Council Meeting

Finance Minister Arun Jaitley on Saturday chaired the 15th meeting of the GST Council which has decided tax rates on essential items such as gold, textiles, packaged food, Bidis, Solar panels, Biscuits and footwear among others....

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Beneficial Interest and the concept of property

Through this article, we try and understand a very interesting question of whether beneficial interest can be considered a property. To get a better insight, we first need to understand the concept of beneficial interest in law and what amounts to property....

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15th GST Council Meeting : Key Takeaways

The Council was to decide GST Rates on six categories of commodities like textile, footwear, Biris, Precious metals, Biscuits and Agriculture Machinery. These were kept in pending list while deciding the tax rates on other commodities in the 14th meeting of the council on 18th and 19th May 2017...

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Seamless Flow of Input Credit in GST – A Myth

One of the avowed objectives of introducing GST is to provide seamless chain of input credit system so as to avoid the cascading effect of taxes. However, GST, in present form appears to defy this objective:...

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Decoding GST: Supplying the term “Supply”

Under GST regime taxable event has been codified as Supply. The term Supply has been defined under Section 7 of Central Goods and Services Tax Act, 2016 (CGST) and same is reproduced below for ease of reference. ...

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GST Council finalises tax rates for remaining items, States agree to July 1 rollout

The all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fifteenth time with an agenda to fix the rates for almost all the remaining items, such as precious metals (gold and silver), diamonds, biscuits, textiles, and footwear. ...

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Ease of recovery of debt from A Company against/ goods/services/ loan – Operational / Financial Creditors

In this Flash editorial, the author begins by referring the provisions of Insolvency & Bankruptcy Code, 2016. Further author will discuss how a natural person/ business man/ company can apply for demand of due amount from the Creditors (Companies), what are the terms and conditions for such demand, how much time it will take to recovery o...

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Direct and Indirect Tax Due date calendar- June 2017

Article Compiles month wise Due dates for E-­payment of Service Tax for by Companies, Submission of Form No. 27C (TCS), Payment of TDS/TCS , Return of TDS, DVAT­48, Payment of Advance Income tax by All Assessees (100%)(including 44AD cases), E-­Payment of Provident Fund (PF), TCS Return in form 27EQ, Due date for issue of Form 16B in r...

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ICAI aware of 5 cases against CAs involved in money laundering during Demonetisation

The Institute of Chartered Accountants of India (ICAI) was seized of five cases against Chartered Accountants who have been found advising/guiding in a manner encouraging money laundering during the currency Demonetisation period. ...

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E-Book on Income Computation and Disclosure Standards

It’s my pleasure to publish this e-book on Income Computation and Disclosure Standards. This e-book is an attempt to summarize the relevant provisions of Income Computation and Disclosure Standards in comparison with provisions of Accounting Standards. Relevant sections of Income Tax Act, 1961 are also discussed at appropriate places....

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