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"20 June 2017" Archive

Cabinet Secretary reviews preparedness for smooth roll-out of GST

Cabinet Secretary reviews preparedness for smooth roll-out of GST with effect from 1st July, 2017; Asks Secretaries of different Departments and CMDs of CPSUs to take full responsibility of their respective stake-holders and ensure the successful implementation of the GST. ...

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Road and Railway to be exempted under GST regime: ASSOCHAM plea to Govt.

In view of the long gestation period and showing negative returns, industry body ASSOCHAM has suggested that infrastructure and transportation such as road and railway sectors should continue to be exempted under Goods and Services Tax (GST) regime....

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Celebrate your life without any fear with Bajaj Allianz Life Insurance

Insurance touches the lives of everyone, it is vital that as a customer you not only enhance your wealth but also stay committed to your long-term goals. You might have plans for yourself or your dear ones. Hence, it makes absolute sense in preparing well in advance with saving plan blended with the benefits of life insurance cover. ...

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Jharkhand Goods and Services Tax Rules, 2017

Notification No. S.O. 28 (20/06/2017)

In exercise of powers conferred by section 164 of Jharkhand Goods and Services Tax Act, 2017 (Act No. 11 of 2017), State Government hereby makes Jharkhand Goods and Services Tax Rules, 2017...

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Withdrawn of Application- After Admission – NCLT – INSOLVENCY CODE

Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata)

NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....

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GST gives big relief to small traders / manufacturers / restaurants

Manufacturer/ Service Provider/Trader whose annual turnover is below Rs, 20 Lakh* need not pay any GST and need not register. Those with annual turnover up to Rs. 75 lakh can opt for composition scheme in which case the tax rates will be as follows:-...

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National Anti-Profiteering Authority / NAPA – GST

Section 171 of the CGST Act says that any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit (ITC) shall be passed on to the recipient by way of commensurate reduction in prices....

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GST implications for sale of repossessed assets

Lending is always to good borrowers but often the good borrowers become bad borrowers. Thus, the business of lending brings with it the trouble of enforcement of security interests as well. The repossession of the collateral asset and eventual sale for recovery of the losses due to default are a common phenomenon in lending business. This...

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Process of Strike off of Limited Liability Partnership (LLP)

In this Flash editorial, the author begins by referring the provision of the LLP Act, 2008 concerning to Strike off of LLP. In case the LLP wants to close down its business or where it is not carrying on any business operations, it can make an application to the Registrar of Companies for declaring the company as defunct and removing the ...

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Tax Provisions for Housing Finance Companies (HFCs)

The Income Tax Act, 1961 does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of the Income Tax Act, ...

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