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Food processing sector to generate 9 million jobs by 2024: study

Indian food processing sector has potential to attract US$ 33 billion of investment and generate employment of 9 million persons days by FY 2024, said an ASSOCHAM-Grant Thorton Research paper....

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Posted Under: Corporate Law |

Empanelment of CA firms for concurrent audit of Andhra Bank

Andhra Bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor of the bank. Period of the assignment is from April 2017 to March 2018 and the last date for submission of application online is 28.02.2017 ....

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Posted Under: Corporate Law |

TAKE or PAY long term commodities contracts- Ind-As/ IFRS

There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values to...

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Posted Under: Corporate Law |

LLP v/s Private Limited Company – Taxation Comparison

After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

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Posted Under: Corporate Law |

Provisions applicable to “Composition Scheme Dealers” under GST

A registered taxable person can opt for the composition scheme only if his aggregate turnover in the preceding financial year did not exceed Fifty Lakh Rupees (i.e. upto Fifty Lakh)...

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Posted Under: Corporate Law |

Reverse Charge Mechanism and Remission of Tax under GST Regime

At present Reverse Charge Mechanism is applicable in Service Tax for about 15 Services. Cenvat Credit is eligible on eligible services to the Service receiver paid under Reverse Charge, based on the payment challan viz., GAR 7....

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Posted Under: Corporate Law |

Small House Big Tax Benefit

Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this....

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Posted Under: Corporate Law |

Know more on Overseas Direct Investment (ODI) with more & more Indian Co.’s going global

ODI primarily refers to a situation in which an Indian party is willing to acquire stake or some other form of a financial commitment, partially or wholly, in an overseas company....

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Posted Under: Corporate Law |

GST Business Impact Analysis on Manufacturing Companies

Branch and depo transfers will be treated as taxable supplies accordingly IGST will be chargeable on such transfers made from one state to other. It will result in increase in working capital requirements as though the tax paid by receiving unit/depo is allowed as input tax credit but there will be a time gap between the time of payment o...

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Posted Under: Corporate Law |

Comedy of corruption! The curious case of Sale Tax Department

I hurried inside the elevator of the Sale Tax Department among others and breathed in the usual fragrance of tobacco and paan plastered colourfully on the door. ...

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