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Tax Incidence on Entertainment Services under GST

Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been subsumed under GST except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality....

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Note on Tax on Important Commodities under GST

Cement: Packaged cement attracts central excise duty of 12.5% + Rs.125 PMT and standard VAT rate of 14.5%. At these rates, the present total tax incidence works out to more than 29%. If we include tax incidence on account of CST, octroi, entry tax, etc., the present total tax incidence would work out to more than 31%. As against this, the...

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Simplifying the GSTIN data collection

One of the most important tasks in getting prepared for GST is updating the vendor and the customer master with their GST registration number. This is a big task for many large companies which have thousands or even tens of thousands of records to update....

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Online Certification Course on GST Jointly by GST Professionals & Taxguru.in

It gives us immense pleasure to inform you that GST Professionals and TaxGuru.in are jointly hosting Online Certification Course on GST across India for the benefit of professionals and stakeholders at large....

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ICAI form group to look into issues related to Change in Constitution of Firm

ICAI has decided to form a group for reviewing the decision regarding noting of change in constitution on account of leaving of partner of firm and allied issues with the following members:...

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GST to be biggest achievement of Modi Govt; fin inclusion, digital other big milestones: ASSOCHAM

As the Narendra Modi is about to complete three years in office, its biggest achievement on economic front would be the Goods and Services Tax which is near a roll-out, while financial inclusion, digitization and public investment on infrastructure like railways and power distribution are perceived as other credible steps for structural c...

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Director of Visakhapatnam hotel arrested for failure to pay Service Tax

Managing Director of a popular hotel of Visakhapatnam was arrested and remanded to judicial custody today for the failure to remit to the government an amount of Rs. 3 crores of service tax which was collected during the years 2011-16....

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EVM Hack Challenge by Election Commission of India

EVMs can be opened and only visually inspected during Challenge-II as this is allowed during First Level Check (FLC). However, EVMs cannot be opened during Challenge- I as EVMs are always kept sealed after the Poll till counting in actual poll scenario....

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Comments/ Suggestions Invited for Existing Virtual Currencies Framework

The circulation of Virtual Currencies which are also known as Digital/ Crypto Currencies has been a cause of concern. This has been expressed in various fora from time to time. Reserve Bank of India had also cautioned the user’s, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operatio...

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Have new NPA norms for Wholesale Long Term Finance Bank: ASSOCHAM to RBI

ASSOCHAM has approached the RBI with a plea that the provisioning criteria for the non-performing assets (NPAs) in the case of proposed Wholesale Long- Term Finance (WLTF) banks should be based on stress tests of each of the funded projects, unlike the present standard provisioning norms due to a different nature of the long term, big tic...

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