GST has been the preferred mode of taxation of goods and services and has been introduced in more than 140 countries. Most countries have single GST rate, however some countries like Canada & Brazil has dual GST structure. White paper proposes dual structure for GST in India. Standard GST rate in most countries vary between 15-25%.
The chartered accountancy firms of S K Naredi and Ashok Kedia have come under the scanner for their alleged role in the Rs 4,000-crore hawals transaction and illegal investment scam involving Madhu Koda and his associates.The Institute of Chartered Accountants of India (ICAI) has been flooded with complaints of late against a section of CAs relating to their involvement in cases of financial bungling. This stark revelation comes close on the heels of the involvement of the two Jamshedpur-based chartered accountancy firms of Naredi and Ashok Kedia in the now infamous Koda scam.
With lessons from the devastating fire that gutted the IOC depot here at the Sitapura industrial area, the company has decided to begin a safety audit of all its operating depots, terminals and plants in the country. According to N Srikumar, executive director, corporate communication, IOC, the safety and security audit would cover all the 300-plus locations nationwide of the IOC.
WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit reconstruction of individual transactions so as to provide, if necessary, evidence for prosecution of persons involved in criminal activity.
1. Central and state GST will apply on all transaction of goods and services.2. Tax paid as central GST will be allowed to taken as input tax credit.3. State GST will also be allowed to be taken as input tax credit.
Please refer to Paragraph 5 of our circular RPCD.CO.RF.BC. No.95/ 07.38.01/2006- 07 dated May 18, 2007, wherein banks were advised to ensure that the identification code of the bank / branch is embossed on all the locker keys with a view to facilitate Authorities in identifying the ownership of the locker keys.
The Ministry of Commerce and Industry (MCI) had issued a letter dated 20 August 2009 requiring all foreign nationals in India holding Business Visa (BV) and working on project/ contract based assignments in India to return to their home countries on expiry of their BV or by 30 September 2009, whichever is earlier. This deadline was subsequently extended to 31 October 2009 by the Ministry of Home Affairs (MHA).
The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as partnership firms — this would mean taxation of profit in the hands of the entity; the partners will be exempted.
ACES stands for Automation of Central Excise and Service Tax. It is a centralized, web based software application which automates various processes of Central Excise and Service Tax for Assessees and Department, and gives complete end to end solution. Any Assessee can register with Department using ACES application, can file tax return, claims & intimations, track its status and get online messages.
