Yes. However, most of the services provided by the Government or local authorities are in the negative list. Rationale behind taxing certain activities of the Government or local authorities. Only those activities of Government or local authorities are taxed where they compete with private entities. The rationale is as follows- to provide a level playing field to private entities in these areas as exemption to Government in such activities would lead to competitive inequities; and
The manner of treatment of such composite transactions for the purpose of taxation, i.e. are they to be treated as sale of goods or provision of service, has been laid down by the Hon’ble Supreme Court in the case of Bharat Sanchar Nigam Limited v. Union of India [2006 (2) STR 161 (SC)]. The relevant paras 42 and 43 of the said judgment are reproduced below
Empanelment with Indian Institute of Management Ranchi for Account related work Last Date for Application 30.04.2012 Download Full Press Release from Indian Institute of Management Ranchi for Full Details on above
It has been decided to carry out consequential amendments to Clause 41 of the Listing Agreement regarding interim disclosure of financial results by listed entities to the stock exchanges, which has been drawn from the format under Schedule VI of the Companies Act, 1956. Accordingly, the format for the said disclosure has been given in Annexure.
Invitation for empanelment as Resource Persons for the programmes to be organized by the Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF&SMP). The Committee for Capacity Building of CA Firms and Small & Medium Practitioners(CCBCAF&SMP) of the Institute of Chartered Accountants of India proposes to organize the following programmes during the year 2012-2013 which are broadly relevant to the Members of ICAI in Practice.
SMEs are universally acknowledged as major contributors to Gross Domestic Product (GDP) and even larger contributors to exports and employment. SMEs play a critical role in the economic and social development of emerging markets by creating jobs and generating income for low-income groups. This fosters economic growth and social stability, and also contributes to the development of a dynamic private sector.
Growth is likely to improve moderately in 2012-13. While inflation has moderated, risks to inflation are still on the upside. Accordingly, monetary policy needs to support growth without inflation and external imbalances by excessively fuelling demand.
The purpose of these regulations is to provide for a standard proposal form for individual policies in Life Insurance that has an inbuilt flexibility for seeking additional /specialized information that is product specific or specific to a particular risk category. The regulations provide for a standard format that consists of four parts, namely (A) Details of the prospect (B). Specialised/Additional information. (C). Needs of the prospect. (D). Recommendation, apart from the required declarations. Sections A, C and D are standard and compulsory and Section B may be modified as required. A separate form is to be collected for each individual life proposed.
Rajasthan government has changed the rates of exemption fees relating to works contracts of various nature w.e.f. 01st April, 2012. This will have high implication on applications for exemption fees for works contracts made after 1st April, 2012. Following is an analysis of the same.
Transfer of Right to use goods for cash, deferred payment or valuable consideration is considered as deemed sales under sub-clause (d) of Article 366(29A) of Constitution of India and also consequently under Punjab VAT Act and CST Act liable to VAT and CST respectively. Right to use of tangible goods service has also been brought under service tax net by the Finance Act, 2008, w.e.f 16-05-2008 vide notification No. 18/2008-ST, dated 10-05-2008.whereby taxable service has been defined u/s 65(105)(zzzzj) of Finance Act, 1994 to mean as
