High Court of Madras has held that if, upon a misconception of the legal position, the assessee had paid the tax that he was not liable to pay and such assessee also happens to be an assessee entitled to certain Cenvat credit, the availing of the said benefit cannot be termed as illegal.
This analysis is all about impact of GST (Goods and Services Tax) on Indian economy in terms of job market. Before analyzing impact of GST on economy, we will have look on background and need of GST for India. Despite the success of VAT, there are still certain shortcomings in the structure of VAT, Both at the Centre and at the State level.
This act may be called the Central GST Act, 2016 (CGST) / State GST Act, 2016 (SGST). It extends to the whole India. In case of SGST, to the respective state. CGST/SGST will be levied on all intra-state supplies of goods/ services. Goods mean every kind of moveable property other than actionable claim and money but includes securities, growing crops, grass and things attached to or forming part of the land which are agreed to be served before supply of under the contract of supply.
Bracing to roll out the new Indirect tax regime — Goods and Services Tax (GST) from April 1, 2016, the Central Government on June 17, 2015 announced the setting up of two Committees to suggest tax GST rates and to look into IT preparedness for GST. The Government has entrusted Chief Economic Advisor, Dr. Arvind Subramanian—head of one of the two panels—with the task of proposing a Revenue Neutral Rate (RNR), or a rate at which there will be no revenue loss to States under the proposed GST regime.
The learned Additional Solicitor General has stated that the matter of allotment of residential accommodation to members of the ITAT shall be dealt with fairly and on a priority basis. We are of the view that the same principle should be followed for the future so as to obviate writ petitions being
SEBI notified the regulatory framework for issue and listing of corporate bonds through SEBI (Issue and Listing of Debt Securities) Regulations, 2008. This regulatory framework prescribed a disclosure based regime, whereas the earlier regime required mandatory investment grade rating for public issues. The total primary market issuance has increased from Rs.1,74,781 crore in 2008-09 to Rs. 4,13,558 crore in 2014-15.
A green bond is like any other bond where a debt instrument is issued by an entity for raising funds from investors. However what differentiates a Green bond from other bonds is that the proceeds of a Green Bond offering are ‘ear-marked’ for use towards financing ‘green’ projects.
In the case of Principal Commissioner of Service Tax V/S Tops Security Ltd , it was held that an appellate authority cannot at the appellate stage give the option to an Assessee to pay the reduced penalty within a time that is beyond what is stipulated in the third proviso to Section 78 (1) of the Finance Act, 1994.
Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submits its Report to the Finance Minister; On the Revenue Neutral Rate (RNR), the Committee recommends the same in the range between 15 percent and 15.5 percent (Centre and states combined) with a preference for the lower end of […]
Some sections of the media have reported that Government will directly intervene to monetize the gold held by charitable, religious and other institutions. It is clarified that this is complete misinformation. The Gold Monetization Scheme is entirely voluntary and it is for individuals, institutions and others to take their own decision to monetize the gold held by them under the Scheme.
