"15 June 2016" Archive

Time of Supply Rules under Model GST Law:

Under the new GST Model Law the incidence of taxation is supply of Goods and Services. It becomes important to determine the point of taxation i.e. the time of supply in order to levy the GST upon the assessee....

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Revised Filing fees of e-TDS/TCS, Form 24G & AIR wef 01.06.2016

W. e. f. June 1, 2016, the e-TDS/TCS, Form 24G and Annual Information (AIR) acceptance fees have been revised as under: 1. Statements having up to 100 records:- Rs. 44.00 (inclusive of service tax) 2. Statements having 101 to 1000 records:- Rs. 205.00 (inclusive of service tax) 3. Statements having more than 1000 records:- Rs. […]...

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Barclays launches Rise Mumbai, the new home for fintech in India

Rise, the fintech innovation platform created by Barclays, launches today in Mumbai. Finalists of Risehack, a fintech Hackathon, will present their projects as part of the launch event. Mumbai, 15 June 2016 – Barclays today opened the doors of Rise Mumbai, the latest addition to its network of physical spaces designed to bring together ...

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Learning for CA Students – Should We Go For Satellite Classes

Considering many aspects, it is a matter of confusion for the CA Students specially whether to go for satellite class or face to face class. I am presenting an article in the above mentioned topic so that the confusion among us could be reduced/removed to some extent....

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Latest RBI Bank Rates in Indian Banking – 2016

Repo (Repurchase) rate also known as the benchmark interest rate is the rate at which the RBI lends money to the banks for a short term. When the repo rate increases, borrowing from RBI becomes more expensive. If RBI wants to make it more expensive for the banks to borrow money, it increases the repo rate similarly, if it wants to make it...

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Applicability of IND AS

In pursuance of the Budget statement, the Ministry of Corporate Affairs, Government of India after wide consultations with various stakeholders and regulators, has drawn-up a revised Road Map for companies other than Banking Companies, Insurance Companies and Non- Banking Finance Companies (NBFC’s) for implementation of Indian Accountin...

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Reg. allowing manual sign on digitally signed invoices for Cenvat

F.No.201/04/2016-CX.6 15/06/2016

Representations have been received from the trade requesting for clarification on whether a manufacturer who opts to authenticate invoices with digital signature can simultaneously also authenticate invoices by manual signature. ...

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Exporters claiming Service Tax Refund to file additional documents

Circular No. 195/05/2016-Service Tax 15/06/2016

At the outset, the relevance of the certificate has to be clearly understood. It is not a substitute for verification by the refund sanctioning authority. It will ensure diligence on the part of the claimant and the statutory auditor, which will make him eligible for a provisional payment of 80% of the claimed amount. ...

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Draft Model GST Law on public domain

GST is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and will be one of the most significant tax reforms in the fiscal history of India to consolidate present multiple layers of I...

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Single Window Project- Import consignment Referral to PGAs

F. No. 450/145/2015-Cus-IV 15/06/2016

oard has operationalised the 'Indian Customs Single Window Project' to facilitate trade from 01st April 2016 at all EDI locations throughout India. As a result the importers and exporters electronically lodge their Customs clearance documents at a single point only with the Customs....

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