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The Special Judge, CBI cases, Dehradun (Uttarakhand) has today sentenced Shri Vikash Jatav , then Inspector, Central Excise, Roorkee to undergo seven years Rigorous Imprisonment with total fine of Rs.20,000 in a bribery case.
Recently, while dealing with the situation with regard to adjournment of Annual General Meeting (hereinafter referred to as AGM) due to lack of quorum availability, OR inadequacy to conduct AGM due to non-availability of audited accounts, few concepts were discussed about its practicality and possibilities.
Section 42 (4) Audit by a chartered accountant or a cost accountant- Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement under sub-section (2) of section 30 and such other documents in the form and manner as may be prescribed in this behalf.
The Jewellery sector plays a significant role in the growth of Indian economy. It is contributing around 6-7 per cent in the pool of country’s GDP (Gross domestic product). This is the fastest growing sectors and is extremely export oriented and labour intensive. It is creating a high degree of potential for the value addition and growth of the country.
Petroleum Products is currently out of the GST ambit ,However, petroleum and petroleum products shall only be subject to GST later depending on the GST Councils recommendation. States will continue to have power to impose sales tax on sale within state on petroleum products & alcoholic liquor for human consumption vide Entry no 54 of List II of Seventh Schedule to COI. Simultaneously
ITAT, Bangalore held that, in the instant case, since consultant doctors were paid fixed remuneration and the working conditions were under supervision and control of the hospital authorities, services were rendered by the doctors, in the nature of employee. Hence, payments were subject to TDS under section 192 of the Act.
On 14th June Model draft of GST was published. If read properly one will realise that there are more thorns than roses. GST Council is now in place and will discuss and finalise the Model GST Act. This is right time to examine, discuss, represent and if necessary oppose the unjustifiable provisions proposed in Model draft.
Provided that in the case of a company existing on the commencement of the Act, the particulars as available in the register of members maintained under the Companies Act, 1956 shall be transferred to the new register of members in Form No. MGT‐1 and in case additional information, required as per provisions of the Act and these rules, is provided by the members such information may also be added in the register as and when provided.
Under the proposed GST Law, tax components could be CGST/SGST/IGST. CGST & SGST is leviable on intra-state supplies whereas IGST is levied on inter-state supplies. CGST represents tax belonging to Central Government; SGST represents tax belonging to respective State Government and IGST represents a tax levied and collected by the Central Government which would be containing share of both the Central and the State Government.
The Existing Model of Input Service Distributor (ISD) for the purpose of distribution of input credit on services has been adopted in the Model GST Law with modifications to align the concept with the framework of GST law
