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Archive: 07 October 2016

Posts in 07 October 2016

Notification No. 48/2016-Central Excise (N.T.) dated 07.10.2016

October 7, 2016 1960 Views 0 comment Print

Government of India Ministry of Finance (Department of Revenue) Notification No. 48/2016 – Central Excise (N.T.) New Delhi, dated, the 7th October, 2016 In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes amendments in the notification of the Government of […]

Mesne Profits are out of NET

October 7, 2016 8875 Views 3 comments Print

The profit accrued to a person on his wrongful possession of a property is deemed to be mesne profits. Mesne Profits are profits of land taken by a tenant in wrongful possession from the time that the wrongful possession commenced to the time of the trial of an action of ejectment brought against him.

Flowchart on registration process under GST

October 7, 2016 19237 Views 0 comment Print

GST has received a green signal and is soon be a part of almost all day to day transactions. The first step of compliance under GST regime would be REGISTRATION under the CGST and SGST Act. A person liable to be registered shall get himself registered under the SGST Act of the respective states in which he carries on his business and also under CGST Act. Registration shall be obtained within 30 days from the date it becomes liable to be registered.

Input Tax Credit! A Boon or bane in GST? Let’s find out…

October 7, 2016 3361 Views 0 comment Print

Apart from the US Presidential Elections& POK Issues, the only thing making headlines lately is Goods & Services Tax. Since the passing of Constitution Amendment Act, 101st; there have been lot of speculations in the market w.r.t. GST Law;how it will pan out,what the modalities are and most importantly how an Aam Aadmi willget impacted.

Key Highlights of Draft GST Rules

October 7, 2016 3985 Views 0 comment Print

CBEC has recently issued 5 set of Draft rules on Registration, Invoice, Payment, Refund, and Return. These 5 set of rules has been approved by GST Council on its 2nd meeting held on 30th September 2016. Key Highlights of these rules are as follows:

How to study for November, 2016 IPCC

October 7, 2016 3493 Views 0 comment Print

How to study : 1. One has to keep in mind from day 1 that he is going to prepare for both the groups. 2. If you fail to plan, you plan to fail. 3. Have weekly target preparations. 4. In morning read law or Audit . Apart from this everyday one has to read costing / fm theory in the morning.,

GST council – Actions taken and agenda

October 7, 2016 1864 Views 0 comment Print

As per the Constitution as amended, GST Council is required to be Constituted under article 279A of the Constitution which was so done by the President on 12th September, 2016 vide Notification dated 10.09.2016. New Article 279A of the Constitution was notified to come into force w.e.f. 12.09.2016 and vide Notification dated 15.09.2016, the President of India Constituted the GST Council.

Delhi VAT- Speedy disposal of all refund claims

October 7, 2016 868 Views 0 comment Print

In terms of section 38 of the DVAT,Act 2004 and rules made thereunder, all refund cases pertaining to the wards/zones are required to be disposed off by the concerned Ward Incharge/Zonal Incharge within the stipulated period of two months. In the wake of ever-increasing pendency of Refund cases, directions of the Hon’ble High Court and with a view to provide impetus to the disposal of Refund cases so as to put them on fast track,

Claims Tribunal constituted under provisions of Motor Vehicles Act, 1989 has no power and jurisdiction to review its award on merits, but the Tribunal can review its award to correct procedural as well as inadvertent mistake and in case of fraud.

October 7, 2016 3843 Views 0 comment Print

The short question that emanates for consideration in these revisions is whether the Claims Tribunal constituted under the provisions of the Motor Vehicles Act, 1989 has power and jurisdiction to review its award on merits.

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