"09 October 2016" Archive

Time of Supply Under Model GST Law

Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal. Service Tax is charged on rendering services at the time of Receipt of Payment, raising of Invoice / Completion of Services, whichever is earliest. VAT & CST on sale of goods, transfer of property....

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SPICE: Simplified Proforma for Incorporating Company Electronically

An appreciable step is taken by Ministry of Corporate Affairs by introducing E-Form INC-32 under SPICE scheme vide MCA's notification dated 01/10/2016 notifying Companies(Incorporation) Fourth Amendment Rules, 2016. SPICE means Simplified Proforma for Incorporating Company Electronically....

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CENVAT Credit -Transitional Provision under GST

This article will provide you information with respect to following questions for transitional CENVAT credit under GST 1) Who may transfer CENVAT credit under GST? 2) How CENVAT Credit shall be transferred under GST? 3) What are the eligible Duties and Taxes for transferring under GST?...

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Why I decided Not to Buy & subsequently not use Foreign Brands?

The fascination of buying an imported product has always been associated with the fact that it is grown or produced in a particular country and transported to us. However, in the present age one of the facts that many people do not understand or probably do not know is that MOST of these foreign branded products operate in a franchise mod...

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Liability to be registered under GST

Every supplier shall be liable to be registered under GST in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds Rs 9 lakhs. However, if supplier is engaged in business from North Eastern States including Sikkim then this threshold will be Rs. 4 lakhs....

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Impact of GST on Ongoing Tendering & Existing Purchase Orders in PSUs

GST which is a tax on goods & services, is expected to be rolled out from April 01, 2017. It subsumes 17 different Indirect Taxes, both at Central and State level. Basic Custom Duty on import of goods shall continue. However, there will be a levy of IGST in lieu of extant Countervailing Duty (CVD) and Special Additional Duty of Customs...

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Impact of GST on Income Tax Act 1961

GST is pegged to be one of the biggest game changers for Indian economy, making India one unified common market. The April 1, 2017, rollout deadline for the new indirect tax regime looks tough but not impossible and both the states and Centre are ready in terms of preparedness. It will subsume all the taxes currently under the indirect ...

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Guide to Seek Clients for New Chartered Accountants in Practice

First question that comes in fresher chartered Accountant’s mind who is planning to start his own practice is How to get the work. Believe me, getting work is not very difficult task, provided you have good contacts and references. And contacts can be developed over a period of time, until then you must have patience. ...

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MEF Empanelment 2016-17- Part B & C made live till 31.10.2016

Dear Professional Colleagues, Season’s Greetings, Sub: PART B and PART C of MEF 2016-17 has been made live till 31st October, 2016 to enable the applicants to fill/edit the same. As you are aware, MEF 2016-17 has been divided into three parts: Part A: For Bank Branch Auditors’ Panel Part B: For Additional information for […]...

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FM invite Suggestions regarding changes in direct & indirect taxes

Your suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any other information to support your The request for correction of inverted duty structure, if any for a commodity, should necessarily be supported by value addition a...

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