One Person Company [OPC] allows a sole person to incorporate a company on its own with concessional/relaxed requirements under Companies Act
SUBJECT to Cooperative Societies and LIMITED to Maharashtra State Jurisdiction, only. (REFER Section 30 r/w Rule 25 r/w model bye-law no. 32 to 37, under the Maharashtra Cooperative Societies Act & Rules (MCS Act).
It is pertinent to note that person operating under composition scheme will not be entitled for input tax credit and also the tax paid under composition scheme will not be admissible as credit to the recipeint.
GST Council members debated on Model Central/State legislation and finally, Council reached a broad consensus on draft of CGST and SGST
India is going through one of the major reform in tax system since independence i.e. Goods & Service Tax(GST). GST GST will replace 17 indirect tax levies and compliance costs will fall.
Sec 145A(a)(ii) has no applicability on service revenue which follows that service revenue need to be inclusive of service tax. It also held that service tax which has not even been claimed as deduction cannot be disallowed by recasting profit and loss account of assessee.
Government directs GCMMF/Amul to ensure 100% milk producers accounts to be opened by 30th December, 2016. Co-operatives have been directed to ensure the opening of 100% accounts of milk producers/farmers by 30th January, 2017
Now there no need to take NCLT approval for prescribed Merger(s)/Amalgmation for certain type of companies including small companies as Fast Track Merger (FTM) is notified now.
Insolvency code offers a lot of opportunities for the professionals of the 3 prestigious institutes i.e. the ICAI-CMA, ICAI-CA & ICSI.
Demonetisation is simultaneously a threat, a challenge and an opportunity .This bold step must yield target dividends unless further supported by many more revolutionary reforms Government must take may be in a phased manner but with more preparedness, integrity and strong political will power .
