GST Council, in its meeting held on March 4, 2017 has approved the Draft CGST Bill and the Draft IGST Bill. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the on-going Budget Session.
ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be taxable in the hands of the assessee as Long Term Capital Gain
Anti Profiteering Measure (APM) is governed by section 163 of revised model GST law. As per section 163, every registered person is required to pass on the complete benefit accruing on account of additional input tax credit or reduced tax rate to the next level of supply chain.
Indian Vocational Education and Training (VET) and general education is in the process of reform and has under gone a number of changes which has seen the system open up to greater participation from industry through the introduction of a National Skills Qualifications Framework (NSQF).
Proceeding to take cognizance of a report submitted by SEBI the Council of the Institute of Chartered Accountants constituted a Disciplinary Committee, forming a prima-facie opinion that the respondent was guilty of professional misconduct. Proceedings were initiated by the Disciplinary Committee.
Latest data suggests signs of recovery of Indias exports. December 2016 is the continuous 4th month when merchandise exports registered positive growth. Despite weak global demand, India’s overall Trade figures also look good, helped by the strong net foreign exchange earnings from the IT-led Services Export Sector.
Recently, members are raising concerns regarding the problem faced by them in resolving the grievances in respect of Communication/ Order/ Notices received by the assessees from Centralised Processing Centre (CPC) Bengaluru.
India’s service sector has been a major driving force in the growth of the economy. In 2015, India’s trade in services was valued at $277 billion, with $155 billion worth of export and $122 billion worth of imports. With a share of 3.3 per cent in world export and a share of 2.7 per cent in world imports, India was ranked the 5thlargest exporter and 6th largest importer of commercial services.
The Constitution contemplates various scenarios in which a Governor can exercise his discretion dehors the aid and advice of the Council of Ministers, as for example, the powers under Article 174(2): dissolution of legislative assembly; Article 356: advising the President for proclamation of emergency; Article 167: calling for information from the Chief Minister etc, Article […]
In GST regime tax incidence will arise when supply is happened but a supply will be subject to Central GST (CGST)/State GST (SGST) or Integrated GST (IGST) that will be decided on the basis classification of Inter-state or Intra-state supply.
