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Archive: 10 May 2017

Posts in 10 May 2017

Real Estate Regulation Act: Test For The Real

May 10, 2017 2856 Views 0 comment Print

Real Estate Sector has always been in the news for all the wrong reasons. There are thousands of cases where home buyers felt cheated by the Builders / Promoters. However, there was no strong mechanism to discipline the errant developers.

Creating an enabling environment for banking sector

May 10, 2017 579 Views 0 comment Print

The Indian banking scene has undergone a sea change in the last couple of years which can be said to have given us an augmented financial reality. The changes have been in three main directions, though there have been some parallel enabling developments as well. The cumulative and combined impact of these would work out over years to strengthen the financial sector.

CBI arrests Excise commissioner for accepting alleged bribe

May 10, 2017 1989 Views 0 comment Print

The Central Bureau of Investigation has arrested an Assistant Commissioner of Central Excise, LTU, Mumbai and a private person while demanding & accepting an alleged bribe of Rs. 1.25 crore (approx).

MVAT: Ease of doing Business Initiative by Dept. of Sales Tax

May 10, 2017 2787 Views 0 comment Print

Registration process and payment of Fee for registration is end to end online for all the Acts administered by the Department (MVAT Act, CST Act, Entry Tax Act, Profession Tax Act, Luxury Tax Act and Sugarcane Purchase Tax Act.

Changes in definition of inputs, capital goods & input services

May 10, 2017 49620 Views 1 comment Print

As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let’s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions containing specifications and restrictions to items and services on which cenvat can be taken or […]

Forensic Accounting

May 10, 2017 7074 Views 0 comment Print

Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation.

GST on Works contract services

May 10, 2017 196863 Views 95 comments Print

Works contract is a mixture of goods and services but it is neither a composite supply nor a mixed supply as it has been defined as per Sec. 2(119) of CGST Act. As per the said section “ Works Contract” means a contract for building, construction, fabrication ,completion, erection, installation , fitting out, improvement , modification, repair ,maintenance, renovation, alteration, or commissioning of any immovable property wherein transfer of property in goods ( whether as goods or in some other form) is involved in the execution of such contract. Thus even when there is a transfer of property in goods during execution of any works contract , such supply will be included in Works Contract only. For example ,construction of a new building, installation and commissioning of Cooling Towers, etc.

GST, Excise, Service Tax, Customs & VAT updates for April 2017

May 10, 2017 34851 Views 6 comments Print

Rule – making has gained momentum and CBEC has released several draft rules like draft accounts & records rules, draft assessment & audit rules, draft appeals & revision rules, draft advance rulings rules and draft-way bill rules.

Value of Taxable Supply (Transaction Value)

May 10, 2017 18453 Views 1 comment Print

Under Section 4A of the Central Excise Act, the Central Government has the power to notify the goods which shall be valued on the basis of MRP less abatement permitted. However in GST Law there is no provision for determination of value on the MRP basis.

GST: Practical Examples on Various Taxes in Present Indirect Tax System and Tax In GST Scenario

May 10, 2017 7701 Views 3 comments Print

The applicability of various taxes (such as Excise, Custom, Service Tax, VAT and CST) in the present indirect tax system and in the coming GST regime has been explained through this article with the help of examples in each of the situations mentioned below:

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