Man behind the machine must also be well oiled. This has been the mission of the NDA government since last three years. When weapon systems and equipments worth millions of dollars are acquired, Jawans and Officers taking care of them for their effective use during combat, must also be hale and hearty.
SC upheld constitutional validity of the Maharashtra Value Added Tax (Levy, Amendment and Validation) Act, 2009 which amended certain provisions in the Maharashtra Value Added Tax Act, 2002 (MVAT Act) with retrospective effect from April 01, 2005.
The only contention and which has prevailed throughout is that the departmental catering service being a property of the Union of India through General Manager, Western Railway, it squarely falls within the exemption provision and particularly carved out by Article 285 of the Constitution of India. That exempts property of the Union from the State taxation.
At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as the assessee is required to discharge tax and is also required to file final return under section 40 of the Revised GST Law.
Input tax credit on input, input services and capital goods is the most contentious issue where always are lot of litigation on admissibility . This is common problem in case of lack of clarity of the provisions and rules under the existing indirect tax as well like Excise , Service Tax and VAT.
As GST implementation date approaches it is time that businesses get ready for it. There are few important things that businesses need to take care of before the implementation date to be GST ready.
In this editorial, the eligibility and conditions for taking Input Tax Credit under Central Goods and Services Tax Act, 2017 is being covered. The aim is to decipher various aspects of Input Tax Credit.
Since GST is all set to roll out in July 1, 2017, the major and important task is to Register under GST and while registering, one should be very careful, as registration can be cancelled as well, if the proper procedure is not followed.
This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department’s approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by the Department for future use and guidance.
Article Provide an overview of share of cash deposits (during the period 9thNov to 30thDec 2016) for various taxpayer and business segments.
