"24 May 2017" Archive

Revised law for Issue of summon and notice under PMLA

Notification No. G.S.R.515 (E) 24/05/2017

(1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer....

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Time of supply of services – A drafting anomaly

The Goods and Service tax is going to the single biggest reform in Indirect Taxes of Independent India. It is going to radically change the way business is done in the country and is going to have a far reaching impact on our economy. The parliament has already cleared the Central Goods and Service Tax Bill among three others on 6th April...

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Posted Under: Finance |

Analysis of Term ‘Consideration’ defined in GST

The tribunal held that there has been a supply of right, obligation and services under the contract between QUANTAS and the passengers, for which the unused fares were consideration as defined, and that the assessment were not shown to be excessive....

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Posted Under: Finance |

All about Registration of Charge under Companies Act, 2013

Charge is The right of Bank/Financial Institutions who lend funds to a company to receive money from the company's assets if the debt is not paid on time. As per section 2(16) of the Companies Act, 2013 define charges as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as securi...

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Posted Under: Finance |

GST will trouble accounting and financial reporting?

Currently, accounting treatment of various indirect taxes varies based on their nature and point of levy. Under IND AS, excise duty is included in revenue, since it is a production-based tax. Sales tax and VAT is not included in revenue, since it is levied at the time of sales....

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Posted Under: Finance |

Major achievements of Govt Social Security and Credit Schemes

Through its Major Schemes, Department of Financial Services is ensuring financial inclusion, providing social security to the people as well as providing credit to various sections of the society. The major achievements of various schemes under the Department are highlighted below...

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Posted Under: Finance |

Addendum to GST Rate Schedule For Goods

The list of goods for which the GST rates are yet to be decided by the GST Council, the following entries may be added: (i) Cereals and flour put up in unit container and bearing a registered brand (ii) Puja samagri including havan samagri will be under Nil category. However, the exact formulation for the same is yet to be finalised....

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Posted Under: Finance |

Input Tax Credit under GST- Part I

जी.एस.टी.के दौरान इनपुट क्रेडिट एक बहुत मुख्य भाग है और जी.एस.टी. की एक जो सबसे अच्छी बात है वह यह है कि अब आपको लगभग उन सभी सेवाओं और म...

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Posted Under: Finance |

Sensex crosses 30,000! What’s next in store?

In the final week of April, the S&P BSE Sensex crossed the 30,000 mark - a symbolic breakthrough - to close at an all-time high of 30,133 points. Some of the best performing sectors have been consumer durables, banks, and oil and gas....

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Posted Under: Finance |

Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017

S.O. 1683(E) 24/05/2017

In the Insolvency and Bankruptcy Code, 2016, in the Eighth Schedule, relating to amendment to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, in section 4, in clause (b), after the second proviso, the following provisos shall be inserted, namely:—...

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