The provision of SCOMET export authorization for Stock and Sale has been clarified and the procedure to be followed when seeking permission for re-export/retransfer of SCOMET items by the stockist entity to the ultimate end-user has been framed.
Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 were notified on March 27, 2015, which came into force on April 01, 2015 wherein currency derivatives were specified as permissible securities in which dealing may be permitted by stock exchanges in IFSC.
Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly, to cater to the needs of the Students appearing for the Final Examination in May’2017 but are yet to complete GMCS Course, adequate arrangement has been made by the Board of Studies.
Department of Expenditure, Ministry of Finance takes Key Initiatives in the last three years. General Financial Rules 2017 released; Central Sector and Centrally Sponsored Schemes rationalized
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.
