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Finance Minister Arun Jaitley on Saturday chaired the 15th meeting of the GST Council which has decided tax rates on essential items such as gold, textiles, packaged food, Bidis, Solar panels, Biscuits and footwear among others.
Through this article, we try and understand a very interesting question of whether beneficial interest can be considered a property. To get a better insight, we first need to understand the concept of beneficial interest in law and what amounts to property.
The Council was to decide GST Rates on six categories of commodities like textile, footwear, Biris, Precious metals, Biscuits and Agriculture Machinery. These were kept in pending list while deciding the tax rates on other commodities in the 14th meeting of the council on 18th and 19th May 2017
One of the avowed objectives of introducing GST is to provide seamless chain of input credit system so as to avoid the cascading effect of taxes. However, GST, in present form appears to defy this objective:
Under GST regime taxable event has been codified as Supply. The term Supply has been defined under Section 7 of Central Goods and Services Tax Act, 2016 (CGST) and same is reproduced below for ease of reference.
The all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fifteenth time with an agenda to fix the rates for almost all the remaining items, such as precious metals (gold and silver), diamonds, biscuits, textiles, and footwear.
In this Flash editorial, the author begins by referring the provisions of Insolvency & Bankruptcy Code, 2016. Further author will discuss how a natural person/ business man/ company can apply for demand of due amount from the Creditors (Companies), what are the terms and conditions for such demand, how much time it will take to recovery of money etc.
The Institute of Chartered Accountants of India (ICAI) was seized of five cases against Chartered Accountants who have been found advising/guiding in a manner encouraging money laundering during the currency Demonetisation period.
It’s my pleasure to publish this e-book on Income Computation and Disclosure Standards. This e-book is an attempt to summarize the relevant provisions of Income Computation and Disclosure Standards in comparison with provisions of Accounting Standards. Relevant sections of Income Tax Act, 1961 are also discussed at appropriate places.
Value for supply of goods and services is important part of GST since the valuation will determine the corpus of tax leviable on each GST transaction. Value means price of any goods or service on which tax to be imposed particularly when parties are related or distinct person. Section 15 of the CGST Act, 2017 speaks on valuation and that is my focus for this article.
