"13 June 2017" Archive

Summary of 16th GST Council Meeting

Finance Minister Arun Jaitley on Sunday chaired the 16th meeting of the GST Council which has decided: ♦ Increase in turnover limit for composition scheme ♦ Rate adjustment as received from various industry representative ♦ Finalising Accounts and Records Rules and their format...

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If two or more goods or services are supplied then How GST will be levied on it?

In GST, Composite Supply, Mixed Supply, Taxable Supply, Zero Rated Supply, Exempt Supply, Continuous Supply, Intrastate Supply, Inter-State Supply, etc. are the types of Supply. Among these types Composite Supply and Mixed Supply are the important types. ...

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New Exemptions to Private Companies under section 462 of CA, 2013

G.S.R. 583(E) (13/06/2017)

In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of section 462 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act), the Central Government, in the interest of public, hereby amends the notification of the Government of India, in...

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Govt emphasizes that GST is scheduled to roll-out on 1st July, 2017

Government emphasizes that Goods and Services Tax (GST) is scheduled to roll-out on 1st July, 2017; CBEC in coordination with the State Governments has increased their Outreach Programmes so as to reach the last trader....

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New Exemptions to Government Companies under section 462 of CA, 2013

G.S.R. 582(E) (13/06/2017)

Appointment of Directors- Chapter XI, subsections (6) and (7) of section 152. Shall not apply to – (a) a Government company, which is not a listed company, in which not less than fifty-one per cent. of paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one ...

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New Exemptions to Section 8 Companies under section 462 of CA, 2013

G.S.R. 584(E). (13/06/2017)

G.S.R. 584(E). - Sub-section (7) of section 186 Provided that nothing contained in this sub-section shall apply to a company in which twenty-six per cent. or more of the paid-up share capital is held by the Central Government or one or more State Governments or both, in respect of loans provided by such company for funding Industrial Rese...

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Text of SC Judgment on Aadhaar Card Linkage With PAN

Binoy Viswam Vs Union Of India & Ors. (Supreme Court of India)

(i) We hold that the Parliament was fully competent to enact Section 139AA of the Act and its authority to make this law was not diluted by the orders of this Court. (ii) We do not find any conflict between the provisions of Aadhaar Act and Section 139AA of the Income Tax Act inasmuch as when interpreted harmoniously, they operate in dist...

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No S. 271(1)(c) penalty unless there is evidence beyond doubt of concealment

DDIT Vs M/s. Metapath Software International Ltd, (ITAT Delhi)

It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when there is evidence beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards the tax alleged to be evaded....

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Simple understanding of “Supply” provisions under GST

CGST shall be levied by the Central Government on the intra-state supply of goods and / or services, SGST / UTGST shall be levied by the State Government / Union Territories on the intra-state supply of goods and / or services, IGST shall be levied by the Central Government on the inter-state supply of goods and / or services....

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GST Impact Study for Jewellers

Due to GST the prices of jewellery will be increased by 0.99% or 2.79% without making charges or including making charges respectively. In the excise, SSI exemption up to Rs. 6 crore is available but this limit will remain up to Rs. 20 lakh in the GST. Due to this more assesses will cover under the GST. ...

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