One of the biggest advantages expected from the implementation of GST Act is that it would remove cascading effect by facilitating seamless flow of credit. This would be given effect by providing for the availment of Input Tax Credit (ITC) to the purchasing dealer in respect of the tax (GST) paid by the supplying dealer.
There is a positive mood in the Economy on all fronts and this seems to be perfect time for moving towards GST. The optimistic approach followed by the Finance Ministry and his team along with the GST council for meeting the deadline of 1st July 2017 for implementing GST is now a reality.
Through my article on Secretarial Standards on Meetings of the Board of Directors I have tried to compile all the related provisions and present the same through flow charts. This five page article shall definitely help you in understanding the complete provisions of SS-1 at a glance.
Every cloud has silver lining is a very common phrase often used in English whenever we are trying to uplift someone’s spirits. Silver Lining doesn’t mean the actual boundary line that appears when sun suddenly shines from behind the clouds on a stormy day, even though it makes a beautiful scene. It means that after all the hardships and struggles, there is always hope or a lesson that helps us in our future journey or helps us in not repeating our mistakes in future.
PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc.
It has now been decided to operationalize SEBI Intermediary Portal https://siportal.sebi.gov.in) for the entities to submit the mutual funds registration applications online.
The Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is a 20-character unique identity code assigned to entities who are parties to a financial transaction.
These rules may be called the Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2017.
Section 16 (3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in case an operational creditor has made an application for corporate insolvency resolution process (CIRP) and has not proposed an IRP. The Board, within ten days of the receipt of the reference from the AA, is required under section 16(4) of the Code to recommend the name of an IP to AA against whom no disciplinary proceedings are pending.
Nothing invigorates one than a small chat when one returns from other countries. Being a CPA from USA, I invariably invoke the recent tax challenges taken up by the American government for reducing its taxation rate for its tax payers. Just looking at other countries’ position on basic taxation rates itself is an exhaustive exercise. But the motivation to undertake this write up came from a young professional who returned from New York along with myself in an Air India flight. Obviously, at a young age, he has lived in China, France, and others who would give him visa in future, Japan, in particular
