Humming to myself, I sauntered my way through the bazaar with a spring in my step and a smile on my face. The day was bright, the sky was clear, the air cozily crisp, and, now as I come to think of it as I looked around, something was different, something definitely unusual…
The following Act as passed by the Jammu and Kashmir State Legislature received the assent of the Governor on 7th July 2017 is hereby published for general information
Who would have ever thought of in the decade of nineties that we will have a levy called ‘Service Tax’ in India after over 45 years of independence which will continue for as long as 23 long years without even a proper tax law of its own
Taxation system of any kind requires several compliances which need to be adhere by the taxpayers to ensure fulfillment of all statutory provisions. Provisions include timely payment of taxes, filing of returns and maintaining prescribed records are essential for complying under taxation system.
Nowadays most of the corporate are outsourcing certain processes so as to reduce the cost of manufacturing or output. However FAQ hits around as to how the same shall be treated under GST Regime.
Reverse Charge as defined in Section 2(98) of CGST Act, 2017 which says that the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both.
Where supplier of services is a insurer or a banking company or a FI incl. NBFC or a telecom operator or any other class of supplier of services as may be notified by govt. on recommendation of council making taxable supplies of service between distinct person may issue invoice before or at the time
The GST tax invoice is the most important document in GST regime. This is grand father of all document. This document can be panacea of indirect tax. Govt. thinks this document shall end corruption when filed in GST Network. Computers will work overnight to match invoice with invoice. This system hopes to weed out bad eggs.
Permanent Establishment (PE) is the fundamental criterion under the tax treaties for taxation of foreign company’s business income in India. A permanent establishment of a foreign company is typically regarded as a virtual extension or taxable presence of such foreign company in the host country, similar to that of an independent legal entity in such country. A PE of a foreign company is required to maintain books of accounts as per the normal accounting principles in the host country, besides undertaking tax compliances alike an independent legal entity.
SEBI vide circular dated October 10, 2016 provided three months to ELCs on DB to submit a plan of action to the designated stock exchanges (“DSEs”) either to list or to provide exit to its shareholders. Further it was also stipulated that failure to comply with the above would attract actions as enumerated below
