"25 July 2017" Archive

Reg. Private company exemption from internal financial control reporting

General Circular No. 08/2017 (25/07/2017)

Stakeholders have drawn attention of this Ministry to the serial no. 5 of notification No. G.S.R. 583(E) dated 13th June, 2017 which states that requirements of reporting under section 143(3)(i) of the Companies Act, 2013 shall not apply to certain private companies as mentioned therein and have sought clarification w.r.t. the financial y...

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ICC discusses GST implementation in Northeast with Dr Jitendra Singh

Dr Jitendra Singh appreciated the role played by ICC in collaborating to hold the GST awareness programmes. He said that the Northeast, along with certain other States, is bound to be a huge beneficiary of the GST. ...

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Posted Under: Company Law |

The GST Saga – A Story of Extraordinary National Ambition- FM releases Case Study

A Case Study on the birth of the Goods and Services Tax (GST) in India – The GST Saga: A Story of Extraordinary National Ambition was released here today by the Union Finance Minister, Shri Arun Jaitley in his office in North Block in the national capital. ...

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Posted Under: Company Law |

Impact of GST on Civil Aviation Sector

Under the GST regime the applicable tax rate on economy class passenger tickets has been reduced from 6% to 5% (non-creditable for goods), while the tax rate on business class has been increased from 9% to 12% with input tax creditable for both goods and services procured by airlines. Petroleum products including ATF are presently [&helli...

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Posted Under: Company Law |

Renting of immovable property under GST

This article discusses in details the taxability of renting of immovable property under GST....

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Posted Under: Company Law |

National Financial Reporting Authority [NFRA] – In Brief

The Central Government may, by notification, shall constitute a National Financial Reporting Authority / NFRA, an independent Regulator for auditors. (Section132). NFRA, a quasi – judicial regulator will replace the National Advisory Committee on Accounting Standards (Section 210A of the Companies Act, 1956)....

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Posted Under: Company Law |

List of Inputs not eligible for Input Tax Credit (ITC) under GST

This article discusses in details the list of Inputs not eligible for Input Tax Credit (ITC) under GST....

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Posted Under: Company Law |

Bill of supply format under GST

Bill of Supply format under GST in Excel Format  as applicable from 01st July 2017...

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Posted Under: Company Law |

Royal Buggy used by royal family for ceremonial occasions is exempt from Wealth Tax

Shantadevi p. Gaekwad Vs W.T.O (Gujarat High Court at Ahmedabad)

This appeal is filed by the assessee challenging the judgment of the Income Tax Appellate Tribunal (Tribunal for short) dated 26.9.2001. Appeal was admitted for consideration of following substantial question of law....

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Principle of Mutuality applies to Club run by a Company

Commissioner Of Income Tax Vs Karnavati Club Ltd. (Gujarat High Court)

This Tax Appeal is filed challenging the judgement of the Income Tax Appellate Tribunal dated 28.08.2006. The Tax Appeal has been taken up for consideration of following substantial questions of law: [A] “Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) deleting the addition of [&h...

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