The Biggest Indirect Tax Reform of India is about to take place on 1st July, 2017. A Summarized Format of Significant Differences under M-VAT Provisions & GST has been given below :-
The GST is destination base consumption Tax that mean Tax will goes to consumption state. The purpose of GST free flow of goods between the states. India become a one market with one tax rate. Some expert has given view that in case of ex-factory supply the POS shall be the place of supplier’s state.
We have a unique law in the name of Insolvency and Bankruptcy Code -2016 in force in whole of India except part 111 shall not extend to the state of Jammu and Kashmir. This Act is called a code and not an Act because it is a compendium of many acts meaning thereby with this code has caused the repeal of many acts
The Finance Minister in his budget speech for FY 2017-18 had included a significant proposal of abolishing the Foreign Investment Promotion Board (FIPB) and replace it with a decentralized mechanism at the respective ministry level to examine and approve FDI proposals in India.
The industry of second hand goods in India is substantially growing since last many decades. There is a huge market of traders dealing in only second-hand commodities which include four wheelers, two wheelers and electronic items like mobiles, laptops, gaming consoles, wrist-watches, women hand bags, jewellery etc. Most of these businesses involve luxury items.
When we come to this life – parent provide a cover from unseen dangers. A tree –provides a cover from wind and water. Whereas water protects us, further from fire. Therefore, by the law of nature somewhere, someone is always protecting other.
Manufacturer of goods shall maintain monthly production accounts showing quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the recommendations of the 7th CPC on allowances with some modifications. The revised rates of the allowances shall come into effect from 1st July, 2017 and shall affect more than 48 lakh central government employees.
The rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These rules have been brought into effect from 22nd June, 2017. The intent of notifying these rules is to start the process of issue of registration certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers who have already been issued provisional ID for registration (PID) as well as to the new taxpayers.
Cancer and heart attacks are two of the most common diseases affecting people today. If you take a few seconds, you will certainly remember someone who has suffered or is suffering from these conditions. Fortunately, the latest technology in medical science and the marvels of modern medicine are making it easier for people to fight cancer and heart problems
