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The latest technological novelty that raised the curiosity of the whole world, last year is virtual currency or cryptocurrency. The most popular one amongst these is Bitcoin. Bitcoin which operates like a wallet has gained significantly in last 1 year. The value of 1 bitcoin has increased from $1000 last year to around $8000 this year with a high of $19,000 in December 2017.
CBEC has come out with an excellent flyer on the subject GST on Charitable and Religious Trusts clearly enunciating the provisions of the GST Act and exemption notifications and highlighting the fact that NOT all services provided by such entities are exempt from GST. The last para of the Flyer is given below.
Request for valuable suggestions on the Exposure Draft of Indian Valuation Standards formulated by Valuation Standards Board of ICAI latest by 12th May, 2018.
The two laws enacted in 2016 may have the best of intentions, but the Insolvency and Bankruptcy Code (Code) and the Real Estate (Regulation and Development) Act appear to be pitted against each other when it comes resolving interest of bankers and home-buyers, said an ASSOCHAM- Thought Arbitrage paper.
Roll out of e-Way Bill system for intra-State movement of goods in the States / Union Territory of Arunachal Pradesh, Madhya Pradesh, Meghalaya, Sikkim and Puducherry from 25th April, 2018
A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for Bill To Ship To model of supplies. In a typical Bill To Ship To model of supply, there are three persons involved in a transaction, namely:
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. After the applicability of E – way bill in the Maharashtra, along with the inter state transport, E way bill also needs to be generated for intra state transportation of goods also. So because of this, at the time of transportation, it will be very much important to check whether E-way bill is generated or not.
This new article brings or covers few more aspect of EWB which needs special attention. the source is again e publication of ICAI on EWB.
The Fugitive Economic Offenders Ordinance, 2018 was given the assent by President of India, Ram Nath Kovind. This Ordinance has been brought to crack down on economic fugitives like Nirav Modi, Vijay Mallya and others and to confiscate their properties. The Ordinance is to have an instantaneous effect and is prospectively applicable to offences across the country.
Government has clarified procedure and introduced Forms through above circular for ON ROAD CHECKING OF GOODS moved within or interstate with a value more than Rs.50,000/- (which is also subject to checking). I have tried to simplify the procedure given in said circular at each stage:
