It’s a single indirect tax Rate that will subsume several indirect state and federal taxes such as service tax rate, value added tax (VAT) and excise duty, and different state taxes, central surcharges, entertainment tax, luxury tax and a slew of related levies by local bodies.
Most of the young chartered Accountants always dwell in the Question How to do concurrent Audit of a Bank. There are many reasons of this anxiety they possess for concurrent audits, Such as Lack of experience, Lack of opportunities, Lack of confidence etc.
Central Government and the State Governments are going to be empowered to levy & collect GST on supply of shares & securities!!!! The levy of even 1% GST on sale/supply of securities may create havoc on the share markets.
In this article we will explain about the provisions relating to penalty for failure to keep and maintain documents in respect of specified domestic transactions. However, before understanding the penalty provisions, one should have an overview of the basic provisions of transfer pricing in relation to specified domestic transactions.
1. Company- Annual return in a layman’s term means a return which a company is required to file annually and further it is a snapshot of company information as they stood on the close of the financial year. Section 92 of the Companies Act, 2013 and the Companies (Management and Administration) Rules, 2014 deals with filling of Annual Return of a Company
With a strong pitch for one nation one tax, the Hon’ble Finance Minister, Shri. Arun Jaitley presented, today, in the Lok Sabha, the Constitution (122ndAmendment) Bill, 2014 on GST , which was passed by the Rajya Sabha on August 3, 2016 with certain key amendments, that enables the GST in the country.
Hon’ble High Court of Kerala has stayed the disciplinary proceedings initiated by ICAI against CA Shaji Poulose for exceeding the limit on number of tax audits. IN THE HIGH COURT OF KERALA AT ERNAKULAM Present: THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR Wednesday, the 3rd day of August 2016/12th Sravana, 1938 WP(C) .No.25662/2016(G) PETITIONER/ SHAJI POULOSE, CHARTERED […]
First of all, I should be sorry to write this blog very late i.e. on the last date of e-filing of return of income. If it would’ve written much earlier, then it might have save so many salaried employees to fall into the alluring trap of websites offering free e-filing services.
Service Tax on manufacture of alcoholic liquor for human consumption on job work basis with effect from 1st June 2015 is Constitutionally Valid: Delhi High Court. Issue Under Consideration These are three petitions filed under Article 226 of the Constitution of India challenging the constitutional validity of Section 66B of the Finance Act, 1994 („FA […]
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.
