Chief Ministers of the Congress-ruled states on Wednesday asked the Centre to protect states against any loss of revenue from the switchover to goods and services tax (GST). “The general feeling (among the states) is that there should not be any loss (to states),” Maharashtra Chief Minister Ashok Chavan told reporters after the meeting of Congress CMs with the Union Finance Minister Pranab Mukherjee.
The draft constitutional amendments, vital for the introduction of the proposed Goods and Services Tax (GST), have proposed the setting up of a tribunal to resolve the disputes arising between the Centre and states in the proposed GST council.
Cooperative sugar factories in Maharashtra have heaved a sigh of relief as the Supreme Court, in its recent order, has asked the Commissioner of Income Tax (Appeals) to re-look on the issue of income-tax claims of Rs 2,500 crore made on the mills since 1992-93. In view of the apex court order, the mills have got further time to argue their cases before the Commissioner of Income Tax (Appeals).
Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants.
Going by the notification, a person who arrives in India in a transit flight is exempted from paying this additional levy, “provided he does not pass through immigration, does not leave the customs area and continues his journey to a place outside India.”
Taxpayers who claim exemption from tax on capital gains by furnishing a residency certificate of Mauritius had better watch out. Now, income-tax (IT) authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius Double Taxation Avoidance Agreement( DTAA).
The Institute of Chartered Accountants of India (ICAI), said it will not initiate proceedings against S Gopalakrishnan, ex-partner of PricewaterhouseCoopers (PwC), for his alleged involvement in the multi-crore Satyam accounting scandal until the Delhi High Court’s stay on Srinivas Talluri, ex-partner, PwC, is lifted.
In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.In a string of new changes proposed to the Companies Bill, 2009, the Ministry has told the Parliamentary Standing Committee on Finance that a company would be permitted to have only one investment company.
India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210 days specified earlier.
Twenty-year old Sharma did not know that a small negligence in keeping track of his credit would mean a bill of Rs 18 lakh, especially, since his credit limit was only Rs 55,000. A call, however, to the customer support of the bank confirmed the amount.Sharma swung into action immediately and filed a police complaint. He even informed the issuer about the unfortunate event.
