Clearing the decks for the July 1 rollout of the ambitious Goods and Services Tax (GST) that will subsume 17 major Central and State taxes for a unified tax regime, the Lok Sabha on March 29, 2017 night cleared four crucial GST Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill.
Download Clause by Clause Analysis of CGST Bill 2017, UTGST Bill 2017, IGST Bill 2017 and a Presentation on GST Bill – 2017 compiled by Institute of Cost Accountants of India and its Members
1. Non-Applicability of GST Law in the State of Jammu and Kashmir: Earlier the GST Law was proposed to be applicable to J&K as well. However in the Bill, the applicability of GST Law is extended to whole of India except the state of J&K.
Clearing the decks for implementation of GST In India, Finance Minister Shri. Arun Jaitley on March 27 tabled four Bills of GST legislations in Lok Sabha. The discussion on the four Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill could be taken up on Tuesday.
Law Commission recommends that comprehensive amendment should be brought forth in Advocates Act, not only keeping in view the present requirements, but such other requirements that may arise in future for the better management and regulation of the legal profession
FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval
Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration.
After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation.
It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the requirement of the certificates.
127A. Authentication of notices and other documents- (1) Every notice or other document communicated in electronic form by an income-tax authority under the Act shall be deemed to be authenticated,-