CBDT has notified the procedure for acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices

Procedure for Acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices (SFT) as per section 285BA of Income-tax Act, 1961 read with  Rule 114E of Income-tax Rules, 1962  A notification No 1 of 2017 dated 17th January 2017 was issued wherein a detailed Procedure for registration and submission of statement of financial […]

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Important Points of Final GST Rules passed by GST Council

1. PAN is mandatory for taking registration under GST. 2. SEZ unit is required to make separate registration application for that unit. 3. Similarly, a separate application of registration is required for becoming Input Service Distributor. 4. A person registered under GST is required to display his certificate of registration at a prominent location at […]

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Entertainment Services would suffer a lower tax incidence under GST

Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been subsumed under Goods and Services Tax (GST) except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality. The rate of GST approved by GST Council on services by way […]

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Govt. to reduce PF contributions from 12% to 10%

Trustees of retirement fund body EPFO may approve a proposal tomorrow to reduce the mandatory contributions toward social security schemes run by it to 10 per cent for workers as well as employers. Presently, employees and employers contribute 12 per cent of basic wages each towards Employees Provident Fund Scheme (EPF), Employee Pension Scheme (EPS) […]

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Refund for Entities in Tax Free Zone under GST

India is working on a new system to allow companies with units in tax-free zones to claim refund of the Goods and Services Tax (GST), helping ensure a smooth transition to the new regime for businesses located in industrially marginal areas. “The Department of Industrial Policy and Promotion is working on a scheme that will […]

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Comparative analysis of GST Rates with Existing tax Rates

1. Cement: Packaged cement attracts central excise duty of 12.5% + Rs.125 PMT and standard VAT rate of 14.5%. At these rates, the present total tax incidence works out to more than 29%. If we include tax incidence on account of CST, octroi, entry tax, etc., the present total tax incidence would work out to […]

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GST may push up cost of solar power projects

The goods and services tax may increase solar energy project costs by 12%-18% and generation costs by 40-50 paise per unit, some industry leaders said, although the government said the new taxation regime won’t have much of an impact on them. However, officials said even if costs increase, it won’t affect project economics because the […]

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GST and E-Commerce Vendor’s Registration Mandatory

Budget hotels and small scale vendors registered on e-commerce sites such Flipkart and Amazon will have to pay tax upfront under the GST regime when they receive payments, even if they fall in the exempted category. That’s because all vendors registered on such sites will be liable to 1 % TCS. GST is on its way […]

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LLP (Amendment) Rules, 2017 (LLP Closure Procedure)

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 16th May, 2017 G.S.R. 470(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely:— 1. […]

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Advertising by members in practice engaged in Coaching/ Teaching activities

Regulation 190A of the Chartered Accountants Regulations, 1988 provides that a chartered accountant in practice shall not engage in any business or occupation other than the profession of accountancy, except with the permission granted in accordance with a resolution of the Council. The Council has passed a Resolution under Regulation 190A granting general permission (for […]

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