S. No Basis Current Scenario (Excise/ Custom Duty, Service Tax, CST, VAT) GST Scenario (Goods and Service Tax) 1. Architecture / Structural Difference Central taxes: – Excise/Custom duty, Central sales tax charged on services, surcharge and cess. State Taxes: – VAT, Purchase, Luxury Tax, Entertainment Tax, Tax on Lottery, Surcharge & Cess. A dual layered …
Today all eyes are fixed on Rio de Janeiro as Olympics 2016, have begun. The biggest sporting extravaganza was formally opened on 5th August, 2016 with a colorful ceremony and pageantry. The Indian Olympic Association has created history by sending the nation’s largest ever delegation to this Summer Games 2016, a total of 120 athletes; 37 more …
Board of Directors I. Introduction Board of directors keeps in balance a corporation’s risk, growth and return at the most appropriate level through strategic decisions and manages and represents the corporation by firstly protecting the long-term benefits of the corporation through rational and prudent risk management. Board of directors shall conduct its activities in transparent, …
Companies (Cost Records and Audit) Amendment Rules, 2016 dated 14th July, 2016MCA vide notification dated 14th July, 2016 has amended the Companies (Cost Records and Audit) Rules, 2014 where: In rule 2, for clause (d), the following clause shall be substituted, namely:-“(d) “cost audit report” means the duly signed cost auditor’s report on the cost …
Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2016 dated 08th July, 2016.In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) and Section 25 of the Depositories Act, 1996, the Securities and Exchange Board of India has hereby amended …
Master Direction – Lending to Micro, Small & Medium Enterprises (MSME) Sector dated 21st July, 2016.In exercise of the powers conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest to do so, hereby, issued …
Since the provisions of National Company Law Tribunal (NCLT) have been notified with effect from 1st June, 2016, the term “Class Action Suits” has become the buzz word. I. MEANING: In a class action suit, a large group of people, having same or similar interests, collectively bring a claim to court, represented by one or …
The concept of Producer Companies was introduced in the year 2002 by incorporating Part IXA (section 581A to 581ZT) into the Companies Act, 1956. The proviso to Section 465 (1) of the Companies Act, 2013 provides that the provisions of Part IX A of the Companies Act, 1956 shall be applicable mutatis mutandis to a …
S.No. Compliance Forms to be Filed Relevant Law Due Date 1. Excise Duty payment GAR 7 Central Excise Rules, 2002 5th August, 2016 2. Payment of service tax to the department GAR 7 Service Tax Rules, 1994 5th August, 2016 3. Tax Deducted at Source Payment Challan No./ITNS 281 Income Tax …
Dear Friends, As I pen this column today morning – the Economic Times front page has interview of our prime minister on the completion of 2 years of his government’s term and likely reshuffle of his cabinet. I want to quote this from his interview –My aim is to reform to transform… at the end …
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