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Tax and penalty on Cash Deposit due to Demonetization
The Union Finance Minister Arun Jaitley yesterday introduced the Taxation Laws (Second Amendment) Bill, 2016 with a view to tax unaccounted black money deposited in bank accounts pursuant to demonetisation. The government has introduced Chapter IXA: ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) consisting of
IGST levy in revised model GST Law
There will two type of transactions covered in GST namely intra state and inter state. On these two type of transaction three taxes will be levied, namely CGST, SGST and IGST. CGST and SGST will be levied on intra state transactions whereas IGST will be
CA Shafaly GirdharwalNov 29, 2016Highlights of Taxation Laws (Second Amendment) Bill, 2016
Lok Sabha passed Taxation Laws (Second Amendment) Bill, 2016 today (29 NOV 2016). Highlights are: # Any income assessed u/s 68/69/69A/69/69C/69D (including share capital, unsecured loans, etc) to be taxed u/s 115BBE, to be increased from 30% to 60% plus 25% surcharge i.e. 75%. #
New Composition levy in revised Model GST Law
Salient features on new composition levy in revised Model GST draft Basic condition: Registered taxable person covered under the new composition levy will be subject to the provisions of section 8(3) that is the reverse charge. Aggregate turnover in preceding financial year did not increased
CA Shafaly GirdharwalNov 29, 2016Changes in CGST/SGST levy in Model GST Law
Definition for CGST/SGST levy has been changed in the revised draft of Model GST Law. Erstwhile section 7 of CGST/SGST law has been shifted to section 8 in the revised draft. Some new provisions are inserted into the definition of basic levy. Some new kind
CA Shafaly GirdharwalNov 29, 2016Draft Integrated Goods & Services Law, 2016
On 25.11.2016, Central Board of Excise and Custom has issued DRAFT IGST LAW. Draft Integrated goods and services Law contains Eleven Chapters and 24 Sections.Here I have drafted the important provisions of draft integrated Goods and services Law. Inter-State supply of goods and/or services.
CA Rishi GoyalNov 29, 2016Securities excluded from GST ambit in revised bill
In a significant relief for stock markets, brokers, banks, and mutual funds, the government has excluded securities from the definition of ‘goods’ in the revised draft Model Goods and Services Tax Law. After this modification securities will be excluded from GST. Section 2(49) of the
PCS Udit DuaNov 29, 2016Analysis of IDS scheme by CA Mahesh Bansal
Government has introduced the IDS scheme recently. This scheme will allow people to deposit their money in bank account and pay a fixed percentage as tax. Some people are thinking why the government has introduced the new tax rate of 50% on black money deposited
Composite and mixed supply in revised GST law
Relevance of composite and mixed supply in revised draft of Model GST law: Composite and mixed supply both of these terms have been inserted into the definition of supply. Section 3 of the Model GST law covers the Composite and mixed supply in its sub
CA Shafaly GirdharwalNov 28, 2016Revised Model GST law schedule III
Definition of supply in revised model GST draft provide covers the Schedule III and IV. Schedule III mentions the activities or transactions which shall be treated neither as a supply of goods nor services. In the earlier law these provisions were covered in the definition
CA Shafaly GirdharwalNov 28, 2016Revised Model GST Law Schedule IV
Schedule IV of revised Model GST draft law has been mentioned by the definition of supply. Schedule IV covers the activities or transactions by the CG,SG or any local authority which shall be treated neither as a supply of Goods nor as services. These transactions
CA Shafaly GirdharwalNov 28, 2016Supply in new model GST Law
Supply is the taxable event for the levy of GST. The definition of supply has been changed to include some more clarity and type of transactions. The new definition of supply in new model GST law is given in section 3. Meaning and scope of
CA Shafaly GirdharwalNov 28, 2016