Section 20 of chapter V and section 55 of chapter XIII of revised model GST draft covers the provisions of job work. The term itself is defined in section 2(61) of revised Model GST draft law. Section 2(61) defines a job work as “job work”
Revised draft of Model GST Law has been on public domain now. There are some changes in the provisions of ITC. New restrictions are there on input tax credit in GST revised draft. The main reason for emergence of GST was free flow of Input
Section 252 of the Insolvency and Bankruptcy Code, 2016 (IBC), which came in to force w.e.f. 01.11.2016, provide that The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule. Eighth Schedule of IBC provides for
•In its efforts to trace the black money in India government has introduced the Benami Transactions (Prohibition) Amendment Act, 2016. It will help to catch the benami transactions in properties which are mostly used to hide the black money. The Benami Transactions (Prohibition) Amendment Act, 2016
Revised draft of revised Model GST law is released by cbec some days back. On first time reading we found that e-commerce operators are going to have a sigh of relief after changes in law. E-commerce operators were segregated in two parts in earlier law.
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
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%. #
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
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
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
