Introduction Due to the increasing complexity of transaction between enterprises of the same group and manipulation of prices by them in order to avoid the burden of taxation in relation to international transactions, the Transfer pricing regulations by the Finance Act 2001 were established. Transfer Pricing regulations are applicable in case of all international transaction … Read more
India has a very well formulated Foreign Direct Investment (FDI) policy. FDI is channeled into India subjected to entry regulations. FDI entry can be made under two categories – Approval route and Automatic route. The FDI Policy, Press Notes and other related notified guidelines formulated by Department of Industrial Policy and Promotion (DIPP) in the … Read more
India is moving quickly towards the biggest tax reform Goods and Services Tax (GST). The GST Council fixed tax rates on of 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies. Though the reaction from the public at large is quite satisfactory however … Read more
The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to July 1 implementation. The underlying objective of rate declaration was clear for some time, which is to maintain the current effective indirect tax burden to control inflation and avoid surprises. … Read more
[TO BE PUBLISHED IN THE GAZETTE OF INDIA , EXTRAORDINARY, PART III, SECTION 4] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 23rd January, 2015 No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of … Read more
As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier … Read more
Every registered person who causes “movement of goods” of consignment value exceeding fifty thousand rupees — (i) in relation to a supply; or (ii) for reasons other than supply; or (iii) due to inward supply from an unregistered person, shall, before commencement of movement, furnish information relating to the said goods in Part A of … Read more
As we all know, filing of numerous returns in the GST regime will be a cumbersome task which will be essential for claiming input tax credit because credit availment requires matching of outward supplies of the supplier and inward purchases of the purchaser on online portal. The task will be tedious for large sized companies … Read more
Commerce is the lifeline of the human society and the introduction of the internet has made things and circumstances more favorable than problematic. In the Indian scenario, shifting from the traditional brick and mortar structure to the online structure, the rise of ecommerce has been meteoric. Statistics say that in the year 2016, about 69 … Read more
At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as the assessee … Read more