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Posted On:  1 year ago


FAQs on Overview of Goods and Services Tax (GST)

This article provide an overview about Goods and service tax, various concepts relating to GST. It clarifies the concept of destination based tax on consumption, which taxes will be replaced by GST

article author CA Chirag Chauhan

Posted On:  1 year ago


The Maharashtra Ownership Flat Act 1963 [MOFA] Comes Into Force

```According to Circular Dated 9th July 2016, Issued By The Maharashtra State Police Department, The Govt Has Implemented The *Maharashtra Ownership Flat Act-1963 ( MOFA) & the MRTP Act 1966. Accordingly Builders Are Liable To Be Jailed For 3 Years, 5 Years or 9 Years Depending Upon The Nature Of Violation Of The Act.

article author Dharmesh Jain

Posted On:  1 year ago


G.S.T - one nation, one tax in brief

In today’s article we will share some basic details of G.S.T being ONE NATION, ONE TAX. G.S.T is much politically talked & debated topic in the recent past. In fact, it has also got lots of attention from around the world apart from the common peoples of India.

article author CA BHAVESH HINGU

Posted On:  1 year ago


Audit by department: Justified or not?

“Audit” – One of the most dreaded consequence of getting registered with the service tax department. Nobody wants to get strangled in the vicious circles of departmental audit and yet, sooner or later, you have to face the dungeon of audit. Times and now, questions have been raised on the qualifications and eligibility of the officers of the department to conduct audit, but the Government has proved to be adamant in continuing the ritual despite of the poor results of such audits

article author CA PRADEEP JAIN

Posted On:  1 year ago


E- Nivaran- hassle free solution for your tax related grievances

E- Nivaran is a special grievances redressal system launched by the income tax department in order to track the taxpayer complaints and resolve them as early as possible. This system is enabled on each assessee’s ID who is registered on the Income tax e-filing portal. The assessee can file his complaint relating to his/ her income tax return online and can resolve their problem from different departments like NSDL, UTISL or CPC. The assessee doesn’t have to visit the IT office for submission of documents as he can upload the documents through e- Nivaran. The following are the various categories and sub category of departments with whom we can lodge our complaint and resolve the same

article author CA Chirag Chauhan

Posted On:  1 year ago


Latest Baggage Rules in India & Classification of Articles

Baggage rules are nothing but in simple language rules related to luggage of a passenger travelling be it a resident or tourist or an Indian or a foreigner. Every individual so travelling should roughly have an idea about the rules relating to Baggage rules in India so as to avoid any kinds of problems or inconviences. Baggage also includes dutiable goods imported by passengers in their respective baggage. Baggage also includes unaccompanied baggage

article author CA Chirag Chauhan

Posted On:  1 year ago


Different ways in which remittance can be done by Non Resident Individual – NRI

Remittance is something that we have heard about but how many of us know what it actually is and how can it facilitate Non- Resident Indian’s or Persons of Indian Origin or Foreign Nationals. Remittance simply means transfer of money by a foreign worker to an individual in his or her home country. This money sent home works as an international aid as one of the largest financial inflows to developing countries. It’s glad to know that now Indian rupee has become fully convertible. Therefore, NRI’s no more have to hesitate and can now look forward to good investments opportunities in their home country without the fear of whether they would be able to move the funds aboard as and when the need may so arise.

article author CA Chirag Chauhan

Posted On:  1 year ago


Relaxation in Import policy Granite Slabs wef 01.10.2016

The import of items under the ITC(HS) Codes 68022310, 68022390, 68022900 and 68029300 related to granite slabs is permitted freely provided cif value is US $ 50 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016. Import policy of Worked monumental or building stone (except slate) and articles thereof, other than goods of heading 6801; mosaic cubes and the like, of natural stone (

article author One Roof Consultant

Posted On:  1 year ago


CBDT notifies India Infradebt Limited as infrastructure debt fund U/s. 10(47)

S.O. 2972(E).-In exercise of the powers conferred by clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies M/s. India Infradebt Limited as an infrastructure debt fund for the purposes of the said clause, for the assessment year 2013-14 and subsequent assessment years. 2. This notification shall be subject to the following conditions, namely:- (i) that the infrastructure debt fund shall conform to and comply with the provisions of the Income-tax Act, 1961 and Rule 2F of the Income-tax Rules, 1962 and the conditions provided by the Reserve Bank of India in this regard;

article author One Roof Consultant

Posted On:  1 year ago


Relaxation in Import policy of Marble slabs w.e.f. 1.10.2016

The import of items under the ITC(HS) Codes 6802 10 00, 6802 21 10, 6802 21 20, 680221 90, 6802 91 00, 6802 9200 and 25151220 related to marble slabs is permitted freely provided cif value is US $ 40 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016.

article author One Roof Consultant

Posted On:  1 year ago


Import policy of Rough Marble and Travertine Blocks

Import of Marble and Travertine- Crude or Roughly trimmed and merely cut, by sawing or otherwise, into blocks of a rectangular (including square) shape permitted freely provided cif value is US$ 200 or above per MT. Import policy of Rough Marble and Travertine Blocks S.O.(E) – In exercise of the powers conferred by Section 3 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the Import Policy Condition of Schedule-I (Import Policy) in respect of ITC (HS) Codes 25151100, 25151210 and 25151290 w.e.f. 1.10.2016.

article author One Roof Consultant

Posted On:  1 year ago


Has the enactment of Constitution (One Hundred and First Amendment) Act, 2016 offered a free-bee to Indirect tax assesses?

With the release of Notification No. SO2986(E), dated 16 September 2016 (“Notification”), the Central Government has notified the enactment of the Constitution (One Hundred and First Amendment) Act, 2016 (“Act”) with effect from 16 September 2016. Accordingly, Article 246A of the Constitution has become operational from 16 September 2016 which inter alia empowers the Centre and the States to make law with respect to ‘supply of goods and services’. Effectively, in respect of ‘supply of goods and services’, taxes may now be imposed only under Article 246A of the Constitution and such tax is Goods and Services Tax (“GST”).

article author Akhil Gupta

Posted On:  1 year ago


Corrigendum to Notification No S.O.2380 (E) dated the 12th July 2016

In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.2380(E) dated the 12th July 2016, PUBLISHED IN THE Gazette of India, Extraordinary, Part – II, Section 3, sub-section (ii) dated 12th July 2016.

article author One Roof Consultant

Posted On:  1 year ago


Issuance of Free Sale & Commerce Certificate to Merchant Exporters

Para 2.37 of Hand Book of Procedure, 2015-2020 deals with the issue of Free Sale & Commerce Certificate by Regional Authorities to exporters / merchants. As certain doubts have arisen in the Proforma of the certificate, it is clarified that the exporter has to indicate the details of the manufacturer or the exporter (if he himself

article author One Roof Consultant

Posted On:  1 year ago


Amendment in CBEC Form ARE-2-reg

In exercise of the powers conferred by rule 18 of the Central Excise Rules, 2002, the Central Government being satisfied that it is necessary in public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No 21/2004-CE (N.T.) dated 06.09.2004, published in the Gazette of India, extraordinary, Part II, Section 3, Sub-section(i), vide GSR 572( E), dated the 6th September, 2014, namely

article author One Roof Consultant

Posted On:  1 year ago


Custom Duty increase on Marble/ Travertine blocks, Marble / Granite slabs

Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to increase the effective rate of Basic Customs Duty for Marble and Travertine blocks, Marble slabs and Granite slabs with effect from 01.10.2016 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance

article author One Roof Consultant

Posted On:  1 year ago


MVAT rates increased to 6% & 13.5% wef 17.09.2016

Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follow

article author One Roof Consultant

Posted On:  1 year ago


The Income Declaration Scheme, 2016 – Notice issued on or before 31.05.2016 but assessment completed- Eligibility?

The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations upto 30.09.2016. Vide Circular No.16 of 2016 dated 20.05.2016; it was clarified that a person will not be eligible to file declaration under the Scheme for the assessment year(s) in respect of which a notice under section 142(1)/143(2)/148/153A/153C has been served upon him on or before 31.05.2016.

article author One Roof Consultant

Posted On:  1 year ago


GST- Govt notifies applicability of 19 Section from 16.09.2016

S.O. 2986(E).-In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016

article author One Roof Consultant

Posted On:  1 year ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant