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Showing posts from August 31, 2016

Mizoram, Telangana ratify GST amendment Bill

The Mizoram Assembly on Tuesday ratified the goods and services tax (GST) constitutional amendment Bill by adopting an official resolution, becoming the 13th state to have approved the legislation. Earlier in the day, the Telangana legislature also unanimously ratified the Bill. In a separate development, the Goa Assembly has convened a day-long special session on Wednesday to ratify the GST Bill, a senior official said on Tuesday. Business Standard, New Delhi, 31 August 2016

Black money: 300% rise in raids, seizures

I-T department seized over Rs 330 crore of alleged tainted cash, jewellery and other movable and immovable assets The Income Tax (I-T) department has seized an all-time high value of cash and jewellery, while Rs 3,360 crore unpaid taxes have been surrendered this year as part of its enhanced crackdown against black money holders in the country. In a mammoth jump of over three times in the searches, raids and seizure action in the first seven months of this year as compared to the corresponding period of 2015, the department seized over Rs 330 crore of alleged tainted cash, jewellery and other movable and immovable assets. Last year, this figure stood at Rs 102.50 crore. An official report prepared in this regard states that I-T raids and searches this year have beaten all records of the last five years in terms of number of such actions conducted, seizures made and subsequently the untaxed income brought to the government coffers. The figures compiled in the report, which has been acc

Industry pitches for GST rate of 18%

E-commerce companies seek exemption from tax Companies on Tuesday pitched for a standard goods and services tax (GST) rate of 18 per cent and sought time to switch over to the new regime at a meeting with the empowered committee of state finance ministers chaired by West Bengal Finance Minister Amit Mitra on Tuesday. States, which are seeking a higher tax rate of 20 per cent, asked companies if they would pass on low rates to consumers. The finance ministers did not buy the argument of the e-commerce industry, which sought an exemption from the tax, that it merely provided a platform for vendors and customers and did not make money out of sales. This was the first meeting of the empowered committee of state finance ministers since the passage of the Constitution Amendment Bill for the GST in Parliament. The meeting discussed GST rates and the accountability of the goods and services tax network. Thirteen states have ratified the Bill. Telangana and Mizoram had the legislation approve

Centre hikes minimum wages and bonus, trade unions not impressed

The Centre on Tuesday  increased the minimum wages and bonus for its employees to pacify trade unions that have called a nationwide strike on Friday. The Minimum Wage Advisory Board on Tuesday announced a hike in the lowest wage for unskilled central government workers to Rs 350 a day from Rs 246. The increase will also be effective for central public sector undertakings. “The government has effected a 43 per cent increase in the minimum wage. This was a major demand of the trade unions,” Union Labour Minister Bandaru Dattatreya (pictured) said. Dattatreya has held meetings with trade unions over their charter of demands. The issues have been taken up by an inter-ministerial committee headed by Finance Minister Arun Jaitley. “The bonus entitlements for 2014-15 and 2015-16 will be released on revised norms. This was pending for two years. After this, the bonus will be covered under the Seventh Pay Commission,” Jaitley said. The Payment of Bonus Act, 2015, doubled the statutory bonus p News... News... 1. RBI has issued Master Directions for NBFC Cos on six subjects. The subjects on which Master Directions have been issued are Exemptions from the provisions of RBI Act, 1934. 2. DVAT Last date extended for filing the return for Q1 2016-17 by 10 days and also to find out the ways to improve the system STBA. 3. Sikkim becomes the 14th state to ratify GST bill. One more required to go. 4. Under GST no refund up to 1000 in GST. Only declaration for refund less than 5 lacs. Prescribed documents for refund of 5 lacs & above. 5. An arbitrator has no power to award pendent lite interest if the same is barred expressly by the contract. It would depend on the nature of the ouster clause in the contract. [Union of India vs. Ambica Construction (SC of India)]. 6. Company e-Forms AOC-4, AOC-4 CFS, DIR-12, and FC-2 & MGT-15 revised on MCA portal. Download the latest version of forms W.e.f 24.8.16 for e-filing. 7. The CBDT vide Circular no. 30/2016 dated. 26