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Draft laws state that a uniform tax shall apply to all intra-State supplies of goods and services at the rates to be specified late r Individuals and entities with an annual turnover of Rs 10 lakh or more could soon be under goods and service tax laws, widening the tax base of the government, according to the draft central and integrated laws released on Tuesday. According to the proposal of the draft laws, in the northeastern states the threshold is even lower at Rs 5 lakh. The draft laws also propose collection of taxes at source for e-commerce companies, including aggregators, and simplify the definition of “services” to include intangibles such as software and work contracts. These were released on the Union finance ministry website for public feedback, hours after a meeting of the Empowered Committee of Finance Ministers on GST. All states except Tamil Nadu were on board, Union Finance Minister Arun Jaitley told reporters. According to the draft laws, GST shall apply to

www.caonline.in News... 1. NIRC of ICAI is organising workshop on TDS on 22 June at 5PM at Hindi Bhawan ,ITO, Delhi & Workshop on VAT on 23 June at 5PM at ICAI Bhawan , Vishwas Nagar, Delhi. Register at (www.nircseminars.org) 2.Non Furnishing of reopening reasons render reassessment invalid. [Shri  Inderjeet  Singh Sachdeva  vs. DCIT  (ITAT Delhi)]. 3. Get ICAI now mobile app for latest ICAI Updates - Available on Android, iOS, Windows and Blackberry 10. To download please visit (http://www.icai.org/mobile) 4. Due date to file MVAT return for the month of April, 2016, extended to 30th July, 5. I-T dept. launches ATM-based validation system for filing e-ITRs. Now EVC can be generated by pre-validating the Automated Teller Machine (ATM). 6. 15-06-2016 is last day for payment of first installment of advance Income Tax for A.Y. 2017-18,in challan No ITNS-280 by all Assesses.

Retirement fund body EPFO may soon allow its subscribers to contribute voluntarily towards its pension scheme in addition to their employers' mandatory contributions. "We are considering a proposal to allow employees to contribute owards 'EPS 95' for getting enhanced benefits after retirement. But that contribution would be paid by the employees," EPFO's Central Provident Fund Commissioner VP Joy told PTI. At present, an employer contributes 8.33 per cent of basic wages of Rs 15,000 per month towards to the Employees' Pension Scheme 1995 (EPS-95). The threshold for monthly basic wages for deduction of EPS contribution is Rs 15,000. Therefore, the maximum contribution in a pension account can be Rs 1,424 every month which includes government subsidy of 1.16 per cent of basic wages even if an employee is drawing more than the threshold. Once the proposal is approved by the EPFO's Central Board of Trustees, the employees would have an option to

Startups, advertisers and media buyers have approached the finance ministry seeking an exemption from the equalisation levy (Google tax) for online advertisers that will come into effect from June 1. Members of the Internet and Mobile Association of India (IAMAI) recently met minister of state for finance Jayant Sinha and revenue department officials, sources said. The tax will raise the cost of doing business for Indian clients by almost 6%, and give international ad networks edge over their Indian counterparts, the IAMAI said. It will also “severely raise the cost of doing business” for Indian tech startups as their cost of advertising will go up. Hindustan times New Delhi,14th June 2016

Web aggregators might have to face tighter norms for operating in the insurance sector. In proposed rules, the Insurance Regulatory and Development Authority of India ( Irdai) has suggested the capital requirement (paid- up capital and net worth) would be increased from a minimum of Rs.10 lakh to Rs. 25 lakh. Further, these aggregators would be treated as insurance intermediaries. If an application for registration is rejected by Irdai or has been withdrawn, the applicant may apply afresh after a financial year has gone by. However, if a foreign promoter or foreign investor has exited for any reason during the preceding two financial years, they would be ineligible to apply. Web aggregators are entities granted a licence by Irdai and allowed to display insurance product information and comparisons on their sites. Prospective customers can buy products of multiple insurance companies from these portals. However, they are not allowed to sell other financial products on this platfor

Last week, the Securities and Exchange Board of India (Sebi), as part of its effort to tighten the norms for giving investment advice, warned the public to deal only with Sebi- registered investment advisors ( RIAs) and research analysts. Investors who heed the regulator’s advice are much less likely to fall victim to the twin malaise of poor- quality advice and misselling. The Sebi ( Investment Advisors) Regulations, issued in January 2013, made it mandatory for any person or entity that acts as an investment advisor to obtain a certificate of registration from the regulator. The first advantage of dealing with an RIA is that he would be properly vetted. He would have cleared the NISM Series- X- A and B exams. To obtain the certificate, he would have demonstrated that he possesses the required qualifications, infrastructure and capital. An inherent conflict of interest arises when people who offer investment advice also sell products. They inevitably veer towards selling produ

Targeting April 2017 for the rollout of the goods and services tax ( GST), the government is betting on support from smaller regional parties to pass the national sales tax legislation in the Parliament session from next month, and expects approval for supporting laws by year- end. GST was earlier planned to be introduced from April 1 this year, converting 29 states into a single market through the new indirect tax regime, but the deadline was missed as the Bill to roll it out remains stalled in the Oppositiondominated Rajya Sabha. “ If we can pass it in the monsoon session ( of Parliament beginning next month), then we can implement it in April 1, 2017,” said Minister Business Standard New Delhi,14th June 2016