The revenue authority plans to prepare a list of service tax defaulters and publish it. This is part of the arrear recovery plan for all indirect taxes, such as customs duty, excise duty and service tax. “In service tax law, provision…
Mandatory payment of Sales Taxes, Value Added Tax, Profession Tax and State Excise through GRIPS from 1st Oct’ 2014
The State Government introduced on-line receipt of Tax and Non-Tax revenue through GRIPS Portal in November 2012 vide Notification No. 8298‑F(Y) dated 03.10.2012. The modes of payment available to the Tax-payers in GRIPS Portal through the Payment Gateway of the…
World Bank Advised for reforms including implementation of GST
The World Bank on Monday marginally scaled up its estimate of India’s economic growth to 5.6 per cent for 2014–15 from its earlier one of 5.5 per cent, made in June. However, the multilateral institution advised the government to go for structural reforms, including implementation…
The GST zero rate bait
What is the political compulsion for keeping GST on petroleum products at zero initially? States are apprehensive of losing their autonomy over raising tax revenue by tweaking VAT on petroleum products once the proposed new indirect tax regime is introduced.…
Nearly 9.87 lakh companies are active as per MCA
Out of 14 lakh registered companies only about 9.87 lakh entities were active at the end of August, according to official data. Out of the total registered companies, nearly 2.60 lakh have been closed down while thousands of entities are…
Registration of companies decreased by 50 % after Companies Act 2013
The registration of companies has halved in the first five months of this financial year, with some analysts blaming it on cumbersome compliance requirements of the new companies act. The number of companies that were registered in April-August fell to…
FII inflows at seven-month low in India
Foreign institutional investors’ (FIIs) $1‑billion inflows into Indian equities in September made it the worst month in terms of overseas flows seen in the last seven months. The BSE benchmark Sensex ended ‑0.03% lower in September after ending each of…
Service Tax Department will publish list of service tax defaulters
The revenue authority plans to prepare a list of service tax defaulters and publish it. This is part of the arrear recovery plan for all indirect taxes, such as customs duty, excise duty and service tax. “In service tax law,…
EPFO’s subscribers to get accounts update in real time from Oct 16
Over four crore subscribers of the retirement fund body EPFO would be able to access their provident fund accounts online on real time basis using a dedicated members’ web portal from October 16. The Universal Account Number (UAN) member’s portal…
The variation between Arm’s Length Price as per Section 92C and the the price at which International & Specified Domestic Transaction undertaken has Notified by CBDT
In exercise the power conferred by the second proviso to sub-section (2) of section 92C of Income Tax Act, 1961, the Central Government hereby notified that where the variation between the arm’s length price determined under section 92C and the…
Essential goods’ prices under Central government watch
The Narendra Modi government has set up a mechanism to monitor prices of key essential commodities to ensure there is no unusual flaring in the ongoing festival season. The Prime Minister’s Office is being sent daily updates on the food price situation in four…