Chartered Accountant
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Budget News *  Cos rush to merge arms for better efficiency under GST  *  GST could increase solar tariffs by nearly 10%: Study *  Bring land, real estate under GST’ *   Government expenditure as a share of GDP shrinks *   Key existing initiatives get a Budget boost *   Industry can do math on GST rate; no need to make guesses: Adhia  *   Budget 2017 at a glance: Readying the stage for GST *   Excise, SAD and CVD removed on POS to encourage digital economy *   Customs duty on LNG reducced *   Notional rent for builders of non occupied flats. *   Trade and industry awareness program for GST will be launched from April 1. *   No major changes in excise and service tax as GST to be implemented *   One page Income Tax Return for income upto 5 lakh *   Income tax rate @ 5% for 2.5 to 5.00 lakh slab *   no donation  to polictical party above Rs. 2000 in cash *   limit of cash payment reduced from 20000 to rs 10000 *   no transaction above 3 lakh in cash. *   MSE companies with 50 crore tax is reduced to 25%. *   Carpet area of 30 /60 square meter for affordable housing *   main thrust to curb black money *   special travel priviliges for soldiers *   20 lakh PSU for Aadhar based payment system *   The person will be able to get his money in case of dishonoured cheque and amendment will be placed in Negotiable instrument Act. *   Aadhar based digital transaction will be placed *   Digital revolution is undertaken *   Lending target is doubled in Pradhan mantra mudra yojana *   Cyber security will be strengthened & computer emergency response team will be made. *   FDI policy will be liberalised. *   airpots for new small cities. *   Infrasturcture allocation is increased to record high
Subject News *  GST governing council meets in Udaipur today to give approval to GST Draft Law    *   Refund of tax paid on taxable services used for export of goods{see PJ/Case Law /2016-17/3420 in what’s new}   *   Service tax liability on complimentary services provided.{See PJ/CaseStudy/2016-17/115 in what’s new} *   Levy of anti dumping duty on certain items exported from China {See notification no. 07/2017-Cus (ADD) in what’s new} *   Amendment in the list of Military Stores requiring NOC for export purpose .{See notification no. 38/2015-2020in what’s new} *   Empanelment of the officers of the Indian Revenue Service (C&CE) for promotion to the grade of Commissioner of Customs and Central Excise for the vacancy year 2007-08 on notional/actual basis.{See office order no. 32/2017 in what’s new} *   Service tax on transportation of goods by a vessel for goods intended for transshipment outside India {See circular no. 04/02/2017-ST in what’s new} *   Periodicity of CAS-4 certificates {See instruction no. F. NO. 206/01/2017-CX 6  in what’s new} *   Exchange Rate notified w.e.f. 17.02.2017 {See notification no. 12/2017-Cus (NT) in what’s new} *   Whether the assessment of Perfume and Deodorants imported by the assessee be loaded by 20% of the value as technical know-how fees paid and 1% of the value as royalty paid to their parent company?{See PJ/Case Law /2016-17/3417 in what’s new} *   Is credit admissible to the assessee if the invoices were issued by second stage dealer, however the inputs were purchased from the agent of such dealer?{seePJ/Case Law /2016-17/3416 in what’s new} *   Is refund admissible on delayed grant of refund?{See PJ/Case Law /2016-17/3414 in what’s new} *   Is the assessee liable to pay service tax on the commission received by RBI for collecting taxes and crediting the same into the consolidated fund on it’s behalf?{See PJ/Case Law /2016-17/3414 in what’s new} *   Chargeability of service tax on the activity of letting out stalls near the temple during a festival {See PJ/Case Law /2016-17/3413 in what’s new} *   Chargeability of service tax on amount collected in advance prior to 1-7-2003 for imparting coaching in English language {see PJ/Case Law /2016-17/3419 in what’s new} *   Whether assessee is entitled to 50% credit of components in the subsequent year even if the same are not in his possession in the subsequent year?{ See  PJ/Case Law /2016-17/3412 in what’s new} *   Cenvat credit admissibility on security services availed for factory premises.{See PJ/Case Law /2016-17/3411 in what’s new} *   Whether Rule 11(3) of CCR, 2004 regarding reversal of credit taken on inputs used for manufacturing excisable goods that became exempted be applied retrospectively?{See  PJ/Case Law /2016-17/3418 in what’s new} *  No proposal to levy service tax on healthcare, says government *  IRD consults on GST treatment of management fees and outsourced services   *  4-tier GST rate may lead to classification disputes: Study *  GST: CAG wants power to seek 'any information' for audits. Council objects     *  Startup biggies like Amazon, Flipkart & Snapdeal join hands to seek changes in GST law *  excise departments to invite e-tenders for liquor shops *  GST Implementation May Trigger A Cut In Earnings Estimates: Abhay Laijawala *  Whether the clause of unjust enrichment will apply on finalization of provisional assessment under Rule9b and refund will allowable if clearances was made in 1991 ?  *  When show cause notice is issued after the normal period of time, demand will be allowed or not ? *  Whether benefit of notification 06/2006 is available when  assessee supplies  goods under international competitive bidding for setting up of mega power project ?  *  Denial of provisional assessment of goods as per RULE 7 Central excise rule 2002. *  Refund of duty consequent to the order of revisional authority.   

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PRADEEP JAIN, F.C.A.

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