What is GST? Why is there a need for this bill? The Goods and Services Tax bill, touted to be India’s biggest tax reform, will simplify the current system of taxation. The bill will convert the country into a unified market by replacing all indirect taxes with one tax. Quite …

On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and …

The Finance Act 2016 had provided provision for levy and collection of Krishi Kalyan Cess (KKC) under section 158 of the Finance Act, 2016 at a rate 0.5% on the value of services. The objective of behind introducing KKC was to financing and promoting initiatives to improve agriculture or for any other purpose relating …

Dear Rahul Gandhi, Guess you are busy in fighting for Kanhaiya, JNU and others. Leave them for the time being. I have a very interesting and serious matter which you can fight for. The people in social media (mainly Whatsapp) make very funny jokes of you. For example, just before …

Introduction CBEC introduced self-assessment in respect of Service Tax in 2001. With the introduction of self-assessment, the department also provided for a strong compliance verification mechanism with Scrutiny of Returns. As assessment is now the responsibility of the assessee, the main function of the department is to scrutinize the tax …

The National Herald was a newspaper established by Jawaharlal Nehru in 1938.  It is regarded to have served as Nehru’s mouthpiece and that of the then Congress party in the pre-independence era. The newspaper was run by a company called Associated Journal (AJPL, also a public entity) when it was …

The expression “transfer pricing” generally refers to prices of transactions between two enterprises for supply of goods or services. Transfer prices between related/ associated enterprises are generally more controlled than being determined by market forces. When such associated enterprises belong to different countries, the tax revenues of the countries are …

Service tax rate goes up from 14% to 14.5% w.e.f 15th Nov 2015 vide notification 22/2015 ST dated 6-11-2015. The government has decided to impose, a Swachh Bharat Cess at the rate of 0.5 per cent on all services, which are presently liable to service tax. The additional cess would be over …

Public Sector Undertakings comes under EPFO scanner EPFO concentrates on workers in the construction sector Student trainees are not employees for the purpose of EPF & MP Act, 1952. New Delhi, 5 November 2015: While taking stock of the various developments in EPFO during the month of October, 2015, Shri K.K. …

Scheme formulated for Speedy grant of refund of accumulated and unutilised CENVAT credit to help in ease of doing business by unlocking the accumulated credit.  Exporters of services today accumulate CENVAT credit on both input services and input goods as they are unable to set-off their input levies. Speedy grant …