GST 2016
Business Expectations from GST
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GST 2016
GST Benefit to Government
Government is expecting following list of benefits from GST: Simpler Tax system across nation. Broadening tax Base with reduced exemption. Better co-ordination between state and center to check evasion and administration. Better tax compliance & Growth in revenue collections. IT enabled system to check evasion and controls
GST 2016
Benefits of GST to Business
Benefits of GST to economy and business in number of ways: Reduction in cascading and double taxation Reduction in multiplicity of taxes. Neutralize taxes especially for exports. GST will promote Development of common national market. Simplified tax structure by: 1) Reduced Tax rates and exemptions 2) Good and service clarity Simplified Read more…
GST 2016
Salient Features of GST
The salient features of GST are as under: GST would be applicable on supply of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services. GST would be a destination based tax as against the Read more…
GST 2016
Introduction of GST
Present Tax Structure in India for Indirect Taxes Proposed Indirect Tax system after GST Introduction of GST The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By consolidating a large number of Central and State taxes Read more…
Economics
General guidelines from RBI and under FEMA on “Exports of Goods and Services”
Friends Export payments in India is generally governed by RBI and FEMA (Foreign Exchange Management Act) . Here we present consolidate guidelines from RBI updated till July 01, 2014 , which will help you to get answer to most common questions faced by you while dealing in foreign currency in Export transaction. Read more…
legal
Board Resolution authorising Director for taxation matters and signing Agreement on behalf of Company
CERTIFIED TRUE COPY OF THE RESOLUTION PASSED IN THE MEETING OF BOARD OF DIRECTORS OF XYZ PRIVATE LIMITED HELD ON XXth of XXXX, 20XX “RESOLVED THAT MR. ABC be and are hereby severally/ jointly authorized on behalf of the Company to do all the things and matters on behalf of the Read more…
Taxation
Service Tax Registration Simplified by Budget 2015
Now Service Tax Registration with service tax department got easier and simpler with new procedure for registration. New procedure provide for online application for registration from www.aces.gov.in in from ST- 1, After online application registration is granted in from ST-2 ,within 2days of application, ST- 2 issued online will not Read more…
Taxation
Changes in Reverse Charge Mechanism by- Budget 2015
following changes has been made to reverse charge mechanism by budget 2015 1. Manpower supply and security services in full reverse charge (W.E.F. 1ST April 2015) Presently Partial Reverse Charge is applicable in case of Manpower Supply and Security Service i.e. 50% payable by Service provider and balance 50% by Read more…
Taxation
Changes in negative list of Service tax by Budget – 2015
Negative List is compressed and consequent following service which were not taxable earlier will be now chargeable to service tax. 1. Admission to Entertainment events etc. in service tax net. 2. Manufacture of alcoholic liquor for human consumption under service tax. 3. Not only Support Services, but all services by Read more…
Taxation
service tax changes effective from 01.04.2015 (1st April 2015)
following changes in service tax will be effective from 01.04.2015 -Abatement rate in case of Goods transport service has been reduced from 75% to 70%.Hence effective rate of service tax will be 3.708% (earlier it was 3.09%) -In case of manpower supply service,the service receiver should pay 100% of service Read more…
Taxation
What is the RATES of Tax on Income in INDIA for Assessment Year 2013-14 ?
Following Are the List of Tax rate Applicable To Different class of assesses in INDIA for the A.Y. 2013-14
A)For Individual /HUF/BOI & Every artificial Judicial Person
| Level of Total Income | Rate of Income Tax |
| Where total Income does not exceed ₹ 2,00,000 | Nil |
| Where the total Income Exceeds ₹ 2,00,000 but does not exceed ₹ 5,00,000 | 10% of the Amount by which the Total Income exceed ₹ 2,00,000 |
| Where the total Income Exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 | ₹ 30,000 plus 20% of the Amount by which the Total Income exceed ₹ 5,00,000 |
| Where Total Income exceeds ₹ 10,00,000 | ₹ 1,25,000 plus 30% of the Amount by which the Total Income exceed ₹ 10,00,000 |
Taxation
What are the Law Governing Service Tax ?
In India there is no separate legislature for Service Tax . Service Tax in India is
governed by The Finance Act, 1994 as amended from time to time. Service tax in India
is mostly governed by various Rules, Notifications, Circulars, and
(more…)Finance
Valuation Of Equity Shares for private limited Companies?
Importantant Point to be considered while valuing share of private limited companies:-
1. Valuation of private equity share is generally subject to private understanding between parties
2. In valuation of pvt. Co. Equity share, any provision related to Valuation or transfer of shares as per AOA (Article of Association) must be followed.
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