CGST Rules amended till 15th November 2017 (PDF)

Download PDF of CGST Rules, 2017 single file

https://drive.google.com/file/d/17RlkZpi3YNdT-GMmc17-xM8V3qZs65k4/view?usp=sharing

Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies

https://drive.google.com/file/d/0B2MID0g3-4SNTkctaHg5REwwcnM/view?usp=sharing

Income declaration scheme,2016

https://drive.google.com/file/d/0B2MID0g3-4SNV3JGZzRUaTRRekE/view?usp=sharing

Krishi Kalyan Cess (KKC)

This would be levied @ 0.5% and would be levied over and the above the Service Tax and the Swachh Bharat Cess. The Krishi Kalyan Cess has been levied for the purpose of financing and promoting initiatives to improve agriculture and would be applicable from 1st June 2016.

Vide Notification No. 27/2016-ST dated 26.05.2016, it has been notified that w.e.f. 1.6.2016, wherever reverse charge mechanism is applicable in terms of Notification No. 30/2012-ST dated 20.06.2012, the same (reverse charge) shall be applicable mutatis mutandis for the purpose of Krishi Kalyan Cess. 

Abatements and KKC

Vide Notification No. 28/2016-ST dated 26.05.2016, it has been notified in respect of KKC w.e.f. 1.6.2016 that –

• Where a taxable service is exempt under any notification / special order or Service Tax is otherwise not payable, such service shall be exempt from levy of whole of KKC
• KKC shall be leviable only on that portion / percentage of taxable service which is subject to Service Tax after availing abatement under Notification No. 26/2012-ST dated 20.06.2012.
• Value of taxable services for the purpose of KKC shall be determined as per Service Tax (Determination of value) Rules, 2016.

Changes in the Finance Bill 2016 as passed by the Lok Sabha

A snippet of all changes made in the Finance Bill, 2016 as passed by the Lok Sabha viz-a-viz the Finance Bill, 2016 presented originally in the Lok Sabha are presented hereunder:

1. Unlisted shares held for 24 months or less would be treated as short-term capital asset
As per section 2(42A) of the Income-tax Act, any capital asset held by the taxpayer for a period of not more than 36 months
immediately preceding the date of its transfer is treated as short term capital asset.
The aforesaid period of 36 months is treated as 12 months in case of shares held in a company. However, an amendment was made by Finance Act (No. 2) Act, 2014 to provide that the said period of 12 months won't be applicable in respect of shares not listed in recognized stock exchange. Hence, with effect from 01.04.2015, unlisted share is treated as short-term capital asset if it is held for not
more than 36 months immediately preceding the date of its transfer. The Finance Bill, 2016 as passed by the Lok Sabha inserted a new clause to provide that the period of 36 months would be substituted
with period of 24 months in case of unlisted shares. In other words, unlisted shares of company would be treated as short-term capital asset if it is held for a period of 24 months or less immediately
preceding the date of its transfer.

2. When employer's annual contribution is deemed as income received by employee

Corporate Social Responsibility (CSR)

The term ‘Corporate Social Responsibility (CSR)’, in its most rudimentary sense, implies the responsibilities

 that business houses owe to the society for ensuring public welfare. The term was coined with the primary goal of controlling corporate aggrandizement by ensuring that the fruits of progress are distributed amongst all sections of society- especially historically marginalized and deprived sections.

The Companies Act, 2013

The new Companies Act, 2013, marks a paradigm shift in the legislature’s conception of Corporate Social Responsibility (CSR).
More specifically, it does not view Corporate Social Responsibility merely as a moral obligation that the corporate world owes to the society; instead, it imposes a mandatory obligation on all companies that meet the required criteria to play their part for alleviating the problems that continue to cripple our country.

In a nation like India, where there exists a wide chasm between large business houses and millions of people who continue to live in grinding poverty, it is hoped that the new CSR provisions will pave the way for a more just and equitable social order and will ensure wider acceptance of the principle that the business of business is not merely business.

Eligibility criteria

Changes you must know for registration of company’s name under new Rules

The Govt. has notified the Companies (Incorporation) Amendment Rules, 2016  (‘Amended Incorporation Rules’). Now the process of reservation of name of companies has been simplified. Following changes have been made for ease of doing business in India:

1) Name of company need not to be in consonance with principal object:

Under extant norms, the company’s name was necessarily required to be in consonance with principal object, if such name resembled any object of company. Now as per the amended Rules the name of company will not be considered undesirable even if it is not in consonance with the principal objects