Vinod & Narendra

How does the income tax department track high value cash transactions?

November 9, 2016

[By Shaleen Shah (Partner), VNCA] The Income Tax department has over the years put in place several reporting and compliance mechanisms to track high value financial transactions including cash transactions. Measures to track cash transactions are listed hereunder. Filing a Report of specified high value transactions (Form 61A) Business /

GST Enrolment–Transition of existing tax payers to GST

November 8, 2016

GST·Gujarat VAT & CST·Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] The Government has started preparation for transition of existing tax payers to GST. All existing taxpayers registered under any of the following Acts will be transitioned to GST: 1) Central Excise 2) Service Tax 3) State Sales Tax or VAT 4) Entry Tax 5) Luxury

7 Strategies For Raising Your First Million In Startup Capital

October 22, 2016

Startup India

[Source: www.forbes.com] Raising startup capital doesn’t have to feel like climbing a mountain. Neeraj Berry, cofounder of healthy food delivery startup Sprig, Jewel Burks, CEO and founder of visual search technology company Partpic, and entrepreneur and angel investor Wayne Chang, offered easy lessons on raising capital during the Forbes Under

Exporters need to prepare for GST

October 18, 2016

GST·Gujarat VAT & CST·Service Tax & CBEC

[Source: www.thehindubusinessline.com; Author: Ajay Srivastava] GST will usher in a new regulatory regime for India’s exports. For the manufactured product exporters, the most significant impact would be the increased requirement and blockage of working capital. For manufacturing a product, a firm buys locally or imports raw material and machinery. The

GST may trigger consolidation in warehousing space

October 15, 2016

GST·Gujarat VAT & CST·Service Tax & CBEC

[Source: economictimes.indiatimes.com] The goods and services tax (GST) regime could usher in consolidation in the Indian warehousing space, property consultants and analysts said. With the government pushing for an April 2017 rollout of the single tax structure, many manufacturers who had built or leased warehouses in nearly every state to

ECB for startups to be allowed

October 6, 2016

RBI & FEMA·Startup India

[Source: www.thehindubusinessline.com] Overseas loans at lower rates may help start-ups stay afloat In a bid to give a further impetus to the growing start-up ecosystem in the country, the RBI has allowed them to raise up to $3 million a year through external commercial borrowings (ECBs). In his first Monetary

Why India’s GST is one of the world’s most complex tax reforms

August 5, 2016

GST·Gujarat VAT & CST

[Source: www.bbc.com] Will India, a $2 trillion (£1.5tn) economy with 1.3 billion consumers, now become a truly single market? Many believe the landmark goods and services tax bill – passed by parliament on Wednesday evening, after years of filibustering by the ruling BJP and main opposition Congress – is a

Gujarat VAT/Sales Tax Amnesty Scheme-2016

August 2, 2016

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] In the Gujarat State Budget for FY 2016-17, the State Finance Minister had announced that in view of the imminent implementation of the composite Goods & Services Tax (GST), it was necessary to resolve the problems relating to past outstanding tax dues under the VAT

SEBI audit flags discrepancies at warehouses

August 2, 2016

Audits & Assurance·Corporate Laws

Mumbai: A Securities and Exchange Board of India (Sebi) audit of warehouses accredited by commodity exchanges has found discrepancies in both the quantity and quality of stock they hold, said two people familiar with the matter. Current Sebi norms allow commodity exchanges to outsource warehousing of stocks to third-party warehouse

Build a business, not just a startup

July 30, 2016

Startup India

[Author: Abhishek Sanyal; Source: yourstory.com] Have you ever wanted to start something of your own? Of course, you did! I did too. And the startup scene in India is very encouraging and inspiring today. There exists an ecosystem with angels, mentors, VCs and scores of other founders. It is brimming

Earlier Posts

How does the income tax department track high value cash transactions?

GST Enrolment–Transition of existing tax payers to GST

7 Strategies For Raising Your First Million In Startup Capital

Exporters need to prepare for GST

GST may trigger consolidation in warehousing space

ECB for startups to be allowed

Why India’s GST is one of the world’s most complex tax reforms

Gujarat VAT/Sales Tax Amnesty Scheme-2016

SEBI audit flags discrepancies at warehouses

Build a business, not just a startup

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