Vinod & Narendra

Despite hype, only one firm qualified for Startup India

July 27, 2016

The official figures government tabled in Parliament earlier this week show that the Startup India portal received a total of 728 applications till Monday (the notification defining startups was published on Feb. 17, 2016). Of these, it categorised 180 applicants as startups (whose applications were found to be complete), but

Only 16 applicants found eligible for start-up tax benefits

July 21, 2016

Startup India

Only 16 of the 728 applications received under the Start-up India initiative have been found eligible for tax benefits, according to the government. “Till date (July 18), 728 applications have been received. Of them, 180 are complete and the applicants are recognised as start-ups,

Download Draft Model of GST Law

June 15, 2016

GST·Gujarat VAT & CST

Download Draft Model of GST Law

Equalisation Levy of 6% on e-commerce transactions applicable from 1-Jun-2016

June 6, 2016

Income Tax

[By Shaleen Shah (Partner), VNCA] We had informed you earlier that based on the recommendations a CBDT committee on taxation of e-commerce, Finance Minister Arun Jaitley had in his Budget proposed an Equalisation Levy of 6% to tap tax on income accruing to foreign e-commerce companies from India. Budget-2016 has

Service Tax Department cannot conduct audit under Rule 5A(2)–Delhi High Court

June 4, 2016

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] It is a general practice of Service Tax Department to conduct audit of service tax assessees for last five years by deputing their own officers of the rank of Inspectors and Superintendents. Service Tax Department also seeks voluminous details and seeks information in self-specified format/annexures

Budget 2016 enacted on 14-May – Service Tax Amendments effective from various dates

May 17, 2016

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] The Union Budget 2016 presented by Hon’ble Finance Minister, Shri Arun Jaitley was passed by both houses of the Parliament and received the Presidential assent and thus stands enacted on 14-May-2016. Service Tax Changes proposed in the Union Budget-2016 are coming into effect

Flipkart challenges Gujarat entry tax on online sale in HC

April 30, 2016

Gujarat VAT & CST

[Source: timesofindia.indiatimes.com] The Gujarat high court on Thursday issued notice to the advocate general and state authorities concerned over a petition filed by India’s largest online marketplace Flipkart Internet Pvt Ltd objecting to state government’s law levying entry tax on goods sold in Gujarat through online shopping. This happened after

Is higher service tax fuelling black money in the system?

April 26, 2016

Service Tax & CBEC

[Author: Latha Venkatesh, Executive Editor, CNBC-TV18; Source: www.moneycontrol.com] One criticism of bankers and money market dealers of the Reserve Bank’s monetary policy conduct in the past year has been the rising liquidity deficit in the interbank market. Since December 2015, banks have been borrowing Rs 1.5-2.5 lakh crore from RBI

Gujarat Budget 2016-17–VAT Amendments

April 13, 2016

Gujarat VAT & CST

[By Shaleen Shah (Partner) with Kirit Rana (Manager-VAT), VNCA] Gujarat Budget 2016-17 was passed by the State Assembly on 30-Mar-2016. The gist of VAT amendments enacted in the budget read with relevant notifications is as follows – INCREASE IN TAX RATES W.E.F. 1-APR-2016: 1. New Entry No.49C in Sch-II: Luxury

SC to lift entry tax cap, Rs 10k cr bonanza for states

March 22, 2016

Gujarat VAT & CST

States can expect a revenue bonanza of up to Rs 10,000 crore to be paid by big corporate houses in the manufacturing sector as the Supreme Court on Friday said it would in April vacate its three-year-old interim order asking authorities to collect only 50% of entry tax. Approximately Rs

Earlier Posts

Despite hype, only one firm qualified for Startup India

Only 16 applicants found eligible for start-up tax benefits

Download Draft Model of GST Law

Equalisation Levy of 6% on e-commerce transactions applicable from 1-Jun-2016

Service Tax Department cannot conduct audit under Rule 5A(2)–Delhi High Court

Budget 2016 enacted on 14-May – Service Tax Amendments effective from various dates

Flipkart challenges Gujarat entry tax on online sale in HC

Is higher service tax fuelling black money in the system?

Gujarat Budget 2016-17–VAT Amendments

SC to lift entry tax cap, Rs 10k cr bonanza for states

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