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Question: How will imports be taxed under GST?
Answer: The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India. Unlike in the present regime, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.
How would GST be administered in India?
Answer: Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain.
Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.
The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.
Corporate Law:
Where revenue urged that assesses company received share application money from bogus shareholders, it was for revenue to proceed by reopening assessment of such shareholders and assessing them to tax and not to add same to assessee’s income as unexplained cash credit. Proviso to Sec 68 [2017] 80 272 (Bombay HC).
MCA has issued a Circular clarifying the issues relating to the Transfer of shares to IEPF Authority. The due date for transfer of shares by Companies to IEPF is May 31, 2017 .
Meeting of creditors could be dispensed with if maximum no. of creditors gave their consent to amalgamation scheme. [2017] 80 taxmann.com 307 (NCLT – Bang.).
Govt. has notified section 234 of the Companies Act, 2013 which provides for mergers and amalgamations between an Indian Company and a foreign company and vice versa. RBI has also inserted Rule 25A[2] to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.
Corporate Law:
IBBI has published the draft regulations for Fast Track Corporate Insolvency Resolution Process of Corporate Persons
CL: Company petition for winding up – allegation that company failed to make the payment against dues – The disputed questions cannot be gone into in this winding up petition – Nasir Amin Hungund Vs Glasspaane Aluminium (I) Pvt. Ltd. (2017 (4) TMI 1019 – Bombay High Court).
MoL&E: The Ministry of Labour and Employment has released a set of clarifications addressing concerns under the provisions of the Maternity Benefit (Amendment) Act, 2017.
SEBI: The SEBI Board in its last meeting has taken various decisions’ to improve the facilities being offered to the stakeholders.
C&AG: The status of provisional empanelment cum point score of the firms for the year 2017-18 is being made available in website C&AG website at www.cag.gov.in from 26 APR2017 to 05MAY2017. The mistakes, if any can be emailed at sao2ca5@cag.gov.in by 05 MAY 2017.
EMP: Dena Bank invites applications from CA Firms for empanelment as Concurrent Auditors for the Year July’ 17 to June’ 2018. The last date for submission of Online Applications is 10 MAY 2017.
ICAI appeals its Members to contribute towards Swachh Bharat Abhiyaan launched by Hon’ble Prime Minster of India Shri Narendra Modi on 2nd October, 2014.
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