After being stuck in the corridors of power and countering around sixteen years of uncertainty, GST is finally going to see the light of the day.
GST, which is being pitched as the biggest tax reform since independence, will bring sweeping changes to a lot of business practices that the industry has comfortably settled into. Continue reading
Section 197(C) of the Finance Act 2016 provided for assessment of undisclosed income relating to any period prior to Income Disclosure Scheme, 2016 (IDS) is proposed to repealed in the Budget 2017 presented by Hon’ble Finance Minister Mr. Arun Jaitley on 1 st February 2017. Continue reading
The Draft Model GST Law was released in the public domain on 14.06.2016. However, the draft law contained many anomalies / inconsistencies which needed to be addressed. After receiving recommendations / representations from various stakeholders, the government released the revised version of the Model GST Law on 26th November, 2016. Continue reading
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the public domain on 14 th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable way forward with optimism to see it implemented in full swing by April 2017. Continue reading
Indian start-ups may issue shares at consideration exceeding the fair market value without attracting tax as deemed income in company’s hands
Section 56(2)(viib) of the Income Tax Act, 1961 (the Act) provides for taxing in the hands of a company, the amount of consideration received from a resident person, for issue of shares exceeding the face value, to the extent of the consideration that exceeds fair market value of shares. Continue reading