We have analysed Clause by Clause amendments in Direct Tax proposals that are being proposed in the Union Budget 2018 presented by Hon’ble Finance Minister.
Please click here :Detailed Direct Tax Proposals 2018-19
FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017 (Section 269ST)
Earlier there were restriction on payment of cash beyond certain limit. However, there was no restriction on receipt of cash for any transaction. Now, there are changes in Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017. The details of FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017 (Section 269ST) is as under:
click here for FAQ on cash transactions (sec 269ST)
GST Bills Introduced in Lok Sabha
After getting approval in GST Council Meeting for Draft GST Laws viz., Central Goods & Service Tax Bill, Integrated Goods & Service Tax Bill, Union Territory Goods Service Tax Bill, Compensation GST Bill, these bills are finally presented in Lok Sabha on 27th March, 2017. Government intends to pass these legislations during ongoing budger session in Parliament.
After getting approval from Parliament for these legislations, State Goods & Service Tax Bill will be presented in respective State Assemblies for their approval.
In the next meeting, GST council will discuss upon tax rates of commodities under GST regime along with some other matters. As tax rate slabs have already been finalized, discussion will be on which catagory of goods would come under which slab. Futher, most probably Services would be taxed at 18% as against current service tax rate of 15%.
Clause by Clause analysis of Budget 2017-18
Hello Everyone,
Please find attached herewith Clause by Clause analysis of some important amendments that are being proposed in the Union Budget 2017. The analysis is mainly classified in two broad categories – Direct Tax proposals & Indirect Tax Proposals
BUDGET 2017-18 OVERVIEW
Hon’ble Finance Minister Arun Jaitley started his speech by saying, “The Govt is now seen as a trusted custodian of public money, I express gratitude to people for their strong support. Our Govt was elected amidst huge expectations of people, the underlying theme of expectations being good governance. The focus will be on energizing our youth, to reap benefits of growth & employment. We have moved from a discretionary administration to a policy-based administration.”
Hon’ble Finance Minister Arun Jaitley presented the Budget amid hopes that the proposals of this Budget will help revive a slowing economy of India. Government is keen on movement towards cashless economy to avoid Black Money Transactions and ease of transactions through digitisation.
FAQs on Enrolment of the Existing Taxpayer on the GST System Portal
As the 1st April, 2016 apporaching, GST will actually see the light to of the day. Government has already published Draft GST Law, Rules and Returns for stake holders’ consideration. Government machinery is working keeping in mind target of GST implementation as on 1st April, 2016.
Government has set the date of 8th November, 2016 as first phase of migration of existing dealers to GST Netwrok. Government has also issued FAQs on Enrolment of the Existing Taxpayer on the GST System Portal for the benefit of tax payer at large.
FAQs on GST
With the 101st Constitution Amendment Act coming into force on 8th September, 2016 and notification of the GST Council on 15th September – the road to GST rollout is clear. Government is keen on introducing GST the biggest indirect tax reform, with effect from 01 April 2017. Industry and stakeholders also need time to understand the proposed GST regime. Keeping this in mind, Government released FAQs to empower trade and industry to get familier with proposed GST.
NO KKC on Bills Outstanding as on 31.05.2016
Government vide it’s notification no.35/2016 dated 23.06.2016 has notified that there will not be KKC of 0.5%on the bills outstanding as on 31.05.2016 provided the services are rendered before 31.05.2016
So service tax will be payable as per the amount charged in the Bill ( bills made till 31.05.2016) and not at 15%.
Glimpses of Recent Clients’ Meet
Had a very successful and interactive clients’ meeting at ATMA Hall on 17th June, 2016. Topics dicussed includes Start UP India, Recent Finance Act, 2016 amendments, Taxation for Non Residents among others. Here are some of the Snaps taken during the meeting.
Team APCCA thanks all its clients and for full support that made the meeting truly interactive and interesting…! Thank You.
Client Meeting on Direct & Indirect Tax Amendments and Other Updates
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Meeting on Direct & Indirect Tax Amendments and Other Updates (Only for Clients) |
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Date: 17.06.2016, Friday Time: 5:00 pm to 7:45 pm |
| Venue: ATMA Hall, Opp. City Gold, Ashram Road, Ahmedabad |
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Schedule of the Meeting |
| Time | Topic | Speaker |
| 5:00 to 5:30 | High Tea & Registration | – |
| 5:30 to 5:40 | Welcome Address | Divya Asawa |
| 5:40 to 6:10 | Finance Act -2016
Income tax Changes and Equalisation Levy |
CA Ratanlal G. Jethaliya &
CA Kalpesh Mistry |
| 6:10 to 6:30 | Overview of US Taxation | CA Saurin A. Patel |
| 6:30 to 7:00 | Overview of Start Up, SAD Refund and Service Exports from India Scheme | CA Nikunj B. Patalia |
| 7:00 to 7:20 | Restrictions on Acceptance or Granting of Loan –
For Private Companies – as per Companies Act, 2013 |
CA Nilay R. Bhavsar |
| 7:20 to 7:45 | Finance Act, 2016
Service Tax changes |
CA Ghanshyam P. Jajal |
Organised by
Ambalal Patel & Co.
Chartered Accountants
1St Floor, Sapphire Business Centre,
Above SBI Vadaj Branch, Ashram Road
Ahmedabad-380013
Phone: (LL) 27556860/70 (M) 8128681340/41
Email: apcca@apcca.com
RSVP
Jyoti V Panchal – Ph. 27556860/70 – M- 8128681340/41 – apcca@apcca.com
Please make it convenient to attend the Meeting.
Ambalal Patel & Co. 