Budget Session: PM Modi Hopes for breakthrough On GST

As the Budget session of Parliament resumed today, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner.
“We hope that there will be a breakthrough on the GST because all states have positively cooperated. All political parties have also extended cooperation in a positive way,” he told reporters outside Parliament. How to apply for GST registration
The second leg of the Budget session resumed today after about a month-long recess.
“We are meeting after a break and the budget proposals will be discussed in details,” he said.
Hoping for a healthy debate in the House, the Prime Minister said, “I believe that the level of discussion will go to a higher level. Attention will be drawn towards the issues related to the poor people.” New GST registration

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India's GDP Growth Seen Picking Up To 6.6 Pct But GST Fogs Outlook

India economic process probably accelerated to six.6 p.c within the quarter simply concluded, however analysts polled by Reuters are sounding more and more distressed that confusion over a replacement product and services tax can dampen activity in coming back months.
The forecast, from a survey of over forty economists condemned the past week, compares with growth of 6.1 p.c within the initial 3 months of the year, the slowest pace in 2 years. The vary of forecasts was wide from five.7 p.c to seven.2 percent. company registration in Delhi
It would leave Asia's third-largest economy behind China, that last reportable growth of half dozen.9 percent; however still among the worlds prime playacting economies.

Prime Minister Narendra Modi's government shocked the country last November by scrapping high-value banknotes, wiping out regarding eighty six p.c of money in circulation, that crimped client demand in a very preponderantly cash-reliant economy.company formation in Delhi

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Causal Taxpayers Registration Goes Live On GSTN Portal ?

Casual taxpayers who conduct businesses occasionally can now register for the goods and services tax (GST), which will allow them to execute work that comes their way once in a while.
A taxpayer must go for registration as casual tax payer at least five working days prior to the commencement of business. A casual taxpayer is a person who occasionally undertakes business transactions in a state or union territory where she has no place of business. A tax payer will also have the option to extend the registration duration once for a maximum of 90 days before the expiry of the initial 90-day period for which registration was granted in doing business in India.

Rather than registering as a regular taxpayer and being required to file ‘nil’ returns during off business months, casual taxpayers can enrol for a limited period of time, GSTN noted in its statement. After a taxpayer has opted to register as a ‘casual taxpayer’, a challan has to be generated after giving estimated values of supplies and tax and cess liability during the period of registration. The taxpayer has to make advance tax payment using the payment modes available at the GST portal, thereby completing the second stage of registration, it added in company formation in Delhi.

Original Source:  https://goo.gl/49Sa9L

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CBDT Signs Bilateral APA With Japanese Firm

The Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with the subsidiary of a Japanese company as it looks to reduce litigations by providing certainty in transfer pricing. The total number of bilateral APAs signed with various Japanese subsidiaries has thus reached five, all with rollback provisions, a Finance Ministry statement said.
Four APAs out of these five have been signed in the current financial year, it added GST registration online. 
The APAs are with Japanese trading companies (Sogo Shoshas) and certainty in tax treatment for them has been a long standing demand of the Japanese industry, the statement said.

“The bilateral signing of APAs in this sector provides tax certainty up to nine years in each of these cases,” it added GST consulting services. 

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Govt moves to check benami, aadhar to be made must for property deals.

In a move meant to curb benami transactions and therefore the use of black cash in realty deals, the govt. is going to build Aadhaar-based authentication necessary at the time of registration of documents like agreement purchasable, power of lawyer and can among others. The govt. has additionally firmed up plans to modify electronic registration of properties, that Aadhaar-based authentications are going to be a requirement in company formation in India.

The government plans to amend Sections thirty two and 32A of the Registration Act, 1908, for this. “Every person presenting a document at the property registration workplace for registration shall, whether or not corporal punishment or claiming beneath an equivalent, endure Aadhaar authentication in company incorporation in india.

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Tax Free Limit For Qraturity Hiked To Rs million

Formal sector workers may soon be eligible for up to Rs 2 million tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry.
The central trade unions have agreed on doubling gratuity amount ceiling as an interim measure in a tripartite meeting on the proposed amendment to Payment of Gratuity Act conducted by the Labour Ministry. gst consultants in Delhi
“While accepting the maximum payment limit of Rs 2 million as an interim measure, the unions demanded that the ceilings/ limit with respect to number of employees and years of service should be removed,” the All India Trade Union Congress (AITUC) said in a statement. The statement said the application of amended provision regarding maximum amount should be made effective from January 1, 2016 as done in the case of central government employees. gst consulting services 

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Post-FIPB, RBI To Frame Procedure For FDI Approval

The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out FIPB.
The proposal for setting up norms for foreign direct investment (FDI) approvals in sensitive sectors, which are currently under government approval of the FDI policy, was discussed at a recent inter-ministerial meeting in apply for gst online .
According to sources, several options came up for discussions at the meeting. In order to further improve ease of doing business, the government has decided to abolish Foreign Investment Promotion Board and form a new mechanism for expeditious clearance of foreign investment proposals in new gst registration.
Once the FIPB is abolished, the onus of approving FDI proposals would be on the ministries and regulatory authorities concerned. The inter-ministerial committee has also discussed the possibility of approving the FDI proposals along with of licences, sources said.

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