Neeraj Bhagat & Co. – Page 18 – Chartered Accountants

April 8, 2020 / Goods and Services Tax (GST)

E-commerce Firms Like Flipkart and Snapdeal to Deduct TCS Under GST

E-commerce operators like Flipkart and Snapdeal will have to deduct TCSBSE -1.02 % (tax collected at source) while making payments to their suppliers, according to the new model GST law, which has done away with the definition of ‘aggregator’.
Explaining the changes in the provision, experts said the proposal will increase the compliance burden on e-commerce operators as they will have to deduct 2 per cent TCS and deposit it with the government.
The measure, Nangia & Co Director …

April 8, 2020 / Foreign Investment

Liberalization of Foreign Direct Investment – Other Financial Services

Department of Industrial Policy & Promotion in order to provide easy finance to the Indian Industries has liberalized the Foreign Direct Investment (‘FDI’) limits in Non-Banking Financial Company. Para 5.2.26 of the Consolidated FDI Policy has been replaced with the following para subject to specified conditions in chartered accountant firms in mumbai:
Before Circular:
Foreign investment in NBFC is allowed under the automatic route in only the following activities:
i.        Merchant Banking
ii.        Under Writing
iii.       Portfolio Management Services…

April 8, 2020 / Goods and Services Tax (GST)

GST Offer Opportunity To ‘Go Digital’

The countdown to the roll-out of the goods and services tax, or GST, has begun. The government, enterprises, regulators and consumers are gearing up to handle the tax implications of “one-country one-market structure”. A lot has already been written about how enterprises can prepare for GST. However, in my opinion, GST is not just a financial reform, but a broader business reform to service tax audit firm in Delhi. It has the potential to relook at how enterprises conduct …

April 8, 2020 / Goods and Services Tax (GST)

Fintech Companies Can Now Cash in on GST Platform Services.

The GST Network has devised a strategy to rope in fintech companies as well without compromising the security of the system.
GSTN, a not-for-profit entity, which is building the IT backbone for the revolutionary tax reform of Direct foreign investment in India, plans to enable such companies to offer services too, however, they will not get direct access to the GSTN. Instead, their services will be routed through NSDL, the National Securities Depository.

It has also been mandated …

April 8, 2020 / Direct Taxation

Received Expensive Gift This Diwali ? You Should Know These Tax Rules

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Gifts can be in the form of cash, movable property (car , jewellery, art work, etc.) or immovable property (land /building). But the rule doesn’t apply in all cases; there are a few exceptions.

The festive season has begun and the marriage season will begin soon. Receiving and giving gifts is an integral part of the celebrations. But you ought to know that if you receive gifts worth Rs 50,000 or more in a financial …

April 8, 2020 / Goods and Services Tax (GST)

GST Council Fixes Rate Structure: All You Need To Know About The Extremely Complex Tax Reform.

The country moved one step ahead in realising the GST dream when the GST council on Thursday decided to fix a four-tier rate structure for the reform touted to be the biggest after the economic.

While the structure and decisions taken have been welcomed by a section of industry and experts, it had its share of criticisms.

Food grains will be zero rated to insulate people form inflationary pressures in Internal audit firms in Delhi.

However he clarified that …

April 8, 2020 / Business

Approaches to Business Valuation

Valuation is an important part of litigation in Mergers & Acquisitions and involves an element of subjectivity that often gets challenged. More so, as in India, there are not many regulatory standards for business valuation specifically for unlisted and private companies, so in many cases the valuation lacks the uniformity and generally accepted global valuation practices. Even limited judicial guidance is available over the subject in India. Further, absence of any stringent course of action and non-regulation under …

April 8, 2020 / Goods and Services Tax (GST)

Is GST in India a Game Changer.

The Government’s plan to roll out Goods and Services Tax (GST) from April 1, 2017, has moved an inch closer to reality with the Hon’ble President Shri. Pranab Mukherjee signing the Government’s flagship GST Bill Recently . The much-awaited GST now becomes a law with President signing the GST Bill after more than 16 States (BJP-ruled Assam being the first one) ratified it in chartered accountant firm.

The introduction of GST is expected to not only make the …

April 8, 2020 / Goods and Services Tax (GST)

Centre States Make Headway On Key GST Issues.

A meeting of the empowered committee of state finance ministers convened by finance Minister Arun Jaitely also agreed to include in the constitutional Amendment bill the mechanism of compensating states for any loss of revenue in first five years of GST subsuming all indirect taxation firms in India levies including VAT.

Making headway on the long pending Goods and services tax auditing firm in delhi (GST) bill the centre and states have agreed on the principle that the tax rate …

April 8, 2020 / Business

Why Hiring a Business Registration Consultant is Safe for us

Registering a business is not an easy task because it requires knowledge of all the rules and regulations required to set up a business. If you are going to start your own business then the first requirement is business registration. It is likely that you are unaware of the process. It can be very difficult for you to comprehend all the procedures on your own. This is where chartered accountants can be quite helpful and aid you with the registration …