Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: due date for vat payment :: articles on VAT and GST in India :: TDS
 
 
Direct Tax »
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased

Govt sets deadline of six months for rolling out Direct Tax Code and GST
October, 28th 2014

The government has set itself a deadline of six months to implement Direct Tax Code (DTC) and Goods and Services Tax (GST) as part of its action plan to ease the doing business in India.

Besides rolling out the DTC and GST as part of simplifying tax regime in country to push Prime Minister Narendra Modi's 'Make in India' initiative, the government has drawn an ambitious action plan to improve India's ranking in 'Doing Business Report' of the World Bank and it includes measures like providing electricity connections within two weeks of applying.

The department of industrial policy and promotion (DIPP) on Tuesday held an interactive session with babus of the all stakeholder ministries to have a better understanding of the issues involved.

In its ‘Doing Business in India’ report of 2014, the World Bank has ranked India at 134th place. At the inauguration of Make in India’ campaign, Prime Minister Narendra Modi called for substantially improving India’s rank. At the moment India lags behind China (96), Nepal (105), Pakistan (110) and Bangladesh (130) in the ranking. PM Modi wants to bring the country in top 50 rankings.

The DIPP after a detailed exercise identified the sectors, specific activities and ministry of department where reforms are required.

The DIPP in its action plan has flagged issues like reduction of number of taxes, online payment of taxes to expedite implementation of direct tax code and goods and services tax for the finance ministry. The plan has set a deadline of six months for rolling the DTC and GST regime.

According to the DIPP, at the moment, firms make 33 tax payments in a year and spend 243 hours a year filing preparing and paying taxes.

The government also wants to introduce payment of VAT refund directly in the account of firm and in a time-bound manner.

For the ministry of power, the agenda is simplification of process of electricity connection. At the moment it requires seven procedures and takes 67 days. The government wants to bring it down to two weeks. Besides it also wants to remove the requirement of pollution control certificate for providing the electricity connection.

According to the action plan, the ministry of corporate affairs is expected to bring down the time taken in registration of business in India from existing 27 days to one day. Besides, doing away from the requirement of company seal to minimum paid up capital for starting a business are also part of the measures that the corporate affairs ministry is to take within three months to 30 days.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions