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Taxpayers to get a feel of GST next month

Beginning next month, the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system. This will facilitate the smooth implementation of the GST regime. “The first part of our software will be ready by end October. Existing taxpayers of value added tax, service tax and central excise will be [...]

By |July 31st, 2012|Taxation|0 Comments

Companies Act to be relaxed for Gift IFSC ventures

The government is amending Companies Act to relax provisions for Gujarat Gift City's international finance centre. The amendments will relax compliance norms. The amendment bill is expected to be introduced in the ongoing Parliament session. Companies operating in Gift IFSC set up by Indians will not be considered foreign companies but these will be [...]

By |July 31st, 2012|Corporate Laws|0 Comments

India Inc adheres to new accounting format

Most listed companies that are part of the BSE 500 index managed to file results for the quarter ended June under the new Indian Accounting Standard or Ind-AS, the extended deadline for which ended on Thursday. However, some outside the top 500 failed to file their numbers within the stipulated deadline citing “practical difficulties”. Starting [...]

By |July 31st, 2012|Accounting|0 Comments

Only 18% of India Inc ready for auditor rotation, says survey

Only 18 per cent of Indian firms are ready for auditor rotation — made compulsory under the Companies Act, 2013 — said a recent survey conducted by Grant Thornton India in association with Prime Database. According to Section 139 of the new Companies Act, every Indian company having a paid-up capital of Rs 20 [...]

By |July 31st, 2012|Auditing|0 Comments