Snehal khanna Blog

At least 70 per cent people involved in opening shell companies are not even CAs but only entry operators. LATEST NEWS    :   This article was first published on Business Standard on Feb 20, 2017. Business Standard is republishing this article in light of Sebi imposing trading restrictions on suspected shell companies Lalbazar , one of the oldest areas of Kolkata and once the home of merchant princes of the East India Company, is now the residence to shell companies. Still famous for colonial-era commodities such as tea and dying goods and services such as typewriters and wedding bands, the bustling area in central Kolkata is almost synonymous with the city police headquarters, housed in a red brick building at 18 Lalbazar Street. Right across the street is the dilapidated Mercantile Buildings at 9/12. In its recent crackdown on shell companies, the income tax (I-T) department has identified this address as the home of 90 per cent — or 300 — of...

McDonald's outlets will reopen when the required licences have been LATEST NEWS : US fast food chain McDonald's 43 outlets in the national capital operated without valid 'health licences' for nearly three months from April 1, its estranged India partner Vikram Bakshi has alleged. Last month, McDonald's had decided to shut down 43 of the total 55 outlets here due to failure to renew eating house licences. Bakshi, an equal joint venture partner of McDonald's India Pvt Ltd (MIPL) in Connaught Plaza Restaurants Ltd (CPRL), the licensee for North and East India regions, said licences had expired on March 31. "From April 1 to June 27, 2017, we did not have any health licence, it's absolutely correct," Bakshi told PTI. He has been at loggerheads with McDonald's since 2013 when he was removed as the managing director of CPRL and is contesting it at legal forums, including the London Court of Arbitration. Bakshi said the hea...

After 30 September, the printed MRP on pre-packaged commodity will have to include GST rate Latest news :  The government has allowed retailers with unsold pre- GST stocks to stick new prices on them for sales, taking into account the post-GST changes. This means that companies have time till 30 September to clear unsold pre-GST goods with a  revised MRP to be displayed along with printed sale price to reflect the changes post the new tax regime kicking- in. The old MRP will have to be clearly on display along with the revised MRP sticker. But from 1 October, all pre-packed goods will have to have just one MRP including the GST.The old MRP will have to be necessarily displayed on the unsold inventories and the new rates can be reflected by way of stickers or through online printing alongside. On items where the price has to be increased for unsold stocks, the manufacturer or packer or importer will have to give at least two advertisements in two or more ne...

According to Debroy, multiple rates emanate from the 'desire to tax items' that are seen as luxuries Latest news    :   NITI Aayog member and wellknown economist Bibek Debroy on Friday said that one of the key problems with the present GST (Goods and Services Tax) regime is its multiple rates structure. According to Debroy, the multiple rates of GST emanate from the "desire to tax items" which are perceived to be luxury through the means of indirect tax and not the direct ones. "Please understand these multiple rates are coming from... this desire to drive other ends through indirect tax policy and other concerns of the states," Debroy said at Aaj Tak GST Conclave. "And therefore, you have plenty of exemptions, plenty of items that are outside the GST net and multiple rates." The present GST tax rates are divided into four slabs of -- 5 per cent, 12 per cent, 18 per cent and 28 per cent -- as decided by the GST Council. Als...

We are very, very stressed now. We are working 28 hours a day, says Navin Kumar Latest news : A week ahead of the goods and services tax (GST) roll-out, a visibly stressed chairman of the G ST Network (GSTN), NAVIN KUMAR, says that it (the IT backbone of the GST) will be ready by July 15. Although confident of the software, Kumar tells Dilasha Seth it will stabilise over three-four months from the GST introduction. Edited excerpts: With a week to go for the roll-out, what are the thoughts on this? Are you nervous? We are very, very stressed now. We are working 28 hours a day. Are you being flooded with calls and messages from industry and traders? Industry generally talks to the government, but, yes, we keep getting tweets and messages. There was some problem when enrolment was on and the tax department cancelled a lot of registered service taxpayers that had got provisional IDs as they were apparently not active. These 50-60 people lined up at our office. We then refe...