NPRP & CO - Chartered Accountants

NPRP & CO - Chartered Accountants CHARTERED ACCOUNTANCY SERVICES

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We aim to provide one stop solution for all financial needs to our valuable clients. We offer end to end solutions in a wide spectrum of services including accounting and IFRS application, auditing, Direct and indirect tax, Project Financing, company law matters. AUDIT
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21/11/2016

CentreState stalemate over GST jurisdiction continue

Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST)
regime continued today with an informal meet called by Finance Minister Arun Jaitley failing to break the deadlock. Mr. Jaitley’s informal meeting with state finance ministers failed to arrive at a common ground on how Centre and states will control assessees under the new regime that will subsume an array of taxes like excise duty and service tax as well as VAT, multiple ministers participating in the meeting said. With states unrelenting on their position of being given right to control all assessees with up to Rs 1.5 crore annual turnover, it was decided that officials will meet again tomorrow before the meeting of the all powerful GST Council on November 25. “The meeting has remained incomplete. Discussions will continue on November 25,” Finance Minister Arun Jaitley told reporters after the over three hour long meeting.
The issue has remained a contentious one during the previous two GST Council meetings and any disagreement at the next meet holds potential of derailing rollout of the GST from the targeted April 1, 2017. Mr. Jaitley had earlier this month stated that the proposed GST needs to be rolled out by September 16, 2017 before the validity of the Constitutional Amendment brought in by Centre and ratified by states expires.

27/10/2016

What is GST and its Benefits?

25/10/2016

80 lakh assessees may start migrating to GSTN Portal from
Nov. 8
As many as 80 lakh assessees of excise as well as service tax and VAT can start migrating their registration to the Goods and Service Tax Network portal by November 8, GSTN Chief Executive Prakash Kumar said. “On this date (November 8), we are releasing enrolments. This means getting these existing eight million assessees on to our system,” Kumar was quoted as saying by a PHDCCI release. The GSTN, which is expected to provide common and shared IT infrastructure for GST implementation, will transfer onboard to its platform the details of about 80 lakh existing assessees of excise, valueadded tax, customs and service tax.
Kumar said the migration of assessee details onto the GSTN platform will sort out inconsistencies and help industry get
ready for GST implementation date of April 1, 2017. “This move will help them do business without any hassle from April 1 next year, which is the likely GST implementation date,” Kumar said.
GSTN, a notforprofit entity incorporated in March 2013, has been set up primarily to provide IT infrastructure and services to the central and state governments, taxpayers and other stakeholders for implementation of GST. It has also been allowed to partner with other agencies for creating an efficient and userfriendly
GST ecosystem.

24/10/2016

GST a challenge and opportunity for Accounting Professionals
Introduction of Goods and Services Tax (GST) is a challenge and opportunity for the chartered accountants, according
to M Venkaiah Naidu, Minister of Urban Development, Housing Urban Poverty Alleviation and Information & Broadcasting.
He was speaking at the inaugural session of the ICAI International Conference ‘Jnana Yagna’ held here on Saturday. The accounting professionals should get ready for making change over to GST a smooth affair. “This is a huge opportunity for all of you to be partners in the progress of our nation,” he said. India was the fastest growing economy in the world, he said adding that the pace of economic growth is going to even further pick up with various initiatives being taken to enhance the ease of doing business.

21/10/2016

GST Council mulls Five rate slabs
On Day 1 of the threeday meeting of the goods and services tax (GST) Council, Finance Minister Arun Jaitley said five
different rate structures were presented. At the same meeting, the central government proposed a fourrate structure with two standard rates of 12% and 18% and 6% for essential goods. It proposed white goods and luxury products to be taxed at 26% and gold at 4%. The Council is also looking at a cess on demerit goods such ultraluxury items, to***co products and pan masala and
environmentally harmful products in order to equalise the levy to the current level of tax. The cess will help the government raise an additional Rs 50,000 crore that would be used to compensate the states for their revenue losses. “The broad approach has been that the rate structure should be such that it does not lead to any further CPI (consumer price index) inflation, the states have adequate revenues, so should the Centre, to discharge their obligations and this has to be blended with only the least possible burden that has to be put on the tax payer,” Jaitley said.
Kerala Finance Minister Thomas Isaac said the rate structure proposed by finance ministry confirmed his “worst fear”.
“Worst fears confirmed — GST to be regressive. Tax on luxuries to be reduced to 26% and on necessities to be raised to
12%,” he said, adding that the proposal for cess contradicted the original concept paper for GST.

20/10/2016

GST Council puts off rate decision to Nov 16
Centre and states failed to decide the tax rate under the new GST regime even though they "converged towards a
consensus" on levying a cess in addition to the highest rate of tax on luxury and sin goods. There were differences on the issue of dual control with states demanding control over 11 lakh service tax assessees, and Centre proposing to do away states having exclusive control over all dealers up to an annual revenue threshold of Rs 1.5 crore an issue which was settled in the first meeting of the GST Council. The proposed cess on luxury and sin goods like to***co, ci******es and alcohol would be used to compensate states for any loss of revenue they may suffer from implementation of Goods and Service Tax (GST) in first five years
beginning April 1, 2017. There was virtual consensus among states on imposing of the cess, which tax experts and industry has vehemently opposed, saying it defeats the very concept of onenation, onetax. A fourslab tax structure of 6, 12, 18 and 26 per cent with lower tariff for essential items and the highest bracket for
luxury and sin goods also found favour with them but a decision was put off to the next meeting on November 34. Finance Minister Arun Jaitley said the GST Council, that includes representatives of all states, will meet again next month and decide on tax rates.

19/10/2016

GST Council mulls Five rate slabs
On Day 1 of the threeday meeting of the goods and services tax (GST) Council, Finance Minister Arun Jaitley said five
different rate structures were presented. At the same meeting, the central government proposed a fourrate structure with two standard rates of 12% and 18% and 6% for essential goods. It proposed white goods and luxury products to be taxed at 26% and gold at 4%. The Council is also looking at a cess on demerit goods such ultraluxury items, to***co products and pan masala and
environmentally harmful products in order to equalise the levy to the current level of tax. The cess will help the government raise an additional Rs 50,000 crore that would be used to compensate the states for their revenue losses. “broad approach has been that the rate structure should be such that it does not lead to any further CPI (consumer price index) inflation, the states have adequate revenues, so should the Centre, to discharge their obligations and this has to be blended with only the least possible burden that has to be put on the tax payer,” Jaitley said. Kerala Finance Minister Thomas Isaac said the rate structure proposed by finance ministry confirmed his “worst fear”. “Worst fears confirmed — GST to be regressive. Tax on luxuries to be reduced to 26% and on necessities to be raised to 12%,” he said, adding that the proposal for cess contradicted the original concept paper for GST.

14/10/2016

Govt to advance Winter Session to roll out GST
The Cabinet Committee on Parliamentary Affairs decided to recommend to President Pranab Mukherjee to summon
both the Houses of Parliament for the Winter Session from November 16. The session is expected to conclude on
December 16. Usually, the Winter Session of Parliament is convened in the last week of November and concludes on December 23. During the monsoon session, the Centre had managed to get Parliamentary approval for the Constitution (122nd
Amendment) Bill that enables the government to bring in relevant pieces of legislation to introduce the Goods and Services Tax regime.Accordingly, the government is expected to introduce the Central GST Bill and the Integrated GST Bill for approval of
Parliament. It hopes to get Parliament nod during the Winter Session itself which would facilitate the roll out of the GST
regime from April 1.The government is also mulling over advancing the presentation of the General Budget in Parliament by a month.
Besides the GST bills, the highlight of the Winter Session is expected to be labour reforms. The government is looking
forward to build consensus on the Labour Code on Wages and the Code on Industrial Relations. (PTI Decanherald)

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