Page-31 of Taxation Current Affairs, GK & News

Lok Sabha passes Goods and Services Tax Bill

Lok Sabha has passed the Goods and Services Tax Bill, 2014 which is also known as Constitution (122nd Amendment) Bill. The Bill seeks to amend the Constitution in order to introduce the goods and services tax (GST). Consequently, the bill also seeks to carry out new indirect tax regime in the country that will subsume ..

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Government makes PAN mandatory for central excise registration

Union Government has made Permanent Account Number (PAN) mandatory for private firms seeking central excise registration. As per the new rules, the PAN registration will now be given within two days of filing online applications to improve the ease in doing business in manufacturing. In this regard Union Finance Ministry has issued an order that ..

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Drafting the Indian Financial Code

India’s financial market is deepening with the global interconnectedness and growing complexity in the economy. In such circumstances consumer at times become vulnerable to exploitation by the market forces. In an environment of ill-information and institutionalized mis-selling, consumers do not know where to go and whom to complain. Hence consumer protection spots the top priority ..

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SC Declares Tax Tribunal Unconstitutional

A five judge bench of the SC declared the National Tax Tribunal Act of 2005 as unconstitutional. The impugned legislation envisages creation of tribunals to deal with tax related cases only. The law was declared unconstitutional on the grounds that it took away powers of the higher judiciary to determine questions of substantial law and ..

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Parthasarathy Shome Panel Recommendations

The Parthasarathy Shome panel was formed by PM of India in 2012, for drawing up the final guidelines on GAAR and mainly to bring about tax clarity and address the concerns of foreign investors. Instead of only FIIs, the panel was asked also to look into issues pertaining to all non-resident tax payers. With various ..

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