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Issue #116
COMMUNICATION
COMPLIANCE
COLLABRATION
Common QR code for payments soon
As part of a multi-pronged push towards cashless transactions, the government has asked RuPay, MasterCard and Visa to have a common Quick Response (QR) code-based payments solution to help shops across India accept electronic payments without a card swipe machine. How will it work? A merchant will display the common QR code, which can be scanned using a smartphone app linked to any of the three payments networks — RuPay, MasterCard and Visa — and the money will be directly transferred by a buyer to the merchant’s account. Such QR-code based payments will not require a physical card.
Demonetization silently changing the way the country does financial transactions
Millions of citizens are being put through the hardship of waiting endlessly in front of ATMs and bank branches. But the struggle for cash may also be silently changing the way the country transacts as the dematerialisation of shares did to stock trading in the mid-90s. An increasing number of people have been turning to digital payment solutions in order to overcome the cash shortage. Various finance institutions have been on the lookout for ways to increase repayments through use of plastic money and digital wallets. The Reserve Bank of India and the government have been pushing digital payments and fees on debit card usage has been waived.
- Credit Suisse ‘underweights’ on Indian markets, ITC, Sun Pharma among top picks.
- Govt. intends to impliment GST from 1st April next year.
- Taxman finds Rs. 13,610 Crore undisclosed income in Jan Dhan Accounts
- RBI to issue new 20/50 notes
- ICAI invites suggestions on revised models for GST.
- No tax on ancesterial jewellery, purchased from disclosed income.
- PM Modi asks to submitt the bank details till 31st December from all BJP’s ,MP’s & MLA’s
- 30% tax, 10% penalty, & 33 % surcharged proposed on undisclosed income under denomination.
- ICAI recommends Joint Audits for large companies.
International Section
35% tax on firms shipping jobs abroad
-TrumpUS President-elect Donald Trump today warned of imposing a whopping tax of 35 per cent on products made by American companies that either outsource jobs overseas or build a new factory in another country. This could have an impact on plans of several American companies that are planning to establish manufacturing base in India to take advantage of the 'Make in India' policies unveiled by the Indian government.
China looking to buy Indian Pharma
Chinese investors are looking at opportunities to aquire pharmaceutical companies in India, an expert with a government-backed think tank said. "Today, more and more Chinese companies see India as their first destination when going global," said in a commentary on Thursday published in the state backed Global Times.
Demonetization should accelerate the shift to a digital financial economy.
As anyone who has stood in a queue outside an ATM machine will testify, the Modi government's audacious gamble with note-bandi or note-badli hasn’t been personally easy for most people. Whether it was thought through enough, whether the gains will outweigh the costs or whether it was an arbitrary and "morally callous" decision as the scholar Pratap Bhanu Mehta puts it, is for all practical purposes a moot point now.
By linking his personal prestige directly to demonetisation from the very start, the prime minister ensured that his government is too directly committed for it to contemplate even limited tactical retreats. Whether you think Prime Minister Narendra Modi is being far-sighted or Tughlaqi, for most people what matters now is whether the government will get its act together by the December 30 deadline for replacing old Rs 500 and Rs 1,000 notes and whether ATM queues will start clearing up.
Yes, the government could have done many things better – as the farcically frequent changes to note-bandi rules testify – but what the liberal elite has been refusing to accept is that in pure political terms, Modi has been winning the argument so far. By presenting himself as a revolutionary change agent and tapping into people’s inchoate sense of civic duty by merging notions of national revival and sacrifice with their political imaginaries, Modi has encashed his political capital to construct an intoxicating narrative that has certainly bought him.The big question now is: can he fix the pain quickly?
Is moving faster to a digital cashless financial economy the solution – as technocrat after technocrat keeps claiming? For example Nandan Nilekani, Infosys co-founder and the creator of Aadhaar, has been unequivocal that the systemic shock of demonetisation will accelerate the digitisation of the financial economy. A shift which he originally thought would take three years will, he now estimates, be compressed into just three to six months! The eventual ambition, as Niti Aayog CEO Amitabh Kant has declared, is clear. "Mark my words: By 2024, India will have made credit cards, debit cards and ATM machines redundant because of this move. We will have made the greatest innovation and all our transactions by 2024 will be taking place through mobile phones: every single credit and every single debit.
Read more Info : http://economictimes.indiatimes.com/articleshow/55700858.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Judgements/Tribunals
Content right to :eJurix
Arc Lamicraft Pvt. Ltd. Vs. State of Gujarat(HC-Gujarat)(19 August, 2016)
Held: None of the grounds on which an officer-in-charge of a check-post can seize the goods and detain the vehicle include verification of payment of past taxes. It is true that under section 45(1) of the VAT Act, the competent authority has the power to provisionally attach the goods of a dealer pending any proceedings for assessment or reassessment if he is of the opinion that for the purpose of protecting the interest of the Revenue, it is necessary to do so. However, the powers under section 68(4) of the Act and of provisional attachment under section 45(1) of the Act are vastly different in nature. Quite apart from this, court notice that against the alleged tax dues of Rs.1.59 crores (rounded off) of the petitioner, the department has already attached other goods worth Rs.1.60 crores, lying in the petitioner's godown. Additional attachment of the consignment of the goods in question therefore would not be necessary. Petition disposed of.
ITC Limited Gurgaon, Appellant. Vs. Commissioner Of I.T. (Tds) Delhi, Respondent. (SC)(26 April, 2016)
Held: It is clear that there is no vested right in the employee to claim any amount of tip from his employer. Tips being purely voluntary amounts that may or may not be paid by customers for services rendered to them would not, therefore, fall within Section 15(b) at all. Also, it is clear that salary must be paid or allowed to an employee in the previous year "by or on behalf of" an employer. An "employer" is a person who employs another person under a contract of employment, express or implied, to perform work for the employer. Therefore, Section 15(b) necessarily has reference to the contract of employment between employer and employee, and salary paid or allowed must therefore have reference to such contract of employment. There is, therefore, no reference to the contract of employment when these amounts are paid by the employer to the employee. Indeed, even the position accepted by the revenue and consequently the High Court that tips given in cash, which admittedly are not covered by Section 192, would also then be covered inasmuch as such tips also would not have been given but for the contract of employment between employer and employee. Clearly. Appeals allowed.
The Bullion and Jewelers Association (Regd.) Vs. Union Of India & Ors. (HC-Delhi)(26 April, 2016)
Held: There appears to be a misunderstanding on the part of the Respondents of what was being conveyed by P-Antam in its letters to the Indian Embassy. What is evident from the said letters is that only the gold sourced from the listed mines in Indonesia had been used in the production of the gold jewellery that was exported to India. The Court holds that the Circular dated 6th October 2015 issued by the CBEC and the instructions issued on that basis on 20th January 2016 by the CBEC addressed to the customs officers are in violation of Section151A of the Act and are hereby quashed. The proceedings consequent thereto the abovementioned circulars including the communication dated 22nd January 2016 issued to M/s. J.B. Overseas requiring it to furnish a bank guarantee of 100% of the duty differential while making provisional assessment are hereby set aside. It is made clear that any SCN or any application for provisional release of goods by members of the Petitioner Association and similarly placed importers would be decided by the customs officers in accordance with law uninfluenced by an of the abovementioned circulars, instructions or directions. Writ petitions disposed of.
Blog
Are you handling things the right way?
The outlook of Businesses in most developing markets including India is bullish. This is irrespective of size and activity considerations. These markets today are characterized by the presence of those who have money….and want to spend be it on personal acquisitions or establishing ventures or expanding existing ones. The ascent is thus towards spending and doing well.One essential feature of any favorable economic situation is the presence of multiple playersvying to make the most of it. The same is the situation with businesses. Where there is an opportunity, there is competition.
And when there is competition, there definitely is a need to change tactics, be relevant and prosper. Competition though working in favour of clients is an existential threat to most businesses as it directly affects their profit margins and ensuing growth, and survival.
Management Gurus, more so from developed economies have for some time now advocated the need for a focused & structured approach to take matters head-on and make the most in a competitive situation. What it essentially means is that the entire business entity and all its activities be looked at critically in the manner of a project and strategies formulated to beat the existing challenges at its own game and come out a winner.
This approach, though not exactly a revelation of sorts is still something most businesses do not implement forthwith unless forced by circumstances to do so. What it essentially does for most businesses is
- Identify activities both profitable and otherwise which can help either increase profits or reduce costs.
- Define the scope of activity/ departments where intervention may be required and identify people who shall drive the efforts.
- Set clearly definable goals for individuals and departments ie KRA which could include increased profits and/ or customer satisfaction, decreased costs, entry into a new country/ region, making a process better and easier etc. The identified objectives should, to the extent possible, be identifiable in numbers to know if the KRAs are being met.
- Identify variations clearly so as to take actions in time
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