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Suvidha Digest
A One Stop Consultancy House

January 2015
          Issue XVII

TABLE OF CONTENTS
Indirect Tax:
GST
GST – What to watch out for?
Direct Tax:
CLAIM OF INTEREST ON INTEREST U/S 244A OF THE INCOME TAX ACT, 1961
Subsidy
Capital Investment Subsidy for Construction/ Expansion/ Modernization of Cold Storages for Horticulture Products under National Horticultural Board (NHB)/ National Horticultural Mission (NHM)

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•  GST

India is all set to usher in a game changing tax reform – The Goods and Service Tax (hereinafter referred to as “GST”). The planned roll out of the GST will subsume most indirect taxes. By amalgamating a large number of Central and State Taxes into a single tax, it would mitigate cascading and double taxation in a major way and because of its transparent character, it would be easier to administer.

In pursuance of the above, the 122nd Constitutional amendment bill (hereinafter referred to as “CAB”) was tabled in the Parliament on 19th December, 2014.

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•  GST – What to watch out for?

As we are all ready to welcome the New Year, it looks like the BJP’s Finance Minister captures the same mood by welcoming the GST regime.

In the above article we have already discussed about the 122nd CAB, which is yet to be approved by the cabinet. It is expected that the bill would be passed easily in the Lok Sabha, but it would be interesting to see how the Government will pass the hurdle of the Rajya Sabha.

GST is currently the most thought provoking area, where every man has his own concerns. The captivating issues like the rate at which GST would be charged or the threshold exemption that will be allowed after subsuming various kinds of indirect taxes seems like a huge challenge for the government. It would also be interesting to see how GST would deal with the special provisions for states like Jammu and Kashmir, Assam, Mizoram, SEZ, EOU, Etc.

It is likely that GST would make things easier for both revenue and tax payers by easier collection and one stop payment instead of making various payments. We can be optimistic about having foreign investment due to simpler tax laws. But then one may not be wrong in wondering if everything seems too good to be true. There is still uncertainty about the way the different states will react to the tax planning. At this juncture talking about compensation to the states for 5 years, due to the loss of revenue have themselves addressed the concerns raised by the states regarding the fear of loss of revenue.

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•  CLAIM OF INTEREST ON INTEREST U/S 244A OF THE INCOME TAX ACT, 1961

An assessee is entitled to a refund from the Income Tax department u/s 237 of the Income Tax Act, 1961 ( or brevity “the Act”) if he/she has paid more taxes then his/her actual tax liability. The claim of refund must be made within one year from the end of Assessment Year in Form No-30. The refund shall not be allowed by the appropriate authority after the expiry of aforesaid time except as a result of any order passed in appeal or other proceeding under the Act.

However claim of interest on refund u/s 244A of the Act is a cosy affairs both for the assessee as well as for the revenue. Presently the rate of interest u/s 244A is calculated at the rate of 0.5% per month or a part thereof on the total amount of refund from the first day of the Assessment Year to the date of issue of refund. The interest u/s 244A of the Act would not be allowed if the refund amount is less than 10% of the tax liability.

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•  Capital Investment Subsidy for Construction/ Expansion/ Modernization of Cold Storages for Horticulture Products under National Horticultural Board (NHB)/ National Horticultural Mission (NHM)

Introduction

Date of coming in to force: The Scheme guidelines shall be effective from 01.04.2014.

Components: Credit linked projects relating to Cold Storages including Controlled Atmosphere (CA) and their modernization are eligible for assistance under this component. Subsidy need not be credit linked for the institutions like Public Sector Units, Panchayats, cooperatives, registered societies/trust and public limited companies provided they can meet remaining share of the project cost out of their own resources. Such projects will have to be appraised by appraising agency approved by NHB.

Eligible Criteria and Units

Capacity Cold Storages/Controlled Atmosphere Storages will be assisted for storing of fruits, spices & vegetables (other than potatoes).

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Indirect Tax: Direct Tax: Project Consultancy & Loan Syndication Empanelled valuer, Subsidy/Incentives Financial Solutions Recruitment Solutions
Shilpi Bajoria
shilpi@suvidhaconsultants.com
9830931239
R.B Mandal
directtax@suvidhaconsultants.com
Sourav Gupta
9830016263 / 9836599200
Sunil Bhoruka (Projects) - sunil@suvidhaconsultants.com - 9830158714
Dindayal Jajodia (Subsidy) dindayal@suvidhaconsultants.com - 9830550018
Vikash Kumar Kedia
vikash@suvridhi.com
9830040804
Mr. Sandeep Agarwal
9339144910 / 033 22150852/53

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