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World Bank Doing Business 2017 Report

News and Press Release - Dated:- 26-10-2016 - The World Bank s annual Doing Business 2017 report released today recognizes India s achievements in implementing reforms in four of its ten indicators - Trading Across Borders, Getting Electricity, Enforcing Contracts and Paying Taxes. This is the first time in its history that India has been recognized for improvement in four indicators. 2. Improvement in Ranking and Distance to Frontier The Doing Business report ranks countries on the basis of Dis .....

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2017 Overall rank 142 134 130 131 130 Distance to Frontier 52.67 - 54.68 53.93 55.27 3. The change in ranking of India across the 10 indicators is as follows: Topics DB 2015 Rank DB 2016 Rank DB 2017 Rank Getting Electricity 137 70 26 Enforcing Contracts 186 178 172 Starting a Business 158 155 155 Registering Property 121 138 138 Resolving Insolvency 137 136 136 Construction Permits 184 183 185 Getting Credit 36 42 44 Protecting Minority Investors 7 8 13 Paying Taxes 156 157 172 Trading Across .....

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Courts in Delhi and Mumbai to deal with commercial cases above ₹ 1 crore. This has allowed India to improve its rank by 14 places in 2 years. III. In the area of Trading Across Borders, the report recognized the implementation of the Single Window Interface for Trade (ICEGATE), which integrates approvals and risk-based frameworks of customs and nine departments to provide traders with a single online interface for import clearances. IV. On Paying Taxes, the report recognized online filing .....

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g outdated laws with a new legal framework. Once implemented, it will improve our rank significantly in resolving insolvency index in next year s ranking. II. The constitutional amendment to enact a Goods and Services Tax, which will promote a common market across the country. On implementation, our rank on Starting a Business and Paying Taxes will improve significantly next year. III. Introduction of online single window systems for building plan approval in Delhi and Mumbai, integrating permis .....

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dology more than 50 per cent of users should have used the system in the period 2nd June, 2015 to 1st June, 2016. V. The elimination of the requirement of a company seal while applying for government registrations and permissions at the time of setting up of a business. The Companies Act, 2013 was amended in 2015 to make provision for the same but has not been accounted for by the World Bank. The Bank has observed that, to open a bank account a company seal was required, which was not found to b .....

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June, 2015. The World Bank has stated that this would be reflected in the rankings next year. VIII. Streamlining of name reservation process at Ministry of Corporate Affairs, reducing the time taken to an average of 1.86 days. IX. Registration under VAT and Profession Tax has been merged into a single process from 1st January, 2015 by Government of Maharashtra. X. Registration for VAT in Delhi has been made online and is allotted real time and business can start operations immediately on receipt .....

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ng Business report. 6. Reforms for Next Year s Ranking Over the past two years, the Government of India has implemented a host of reforms to make it easier for businesses to start, operate and exit. It is therefore disappointing that these achievements are not covered by the report due to methodological issues. The Government has engaged with the World Bank multiple times in the process, and is hopeful that they will take into account all the implemented reforms in future reports. Importantly, t .....

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Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Forum: GST Invoice

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

News: Blockage of Working Capital of Exporters

News: Clarification about Transition Credit

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

Highlight: Penalty u/s 271(1)(c) - additional income disclosure - surrender of income post survey u/s 133A - he disclosure made by the assessee is voluntary in nature, in the revised return - no penalty

Highlight: Reopening of assessment - notice u/s 148 issued on the directions of JCIT / CIT - a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions u/s 147

Highlight: MAT - Adjustment to book profit - computation u/clause (f) of Explanation-1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A r.w.Rule 8D of I.T. Rules.

Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer

Notification: Exempts inter-state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 09/2017-IT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017



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