15 things you should know about Model GST Law

Posted on June 15th, 2016 by Snehal Kamdar

On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. “CGST” is the tax […]

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*Ten Features that distinguish the NCLT from CLB*

Posted on June 13th, 2016 by Snehal Kamdar

The constitution of these Tribunals marks the dissolution of the Company Law Board (CLB). Fourteen years after its introduction in the Companies (Second Amendment) Act, 2002, and after several rounds of litigation, the Government has finally constituted these tribunals. The primary objective of these tribunals is to provide simpler, speedier and more accessible dispute resolution […]

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Cabinet Approves India’s First National IPR Policy

Posted on June 12th, 2016 by Snehal Kamdar

On 13 May 2016, the Union Cabinet approved India’s first Intellectual Property Rights (IPR) policy for awareness, creation, commercialization, protection and enforcement of Intellectual Property (IP) in India. As our readers may recall, the Indian Patent Office (IPO) had previously published a draft IPR policy on 9 January 2015 for comments from the stakeholders and […]

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The Insolvency And Bankruptcy Code, 2016 – Key Highlights

Posted on June 12th, 2016 by Snehal Kamdar

The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities. It paves the way for much needed reforms while focussing on creditor driven insolvency resolution. BACKGROUND At present, there are multiple overlapping laws and adjudicating forums dealing with […]

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Krishi Kalyan Cess-Hidden misery

Posted on June 10th, 2016 by Snehal Kamdar

Krishi Kalyan Cess (KKC) at the rate of 0.5% is being imposed on all taxable services with effect from 01.06.2016 on all taxable services provided or agreed to be provided by the service provider. The revenue collected from this Cess will be utilised by the government for improving agricultural sector and for taking initiatives to […]

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THE DOCTRINE OF ULTRA-VIRES IS LIKELY TO LOSE ITS SANCTITY AFTER COMING INTO FORCE OF COMPANIES AMENDMENT BILL, 2016?

Posted on June 8th, 2016 by Snehal Kamdar

DOCTRINE OF ULTRA-VIRES The word ‘ultra’ means beyond and the word ‘vires’ means powers. In the case of a company whatever is not stated in the memorandum as the objects or powers is prohibited by the doctrine of ultra vires. As a result, an act which is ultra vires is void, and does not bind […]

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Now listed Cos. have to disclose impact of audit qualification in a separate format.

Posted on June 8th, 2016 by Snehal Kamdar

SEBI vide. Circular No. CIR/CFD/CMD 56/2016 has required listed entities to disclose the cumulative impact of all audit qualifications on relevant financial items in a separate form called ‘Statement on Impact of Audit Qualifications’ instead of the present form. Such disclosures will have to be made along with annual audited financial results filed in compliance […]

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New era to start NCLT and NCLAT established

Posted on June 2nd, 2016 by Snehal Kamdar

The Ministry of Corporate Affairs has issued a notification for the constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with effect from June 1, 2016. Honorable Justice SJ Mukhopadhaya, Judge (Retired), Supreme Court of India has joined as the Chairperson of the NCLAT and Honorable Justice MM Kumar, […]

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6 things you must know about Krishi Kalyan Cess

Posted on May 30th, 2016 by Snehal Kamdar

The Central Government had announced,at the time of budget 2016, a new cess, namely, ‘Krishi Kalyan Cess’ (“KKC”), which is to be levied at rate of 0.5% on the value of all taxable services w.e.f June 1, 2016. Earlier the rate of service-tax was 14.5% (after including Swacch Bharat Cess at 0.50%).But after the introduction […]

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SOD Conflicts and Role Based Authorization in SAP

Posted on May 26th, 2016 by Snehal Kamdar

Segregation of Duties (SOD) Definition = Segregation of duties (SOD) provides the assurance that no one individual has the physical and system access to control all phases of a business process or transaction: from authorization to custody to record keeping. Thus in a way it advocates Maker –Checker concept at various levels. An individual should […]

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