Goods and Service Tax by ICSI

  PD&PP : GST: 04S/2017 June 02, 2017 Understanding Schedule II (Part – I) In the previous issue we discussed about the activities which are to be considered as supply of goods or supply of services even if they are without a consideration, but are done in the course or furtherance of business. Schedule II of the Central Goods & Services Tax Act, 2017 lists activities which are to be treated as supply of goods and supply of services. In this issue, activities which form supply of goods are discussed. The next issue will cover the list of activities to be treated as supply of services, as enumerated in Schedule II. Activities to be treated as supply of goods Form of supply Description Transfer Transfer of title in goods Transfer

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ICSI FinanCS Edition 13

  Dear Professional Colleagues The world at large recognizes the fact that the Institute of Company Secretaries of India has treaded flawlessly on the path of progress, undeterred by impediments and hindrances that came in its way. Since 1980, every year, ICSI has taken up various initiatives that have cast an everlasting impact towards enhancing the reputation of the profession. The recent regulatory prescriptions have recognized the pivotal role that company secretaries can play in ensuring the compliance of the law in true letter and spirit. There is a plethora of opportunities for the profession of Company Secretaries and we need to develop our capacities by garnering knowledge and latest information from multifarious sources. This responsibility is exclusively on us, at the ICSI. In this direction, the Institute strongly felt

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Goods and Service Tax : Education Series by ICSI

  GST: 03/2017 June 01, 2017 Understanding Schedule I Schedule I lists activities that are to be treated as supply even if they are without a consideration. The important point to note here is that though the following activities will be considered as supply even if there is no consideration involved, it is required that the activity is done in the course or furtherance of business. The forms of Supply listed in Schedule I are as follows: Permanent transfer or disposal of business assets where input tax credit (ITC) has been availed on such assets. When ITC is availed on a particular asset and the asset is disposed off or transferred permanently without a consideration, it will be considered as supply and attract GST. Example : Suppose, if XYZ Ltd.

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Goods and Service Tax 30 may 1st issue by ICSI

  GST: 01/2017 May 30, 2017 Understanding Basics of GST Single tax rate for a product or service in any part of the country (except J&K) The following 17 different indirect taxes will be subsumed under GST Central taxes State taxes 1. Central Excise Duty; 2. Duties of Excise (Medicinal and Toilet Preparations); 3. Additional Duties of Excise (Goods of Special Importance); 4. Additional Duties of Excise (Textiles and Textile Products); 5. Additional Duties of Customs (commonly known as CVD); 6. Special Additional Duty of Customs (SAD); 7. Service Tax; 8. Cesses and surcharges insofar as they relate to supply of goods or services. 9. State VAT; 10. Central Sales Tax; 11. Purchase Tax; 12. Luxury Tax; 13. Entry Tax (All forms); 14. Entertainment Tax (except those levied by the

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ICSI ADVISORY FOR THE MEMBERS AND STUDENTS

  ICSI:2017/Advs./2 May 20, 2017 ADVISORY FOR THE MEMBERS AND STUDENTS 1. Of late certain instances have come to the notice where a few members of the Institute and/or students have shared and/or posted material on social media without first ascertaining the veracity thereof. There have been occasions when the material shared/posted is found not only factually incorrect and misleading but has also the potential of damaging the reputation of the Institute, its members and other stake holders. Such recourse by the above members and/or students, being disdainful, ought to have been best avoided. 2. No doubt, the members of the Institute and/or the students being its stakeholders, can and should, share their concern, if any, but the same needs to be done in a manner befitting the image and

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ICSI revises membership fee w.e.f. 1st April, 2017-Notification + FAQs

  NOTIFICATION ICSI/05/May/2017 The Institute of Company Secretaries of India 1. The Council of the ICSI in its 236th meeting held on 29- 30th March, 2016 had revised various membership fee w.e.f. 1st April, 2017 as under- Particulars ACS FCS Fee (upto 31st March, 2017 Revised fee (w.e.f. 1st April, 2017) Fee (upto 31st March, 2017 Revised fee (w.e.f. 1st April, 2017) Annual membership fee Rs. 1125 Rs. 2500 Rs. 1500 Rs. 3000 Entrance fee Rs. 1500 Rs. 2000 Rs. 1000 Rs. 2000 Restoration fee Rs. 250 Rs. 250 (No change) Rs. 250 Rs. 250 (No change) Certificate of Practice fee Rs. 1000 Rs. 2000 Rs. 1000 Rs. 2000 2. The announcement in this regard was notified in the Chartered Secretary Journal in July, 2016 and subsequent issues; and also

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ICSI FINANCS

  The quadragenarian profession of company secretaries has earned several acclamations and recognitions over the years. The Institute makes continuous efforts to stride across professional discipline, gaze upon the efficacy and opportunities bestowed by current economic and legislative scenario, and we have made significant progress especially in Companies Act and related aspects. Transformation shall, however, attune to success only when there is an all pervasive and broad-based role of a company secretary in other sectors too, one of the most prominent being Financial Services space. Be it banking, insurance, foreign exchange matters or securities law and capital markets, much needs to be achieved to tap opportunities and bring laurels to our Profession. Much has been talked about financial services for quite long, now it’s time to raise identified agenda with

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ICSI ‘INFO CAPSULES’ INITIATIVE LAUNCHED

  PRESS RELEASE The Chief of Bureau 23 February 2017 ICSI ‘INFO CAPSULES’ INITIATIVE LAUNCHED In this digital era, it is not only the speed of information by which it travels but also the quality of information. There is no dearth of information in this globalised digital world but selecting the best out of everything needs a thought process and is crucial. Company Secretaries are an important part of the economy whose contributions range from compliance to governance to management. It is of utmost importance that they have a wide horizon of thinking which helps them in hugely participating in the success story of this great economy which is the fastest growing economy in the world. For this, it is necessary to provide Company Secretaries with the latest insights on

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ICSI IPA WEBSITE LAUNCHED

  The ICSI Insolvency Professional Agency (ICSI IPA) is a Section 8 Company incorporated under the Companies Act, 2013. It is a wholly owned subsidiary of The Institute of Company Secretaries of India (ICSI) and is registered as an Insolvency Professional Agency with the Insolvency and Bankruptcy Board of India (IBBI). ICSI IPA is a frontline regulator to enroll, regulate and monitor the members practicing as Insolvency Professionals (IPs) in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 and rules and regulations made there under. It is the endeavour of ICSI IPA to enroll, promote, develop and train the insolvency professionals. ICSI IPA has on its rolls several Insolvency Professionals who are taking a lead in the development and implementation of the emerging law. As per the

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The ICSI welcomes Union Budget 2017-18 

  PRESS RELEASE February 1, 2017 The ICSI welcomes Union Budget 2017-18 CS (Dr.) Shyam Agrawal, President, ICSI welcomes Union Budget 2017-18 with a focus on stimulating growth, providing relief to middle class, affordable housing, curbing black money, promoting digital economy, transparency in electoral funding and simplification of tax administration. The Budget marks a major shift owing to the preponed presentation of the Budget for the first time on 1st February as well as merger of Rail Budget with General Budget, the doing away with the plan and non-plan segregation of expenditure, and presenting information under the heads of revenue and capital expenditure. It was also the last budget under the current indirect tax regime which would be subsumed by GST soon. ICSI applauds the measures in the Budget focussing

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