It is a registration required for persons importing or exporting goods and services from India. Importer Exporter Code commonly known as IEC Code is issued by the office of Director General of Foreign Trade (DGFT).

Presently different tax laws prescribe for different taxable event which is going to be replaced by GST Laws. Under GST, tax would be paid at the time of supply of goods/ services, lets discuss the same.

Most start-ups these days prefer to form a private limited company as it is more easy to them to raise capital through venture capitalists.

The introduction of Goods and Service tax would be one of the bigger reform in the Indian economy in the field of Indirect tax reforms. By merging a large number of Central and state taxes in to single tax, it would help in mitigating cascading or double taxation and pave the way for a common national market.

The Government of India notified the Specified bank Notes (Cessation of Liabilities) Act, 2017 in the Public interest for the cessation of liabilities on the specified bank notes and the matters connected therewith or incidental thereto.

A new Notification: Notification No. 10/2017-Service Tax dated 8th March, 2017 has been issued by Government so as to withdraw exemptions granted earlier to few specific Services provided “to” an Education Institutions.

Reserve Bank of India (RBI) on 13/03/2017 lifted all restrictions on cash withdrawals from savings bank accounts imposed on November 8, 2016 after the withdrawal of Rs 500 and Rs 1,000 notes.

The I-T department has developed a mobile app for paying taxes and tracking refunds and is considering issuing PANs on real time basis using Aadhaar biometric

We all are aware that GST is going to implement from July 2017. Now we all are just trying to analyse its impact on different Industries deals in various goods/ services.

Textile sectors play a very important part in the development of the Indian economy with regard to GDP, Export promotion, employment, etc.The textile industry is the second largest industry which provides skilled and unskilled employment.

The government’s decision to raise the tax-free gratuity limit to Rs 20 lakh for non-government employees may lead to big tax savings. The decision has yet to be approved.

Small scale industries of the region fear a drop in production and profitability due to subsuming excise exemptions and increased administrative work with the implementation of Goods and Services Tax.

The DVAT department. has further extended the due date for filing of online/ hard copy of DVAT return for Q3 of FY 2016-17 (i.e. Oct.~Dec. 2016) in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexures/ enclosures, to 17 Mar. 2017.

The inclusion of low-priced glucose and other biscuits under the proposed Goods and Services Tax regime will probably lead to shutting down of about 240 biscuit factories.