Sri Medha Googles

22/12/2014

What is Goods & Service Tax Council ?

Goods & Service Tax Council shall Monitor Implementation of GST.

Goods & Service Tax Council shall be governing and monitoring body for proper implementation and periodical up gradation of Goods & Service Tax in All the states of India.

A. Constitution:

(1) Chairperson :Union Finance Minister
(2) Members : All Union Minister of state in Charge of Revenue or
– Finance Minister in charge of Finance or Taxation or – Any other minister nominated by each state Government
(3) Vice Chairperson :shall be elected by the members of the council as soon as all members are elected.

B. Role of Goods & Service Tax Council

(1) Make Recommendations to the Union & States
(2) Guide for the need for harmonized structure of goods and service tax and for the development of a harmonized national market for goods & Services.
(3) Determination of procedure for performance of its function
(4) Make decisions about the modalities to resolve disputes arising out of its recommendation

C.Quorum of Meeting

50% of total number of members of the council shall constitute quorum in council meetings.

D.Decision Making

All decision in a meeting shall be taken with three fourth majority of weighted votes of all the members present and voting. Whereby weightage shall be decided in following manner:

Vote of the Central Government shall have weightage of one third of total votes cast &

Vote of all the State Governments shall have weightage of two third of the total vote cast

31/03/2014

Result of CA-Final nov 13 challenged.
PETITION FOR REVALUATION OF CA FINAL NOVEMBER 2013 EXAM BECAUSE OF ERRORS AND MECHANICAL APPLICATION BY THE EXAMINERS
Madras High Court orders notice of motion
The matter will be heard on 9th April 2014
The Matter came before Honorable Justice B Rajendran, WP 9170 of 2014 listed as item no 21 on 28th March 2014. Mr Rahul Balaji, Senior Partner of Parasarans brought to the notice of the Honorable Judge the glaring mistakes that are being committed by the CA Institute spoiling the careers of brilliant students and also brought to the notice of the Honorable Judge about the admission of the erratic correction by the respondent ICAI in its 320th Council Meeting.
The Learned Judge went through the petition and heard the arguments and said that the matter should be heard at the earliest and ordered a week’s notice. Let us hope for the best!!
Important News for students!!!! A writ petition to quash regulation 39(4) which bars revaluation as arbitrary and violative of article 14 (particularly when there is clear proof to show the admitted inefficiency of ICAI examination system ruining lives of brilliant students) is being filed shortly and will be heard by the division bench of the Madras High Court
As you are aware that 97% of the students who appeared for CA Final November 13 exam but declared failed (31000 out of 32000). Many brilliant students failed because of the errors of the examiners by getting just few marks less.
A CA final student who was failed by getting just 5 marks less moved Madras High Court by clearly bringing to the notice of the Honorable Madras High Court about the glaring errors which were committed by the copy checker.
The candidate answers were exactly in line with and same as the study material and also the key (suggested answers) provided by the respondent. But the candidate was failed due to erratic and careless valuation- 31000 students were declared failed out of 32000 appeared.

16/03/2014

Update regarding Applicability of Companies Act, 2013 for Nov. 2014 Exams:
Announcement by ICAI dated 15th March, 2014:
Out of 98 Sections notified by CG on 12th September, 2013, 53 Sections have been made applicable for CA (IPCC) Nov. 2014 Examinations and 45 Sections have been made applicable for CA (Final) Nov. 2014 Examinations.

27/10/2013

Admin Ravi Teja

worth sharing !!

29/12/2012

The lawyer hopes YOU GET IN TROUBLE...
The doctor hopes YOU FALL ILL
The police hopes YOU BECOME CRIMINAL..
The coffin makers want YOU DEAD....
But............­ ­.....
Ur CA always want that...... U ALWAYS FLOURISH AND GROW AND PROSPER...
We CAs are always progressive thinkers.....

18/12/2012

A Content sharing platform for CA Students, Finance Law and Taxation professionals, also including basic Social Networking features

08/12/2012

New Syllabus for Service Tax has been announced by BoS officially Contents of New Syllabus- Section 64 - Extent , Commencement and Application of ST Section 65B - Interpretations (new) Section 66B - Charge of ST (according to FA,2012) (new) Section 66D - Negative List (new) Section 66F - Principle of interpretation of specified descripttttions of services or bundled services. (new) Section 67A - Date of determination of rate of tax, Value of Taxable Services and Rate of Exchange (new) Poin of Taxation Rule,2012 Note : Value of Taxable Services, Payment of ST, Filing of Returns of ST will remain same. Note : Novemeber 2012 Revised Edition of Study Material from ICAI will contain all the necessary changes applicable for May 2013 IPCC Exams. For more details download the attached file and click on link given below :- Click here --> http://­www.icai.org/post.html?post_id=5624

02/12/2012

We are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation.

30/11/2012

Must Read full :- If we cant change system, at least we should change our self

SERVICE TAX At Restaurants - VERY IMPORTANT !!!
Interesting.
I find restaurant bills often so confusing,..
I just give up and pay the amount shown n the bottom line.

Perhaps we shouldn't.

Incidentally, I also resent the inclusion of Service Charges in
restaurant bills, because it assumes that I was satisfied with the
service. Just a matter of principle. Service Charge should be
something I leave behind at my personal discretion.
I recently demanded that the service charge be removed as the service was non-existent. After a short - very short! - discussion, it was removed. About Service Tax..... Be aware


This happened at the restaurant.

Let me explain.

We had been to several restaurants recently. I observed that "service
tax" was being misused in the way it was being charged to customers.

Let me give an example.
- - - - - - - - - - - - - - - - - - -

Food and Beverage = Rs. 1000.00

Service Charges @ 10% = Rs. 100.00

Service Tax @ 4.94% = Rs. 54.34 (on F&B + Service Charges)

VAT @14.5% = Rs. 145.00

Total = Rs. 1299.34


As per the definition - "Service Tax can be charged ONLY for the

services provided to the customer".


Now, see what is happening here in the above example.


Service Tax should be charged only on the Service Charge amount i.e
Rs.100 ONLY, and NOT on the entire amount (1000+100).

In this example, the customer should be charged only Rs 4.94, whereas
he has been charged Rs. 49.00 extra.

Where does this money go?
Only the restaurant owner and the chartered accountants who work for them know.

· So, I have started asking them the questions - and am
surprised to see the reaction from famous restaurants. Either they
say: "Sir we cannot change the format of the bill - so , we will
recalculate and tell you the revised amount. You may pay only that."

OR

· "Sir, you do not need to pay the Service Tax amount itself"!!

I now have 3 to 4 restaurant bills, but for which I have paid only the
service tax on the service charge and NOT on the total amount.



Every bill MUST carry the TIN number and Service Tax Number, if they
charge it. So . . . , I ask for the Service tax number if it is not
available in the receipt that they provide.

As we cannot go to any government official and ask them to get this
right - because of our system.

Please remember - we cannot change any political leader - but we can
change ourselves.

If we change ourselves - things will change.

Please do share this with every one of your friends and known people.

Ask for the right tax calculation
and
Pay only the tax which is supposed to be paid.

Verify every bill and receipt that you make payment on.

"Please share if you think its worth"

29/11/2012

IPCC : Paper No-4 part (ii) (Service Tax And VAT)

all the chapters of the revised Study Material and Practice Manual would be applicable for examination purposes.

Hence, students with the older editions of the Study Material and Practice Manual are advised to read the new edition [November edition

The Detailed topics which are included/ excluded are given here..

28/11/2012