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Compliance Related Aspects

1.1 Simplified return format:

The council has recommended for a simplified return process as follows:

1. All taxpayers excluding small taxpayers and a few exceptions like ISD etc. shall file one monthly return. 
2. The return is simple with two main tables. One for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier.
3. Invoices can be uploaded continuously by the seller and can be continuously...

Background:  

There is a system prevalent in some states where the transfer of tenancy rights against tenancy premium which is also known as “Pagadi system”. This is similar to any other renting system that is prevalent across the world i.e. landlord and a tenant. However, the only deviating factor is that the tenant also becomes a part owner of the house but not of the land.  

In the Pagadi system, the tenant acquires the tenancy rights in the property against payment of...

BACKGROUND:  

Priority Sector Lending Certificates (PSLCs) are tradable certificates issued against priority sector loans of banks so as to enable banks to achieve their specified target and sub-targets for priority sector lending through purchase of these instruments in the event of a shortfall and at the same time incentivizing the surplus banks to lend more to these sectors. It was first proposed by A.M. Godbole in his article "How to lend more to the poor" (Mint, 28 March 2007)....