V. Narayanan and Co LLP

>Direct Tax collections up 25%in Q1 2017, indirect up 31%       > Tobacco and Tobacco products would be subject to GST :       > Article 246A of the constitution empowers the Centre and the States to levy and collect tax       > Section 15 is applicable for all the three taxes (CGST,SGST and IGST)      > 4 more days for September 30 - IDS : 30/09/2016      > Exports will be treated as zero rated supplies : 17/10/2016      > Small taxpayers with an aggregate turnover in a financial year up to Rs. 50 lakhs shall be eligible for composition levy : 30/09/2016      > Return by Banks for interest upto Rs.5000 for Sep Quarter : 30/09/2016      > Cancellation of registration under one Act (CGST Act) shall be deemed to be a cancellation of registration under the other Act SGST Act : 30/09/2016      > Composition scheme will be optional       > Reverse charge mechanism applies to supplies of both goods and services