Indian Taxation Updates Oct 2016

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• Form INC-32, INC-33, INC-34 under simplified Performa for Incorporating Companies electronically are available as notified by Comp. (Fourth) Amendment Rules, 2014.
• Under GST Composition Scheme is not applicable if assessee makes Inter- state supplies or pays tax on Reverse Charge basis.
• CBEC has issued revised guidelines for arrest in relation to Service Tax offences punishable under the Finance Act, 1994 and Central Excise Act, 1944, Circular No. 201/11/2016-Service Tax dated. 30.09.2016.
• Punjab National Bank invites applications from practicing firms of Chartered Accountants in India who fulfill the eligibility criteria for conducting concurrent audit of branches.