. Corporate Governance Corporate governance is a set of rules and policies which governs a company. It provides a frame work for managing a company and achieving its objectives. It gives guidelines for internal control, performance measurement and corporate disclosure.
Corporate governance lays down the rules and responsibilities of the stakeholders of a company primarily the shareholders, the directors and the management. The role of board of directors is very important in corporate governance. It is the board that provides the guidelines for the company and its other stakeholders including employees, customers, suppliers and financiers. Corporate governance is based on the four fundamental pillars of fairness, transparency, accountability and responsibility.
In India the Kumara Mangalam Birla Committee , Narayana Murthy Committee , Adi Godrej Committee , and presently Uday Kotak Committee were constituted to give a comprehensive framework for Corporate Governance. T he present corporate governance norms, included in the Companies Act , SEBI listing regulations and Clause of the listing agreement are the outcome of discussion by these committees. 12th Commerce Unit - - . .
PM Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States. The Goods and Services Tax Council shall make recommendations to the Union and the States on a. the taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be subsumed in the goods and services tax b.
the goods and services that may be subjected to, or exempted from the goods and services tax c. model Goods and Services Tax Laws, principles of levy, apportionment of Goods and Services Tax levied on supplies in the course of inter-State trade or commerce under article 269A and the principles that govern the place of supply d. the threshold limit of turnover below which goods and services may be exempted from goods and services tax e. the rates including floor rates with bands of goods and services tax f.
any special rate or rates for a specified period, to raise additional resources during any natural calamity or disaster g. special provision with respect to the States of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand and h. any other matter relating to the goods and services tax, as the Council may decide.