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We must have heard about the era of the Industrial Revolution, the IT era and so on. But what about this era? This is an ‘Era of Transparent taxation’ or in other words ‘Era of Tax reforms’. The reason attributed to the new ‘era of Transparent Taxation’ or ‘era of tax reforms’ is the blend […]
What is Corporate Tax? Corporate tax is a direct tax applicable to all the companies registered under the Companies Act of India and they are required to pay the corporate tax as per the rate decided by the Ministry of Corporate Affairs. The Corporate Tax rate cut was one of the sensational happenings of 2019. […]
The Taxation Law (Amendment) Bill 2019 passed by Lok Sabha is all set to change the current dynamics of corporation tax rates. This recent bill passed is an attempt to replace the orders issued in the goods and service tax (GST) Council meeting Get to know about GST (Goods and Services Tax) council 1st to […]
The 37 Council meeting chaired by Union Finance Minister Nirmala Sitharaman on 20 September concluded with various amendments in tax laws including tailoring of corporate tax rates from 30% to 22%. The reform is the breeze of relief for India in this stressed economy. Depressed GDP (current 5% from 8% a year ago), on the […]
The recently made president of Confederation of Indian Industry (CII) Rakesh Bharti Mittal came against the multiple numbers of tax slabs of GST and asked for rather rationalised tax slab structure.
Before Finance Minister Nirmala Sitharaman, Real estate developers have made a representation to revise the circular that levies an 18% GST on the corporate guarantees provided via concerned parties. “According to developers, GST at 18% rate should apply to either the actual consideration or 1% of the guaranteed amount, choosing the lesser of the two,” […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
Several infrastructure firms are poised to pursue legal action following the Goods and Services Tax Council’s decision to impose an 18% GST on corporate guarantees provided by holding companies to their subsidiaries. Reports suggest that numerous major infrastructure companies are gearing up to lodge writ petitions in the Supreme Court, aiming to challenge and review […]
The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) stood that a Limited Liability Partnership (LLP), implying not a “Body Corporate” under section 2(7) Companies Act 2013, is not likely to furnish the tax beneath the reverse charge mechanism (RCM). The petitioner was performing the services which consist of the manpower […]
