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The Gujarat High Court has ruled that a Permanent Account Number (PAN) is not required to claim the benefit of a lower Tax Deducted at Source (TDS) rate under a Double Tax Avoidance Agreement (DTAA). As per the bench of Justice Bhargav D. Karia and Justice Pranav Trivedi, Section 206AA of the Income Tax Act […]
The New Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has ruled that goods imported into a Special Economic Zone (SEZ) must be used for authorized operations; if such goods are instead sold in the Domestic Tariff Area (DTA), applicable duties must be paid. According to Section 51 of the Special […]
The Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman in the Parliament addresses the Union Budget 2025-26. Amendments to the GST laws have been proposed under the budget to ensure trade facilitation. These proposed changes are- Such amendment shall come into force from a notified date in coordination with states, under the suggestions […]
The Income Tax Appellate Tribunal (ITAT) in Mumbai has ruled that revenue earned by a British telecom company from an Indian telecom company for providing roaming services to international customers does not qualify as ‘royalty.’ Amit Shukla (Judicial Member) and Gagan Goyal (Accountant Member) of the bench noted that payments to a non-resident company for […]
A day prior to the central Finance minister Nirmala Sitharaman starting the customary pre-budget meets with the stakeholders, the confederation of Indian Industry (CII) asked for a reduction in the personal rates of the income tax for reviving the demand. The same can provide the advantage to nearly about 5.83 cr people who become part […]
GST requires a change in its rate structure, the government is urged to take the harder political decision soon or in the times to come. This is seen after the effective GST collections improvement from the previous fiscal year. The requirement to change the GST structure emerges from the concern that the revenue-neutral rates which […]
After the implementation of complex Goods and Services Tax (GST) Regime in India, now the Narendra Modi Government is working on bringing changes in respect of the direct tax.
The centre and its financial department are gearing up for the upcoming GST regime and some of the first reformations are being taken into the SEZ Zone acts. Banikinkar Pattanayak, a government official said that The government will soon tweak certain fiscal provisions of the special economic zones (SEZ) Act, as it gears up to introduce the goods and services tax (GST) regime in the country.
The biggest tax reform i.e. Goods and Services Tax is now a part of Indian Economy. A new and unified tax structure is followed for indirect taxation on the place of various tax laws like Excise duty, Service Tax, VAT, CST etc.
