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Reportedly on Wednesday, the cabinet cleared the changes in the the GST Constitutional Amendment Bill. The changes made accompany 1 per cent drop in manufacturing tax and compensating the states that undergo any revenue loss in the first 5 years of the providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.
Finance Minister Arun Jaitley will be meeting the state finance ministers on Tuesday and thereafter the Government will be listing the delayed GST bill in the Rajya Sabha for further discussion. Jaitley will discuss the proposed amendments regarding the GST legislations passed by the Lok sabha with the state finance ministers.
More than 55% of the Rajya Sabha members supported the Government’s Goods and Services Tax legalization. Most of the Regional Parties like J Jayalalitha’s AIADMK and Mayawati’s BSP fully supported GST in parliament. Along with BJP’s 53 MPs, 55% of the strength of the total 243 MPs totally gave their support to the Bill account.
The two giants of their commune, Mr. Nitish kumar – Bihar Chief Minister & Janta Dal Chief along with Mr. Arun Jaitley – Union Finance Minister had a discussion over the hot topic of GST on which Bihar CM gives an encouragement. Since UPA government’s period, when JDU was a regional party it has supported tax reforms & Nitish backing up the GST is no amazement.
Chennai: Goods and Services Tax Bill is a strong yet simple platform in India, which can deal with the import/export of goods inside the state boundaries, said the industry body Assocham denoting GST as the ‘Brahmastra’ of the country.
The recent growth of accountancy profession in India has led the statutory body, ICAI to introduce considerable measures in the areas of education, high accounting, auditing, and ethics and within 66 years of its presence, the institute has achieved a lot and recognized as a premier accounting body in the country.
For widening the taxpayer base and reaching a large number of people who need help with tax things, The Income Tax Department is in the process of establishing over 60 facilitation centres- Aaykar Seva Kendras from Goalpara in Assam to Neemuch in MP. These ASKs will help the people in conducting their personal and business […]
What is CARO? Sec 143(11) of the Companies Act, 2003 requires that the auditor’s report of specified companies should include a statement on the prescribed matters. These reporting requirements have been prescribed under the Companies(Auditor’s Report) Order, 2016. Latest Update 26th July 2021 ICAI has officially announced that the CARO 2016 is applicable to the […]
AAP government to control the arbitrariness of the private schools in order to upsurge in school fee ranging from 20 to 55 percent, recently approved a proposal at the cabinet meeting regulated by Honorable Chief Minister, Arvind Kejriwal. As per the proposal, government decided to recruit CAs to audit the account of the private schools […]