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The chief committee of government, CEA-led has given a suggestion to the Centre to set the Goods and Services Tax (GST) rate around 17-18 Percent. The committee also believes that this rate is suitable for every one and will help to boost the chances of common agreement on the vital reform. This rate meets all requirements of constitutional amendment bill, therefore there are many chances for the bill to be passed in current winter session.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
Previously, Chairman of Central Silk Board K.M. Hanumantharayappa had requested to the government to cut down the taxation rates from 5 percent to 2 percent on silk yarn and fabric. Now the Central Silk Board has announced that the GST implementation will not increase the silk prices.
ASSOCHAM (Associated Chamber of Commerce and Industry of India) has asked for a 25 percent of tax in the GST implementation, while the plea was discussed with the centre and its board said
A one-time tax settlement scheme has been introduced by The Haryana government to furnish tax relief and waivers for small traders. The same initiative is anticipated to simplify the financial burden on businesses stumbling with pending tax disputes. The one-time tax settlement scheme proposes significant exemptions on outstanding tax amounts, aiding a wide range of […]
Under Section 153C the Madras High Court rules that the examination is on the grounds of related documents or evidence found through the search. The taxpayer is the owner of S.R.Trust which is the enrolled trust who does charity. Under section 132 a search was done in November 2014 with respect to the managing trustee […]
Sessions are to be held by the Economic Advisory Council of the Fifteenth Finance Commission on April 23-24 2020 regarding the current position and the revival of the Gross Domestic Product (GDP) growth The biggest tax reform i.e. Goods and Services Tax is now a part of Indian Economy. A new and unified tax structure […]
After the implementation of GST, the council have decreased taxes on multiple products in various meetings. But customers are unable to enjoy the full fruits of these deductions on taxes.
