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In the Rajya Sabha, the Hon’ble Union Home Minister Sh. Amit Shah has passed a resolution to amend the Article 370 of the Indian constitution that offers ‘privileges of special autonomous status’ to the State of Jammu & Kashmir. By making amendments in Article 370, the special state right of Jammu & Kashmir has been […]
The ITR-6 Form for Income Tax Return filing with the IT department of India is meant for only those companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes) New Update in Form ITR 6 Get Demo of Gen IT Software for ITR 6 Form Who Can File […]
Income Tax Return Filing Filing an income tax return is a responsibility of every citizen of the country and also mandatory for each one of them. Income Tax Return is the form in which an assessee furnishes all his Income and tax details and thereon submit it to the Income Tax Department. Various ITR forms […]
GST – one country one tax has brought uniformity in the taxation system which led to the decrement in U.P.’s total GST revenue shortfall from 20% of last year from July to march
After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
It is worth noting that from starting of the GST era, many of the businessmen who had never filed even a single return of GST were exempted from paying any penalty recently made confusion and partiality views on the government by the businessman who had deposited late filing penalty earlier.
Since its very introduction, GST has been criticized for increasing compliance burden on the Indian taxpayers.
The National Anti-Profiteering Authority (NAA), a constitutional body under the GST, was set up to ensure that the benefits from the GST Rate reductions are passed on to the end consumers.
According to the Authority for Advance Ruling (AAR) for GST in Maharashtra it is stated that the engineering, procurement and construction (EPC) activities are understood as ‘work contract’ and therefore liable to be taxed at 18 percent GST, and according to the ruling, it may hike the cost of setting up of solar plants.
