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Input tax credit is considered very significant for every business unit which are always in the need to invest in the business in the manner of capital.
The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
The Finance Minister Arun Jaitley-drove GST Council met on Saturday and finished the Draft Compensation Bill, in an offer to accelerate the rollout of Goods and Services Tax by July 1, 2017. The tenth meeting of the GST Council likewise cleared the last drafting of the anti-profiteering clause to guarantee a profit of lower taxes gets imparted to customers.
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
No result found! Clear search ACCOUNTS AND RECORDS 1.Maintenance of accounts by registered persons (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on […]
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
No result found! Clear search 1. Overview of Goods and Services Tax (GST) 1. What is Goods and Services Tax(GST)? It is a destination-based tax on the consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous […]
The High Court of Jammu & Kashmir and Ladakh, in a ruling, has stated that tax authorities need to acknowledge the late responses to the SCNs before passing the final orders under the GST Act, outlining the norms of natural justice, and set aside the Goods and Services Tax (GST) demand made. Zakir Hussain, who […]
The eligibility criteria for appointment of senior practitioners at the Income Tax Appellate Tribunal (ITAT) must be timely, where their experience could be applicable effectively and not at the very end of their careers, CJI BR Gavai stated. The CJI emphasised that the appointment process at the ITAT needs to be clear. CJI cited- “Eligibility […]
