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Medicines and medical kits are the life-savers and therefore it is mandatory to have an idea of what rate they are taxed at as ultimately it is going to affect the end price at which they are sold. Medicines and other medical kits for human and veterinary treatment are taxed at four tax slabs NIL, […]
The government keeps on amending and updating the provisions related to different types of taxes. The reason could be anything, but in most cases, the changes are made for the ease of the taxpayers. In this article, you will get to know about such amendments related to GST Update. Goods and Services Tax (GST) in […]
The whole country is trying to fight the outbreak of COVID-91 in its own way. The government is also taking the necessary decisions to control the further spread of coronavirus. Lockdown is imposed by the government for the same. The whole country will be locked down till 14th April, 2020, but some changes will be […]
Owing to the immense financial loss caused to the tourism sector due to the coronavirus outbreak, Tourism Ministry is now asking the government to eliminate Goods and Service Tax (GST) levy from the sector for the next six months, as declared by the sources. The proposal was made after combined recommendations drawn from several tourism […]
Paying heed to the current scenario, FM Nirmala Sitharman has granted a considerable relief to non-resident Indians. The threshold limit has been set to Rs. 15 lakhs per year (income from assets in India) for a tax levy while exempting global incomes. FM Nirmala Sitharaman recently gave relief to REITs and InvITs through changes in […]
There is a possibility of a hike in the rates of certain finished goods with the arrival of the government’s amended duty structure on them as per which finished goods attract lower rates than the raw materials. The amended provisions could affect mobile phones, textiles and a few other goods categories. The government is already […]
On Tuesday, 3rd March 2020, a parliamentary panel proposed a reduction in GST rates for the Automobile Sector of the country. It recommended that the GST rates imposed should be reduced at least until the Automobile Sector revives in full. It also said that uniform road taxes What is One Nation One Road Tax? One […]
India Cellular and Electronics Association (ICEA) has foreseen that the government might increase the rates of GST on mobiles and electronic items. ICEA is basically a regulatory body for mobile and electronic industries. The organization has urged all the states not to entertain any proposal of GST rate increase (presently 12%) on such items. Adamant […]
The panel head and Finance Minister Nirmala Sitharaman declared that there will soon be alterations in the GST rates for various goods and services that are expected to be the yearly affair rather than a subject of frequent amendments. Further stating strong defiance against the process of frequent amendments in GST rates she said that […]
