Powerd By SAG INFOTECH
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The First income tax rate in nascent India after Independence was fixed as high as 97.75 per cent with 11 tax slabs. There was a huge challenge in front of the Country to lower the pace of this sky-high tax rate. The Country had witnessed the tax rates from a high of 97.75 per cent […]
People are demanding to rationalise the tax at a certain level in all the sectors. Considering the point of people, the Minister of State for Finance Shiv Pratap Shukla is planning review the tax in the educational sector as ‘Education is the most powerful weapon which one can use to change the world’.
As we know, in the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs is required to register as a normal taxable person.
A reduction of 12% GST on ‘housing’ to a toll to 5% without any extension in the benefit of the input tax credit (ITC) to developers, would definitely increase the price of the Apartments and would largely affect the Low and the Middle-income Group.
GST Council’s 31st meeting has taken some of the major decisions on the higher slab rate. The meeting deliberately made discussion on the items coming under the highest 28% GST slab rate.
Petrol and diesel will not be included under GST (Goods and Services Tax) until and unless the income under the GST reign strengthens said the former chief economic adviser Arvind Subramanian.
It is apparent that there might be multiple campaigns and schemes running parallelly in the state of Himachal Pradesh to appreciate and motivate the handloom industry to grow and manufacture the product.
GST Annual Returns and subsequent GST Audit Reports may spoil the record maintenance of several traders. Businesses and taxpayers registered under GST must file GST Annual Returns(GSTR-9 Return) and Audit Reports (GSTR-9C certified by a CA) on or before 31st December 2018.
Demonetisation was a bold move in a predominantly cash dependent Indian Economy. But a recent report on the effects of demonetization to a parliamentary committee by the Union Agriculture Minister will put to rest all claims made by the current government regarding the success of the move.
