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In the case of poor demand situations, most producers opt for bringing prices down as a natural response. Then, why India’s automobile industry is demanding for cuts in GST rates besides owning for a slash in prices. The GST Council only will make a final decision on this at its meeting on Friday. Fundamentally, the […]
Goods and Services Tax (GST) report prepared by the Comptroller and Auditor General (CAG)’s has hoisted many concerns. However, according to tax professionals, many relevant facts have not been thought through by the government auditor. CAG raised concern on GST of same nature being contingent to diversified tax rates by illustrating the applicability of distinctive […]
For now, the state goods and services tax (GST) will persist in Jammu and Kashmir, as per the Jammu and Kashmir reorganisation legislation. However, after some time the UT GST Act and state GST Act will become operative for Ladakh and J&K, respectively. Accordingly, some important amendments would have to be introduced for adding Ladakh […]
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 onset of the Tax Audit spell is a buzzing alarm for CAs to update their knowledge about different clauses of the Form 3CD and form a checklist to move in tune with Tax officials. C.A.s may prepare and follow a step-by-step procedure which is in compliance with the I.T. rules and regulations to stay […]
Defending the farmer society, Congress member Uttam Kumar Reddy pitched to the government to reduce the GST to zero on fertilizers and other agricultural machine markets. Uttam Reddy says, the GST rates on the cost of fertilizers and agricultural machinery should either be ‘Zero’ or on the lowest GST slabs. Proclaiming the circumstances of the […]
The Union Budget 2019 has been presented twice this year by the central government. The interim budget in February is followed by the presentation of the full budget in July by the BJP government after its immense triumph in the general elections. Both budgets constitute income tax-related notifications which would affect the personal finances of […]
GST practitioner is personnel who is approved by the government (state or central) to take charge of all the tax-related activities on behalf of taxpayers and business firm. GST practitioner is a person concerned for fresh registrations under GST, applying for amendments or cancellation of registration. No shells of GST are left uncovered for a […]
The Income Tax Department has made several major changes in the measures to catch the tax evaders and in the actions against them in the last few days. Now instead of raids in the country, the Income Tax Department will take direct action by setting the target. According to the senior officials of the IT […]
