TAXATION


IANS 13 October 2017
Even as retail inflation in India stagnated in September with a marginal drop in the food prices, the Index of Industrial Production (IIP) for August showed that factory output grew 4.3 per cent against the same month last year on the back of robust mining and electricity sector growth,...

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IANS 11 October 2017
The Indian Income Tax Department's collections in the first six months of the current fiscal at Rs 3.86 lakh crore grew 15.8 per cent over the same period last year, an official statement said on Wednesday.   A Central Board of Direct Taxes (CBDT) statement here said the collections...

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IANS 10 October 2017
Petrol and diesel products will become cheaper in Maharashtra from midnight on Tuesday due to four per cent reduction in Value Added Tax (VAT), an official said here.   The net reduction in petrol and diesel prices will be around Rs 2.33 per litre and Rs 1.25 per litre respectively,...

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IANS 09 October 2017
Hundreds and thousands of trucks kept off the roads across the country on Monday beginning a two-day strike to protest against the GST and calling for an end to daily revision of fuel prices. The strike sparked price rise due to an imminent disruption in supplies of essential commodities...

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IANS 06 October 2017
The Goods and Services Tax (GST) Council on Friday raised the threshold limit for Composition Scheme to Rs 1 crore from the current Rs 75 lakh to ease tax filing for small traders.   The Rs 1 crore threshold in the Composition Scheme has been approved also by the GST Council members,...

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Shashank Manilawala 04 October 2017
The Indian government’s effort to ease burden and harassment faced by small businessmen and traders over filing good and service tax (GST) returns is beginning to bear fruit with the expansion of GST Suvidha Centres that are springing up across the country through a franchise...

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CA Paras Mehra 02 October 2017
From a large corporate house to a small business, everybody is busy in decoding the law of goods and service tax (GST) so that they can remain compliant and they do not have to pay the interest or penalties unnecessarily. However, it is easier said than done. The law of GST is so confusing...

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IANS 02 October 2017
Finance Minister Arun Jaitley on Sunday said Goods and Services Tax (GST) slabs may be reduced in the future if a "revenue neutral plus" tax level is reached.   Jaitley made the remark at the "Foundation Day" event of the National Academy of Customs, Indirect Taxes and Narcotics...

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IANS 29 September 2017
The District Consumer Disputes Redressal Forum in Chandigarh has once again ruled that shops cannot charge extra value added tax (VAT) on items sold on discounted price, saying that by doing so they are "indulging in unfair trade practice".   Penalising Benetton India Private Ltd, the...

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Moneylife Digital Team 27 September 2017
The Maharashtra government in a trade circular has asked all those who have received the 15-digit Goods and Services Taxpayer Identification Number (GSTIN) to display the number on the board and certificate of registration at a prominent location at the business premises. Failing to which,...

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Ameet Patel 25 September 2017
The last few months have been extremely stressful for tax practitioners in India. The main reason for this is that the Finance Ministry has brought about several changes either in the law or in the administration of the law. This has added a huge burden on tax professionals in terms of...

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IANS 25 September 2017
The Income Tax Department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday.   "Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in...

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Moneylife Digital Team 22 September 2017
Tax practitioners were livid today — should they spend time doing their work or on tax compliance, they ask, after yet another change that was sprung on them today.    Just when taxpayers and tax professionals have completed their annual exercise of filing tax returns, here comes a...

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IANS 21 September 2017
Income Tax Department sleuths on Thursday searched the business and residential premises of Cafe Coffee Day retail chain founder-owner V.G. Siddhartha, son-in-law of former Karnataka Chief Minister S.M. Krishna, in Bengaluru and other places in the state for alleged tax evasion, said a senior...

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Moneylife Digital Team 20 September 2017
Although the government talks of treating honest taxpayers with respect, the income-tax (I-T) department, obviously, thinks differently. The easiest way for the I-T department to meet the steep tax collection target set by the finance ministry is to hustle and frighten existing taxpayers to...

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Moneylife Digital Team 19 September 2017
While industry has been in direct touch with the government to lobby for concessions in the Goods and Services Tax (GST), there is no lobby for the ordinary, tax-paying, and aspirational citizen of India. In most democracies, it is the elected representatives who take up such issues, but...

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IANS 15 September 2017
Transitional credit claims worth a whopping Rs 65,000 crore received from traders under GST have stumped the government and the tax authorities are now preparing to check the veracity of claims of over Rs 1 crore.   The Central Board of Excise and Customs (CBEC) has asked its...

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IANS 12 September 2017
The Income Tax department on Monday informed the Supreme Court that there are 105 lawmakers in whose case the verification of declaration of assets have revealed discrepancies in their assets and their known sources of income.   These lawmakers include seven Lok Sabha members and 98...

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IANS 11 September 2017
The increased Goods and Services Tax (GST) cess on mid- and high-segment cars approved by the GST Council will come into effect from Monday.   "Notification regarding increase in the effective rates of the Compensation Cess on specified motor vehicles will be issued on September 11,...

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IANS 02 September 2017
The government, on the recommendations of the Goods and Services Tax Council, has waived the penalty of Rs 200 per day for taxpayers who failed to file the first GST returns within the deadline.   The taxpayers will, however, have to bear the interest on late payment of dues, the...

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