TAXATION


IANS 29 September 2016
Taking cognizance of the grievances expressed by taxpayers, Prime Minister Narendra Modi on Wednesday asked tax officials to set up a mechanism to deal with their issues and ensure a speedy resolution.   Modi on Wednesday chaired his fifteenth interaction through PRAGATI - the...

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IANS 23 September 2016
In its first set of decisions, the Goods and Services Tax (GST) Council on Friday fixed the turnover-based exemption limit from such levies at Rs 20 lakh, but left the decision on fixing the actual tax rates and the finalisation of draft rules for later.   Briefing the media after the...

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Moneylife Digital Team 22 September 2016
Dr Subramanian Swamy, a member of Parliament (MP) and leader of Bharatiya Janata Party (BJP) has requested Prime Minister Narendra Modi to stay operations of Goods and Service Tax Network (GSTN).    Dr Swamy, in a letter says, "...the GSTN, which is a data processing and tax revenue...

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IANS 12 September 2016
The government has extended the date for filing of income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act from September 30 to October 17, 2016, an official statement said here on Monday.   "Taking into consideration that the last date for...

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IANS 12 September 2016
Following presidential assent last week to the GST Bill, the Union Finance Ministry on Monday notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council.   "The Central Government hereby appoints the 12th day of...

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IANS 08 September 2016
After the nod from President Pranab Mukherjee to the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, and its Gazette notification, the process remains long in implementing the pan-India Goods and Services Tax (GST) regime:   - The parliament will once again have to...

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IANS 01 September 2016
The Goods and Services Tax (GST) bill ratified by 15 states, awaits the magical number of 16 before it is sent to the president for his assent.   After Goa became the 15th state to ratify the GST bill on Wednesday, decks would have already been cleared for presidential assent had the...

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IANS 30 August 2016
India Inc. proposed on Tuesday that goods fully exempted from excise duty and VAT by states be categorised as exempted goods in the GST regime, which should be implemented after a minimum of 6 months from the date of adoption of the GST law by the GST Council.   "Goods fully exempted...

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IANS 29 August 2016
After a heated debate, both houses of the Maharashtra legislature on Monday unanimously ratified the Goods and Services Tax (GST) Bill, making it the ninth state in the country to do so.   The GST Bill was recently passed in both houses of Parliament and its ratification by various...

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IANS 08 August 2016
Without delving into specifics on the taxation rate under the Goods and Services Tax (GST) regime, Finance Minister Arun Jaitley here on Monday said it will be worked out by the GST Council.   GST rate was earlier suggested at 18 per cent by Chief Economic Adviser Arvind...

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Moneylife Digital Team 04 August 2016
India moved a major step closer towards a unified goods and services tax (GST) regime across the country, with the Rajya Sabha passing the relevant Constitution amendment Bill, which is touted as the most radical indirect tax reform since independence. However, people in the accounting...

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Moneylife Digital Team 03 August 2016
On 3 August 2016, union finance minister Arun Jaitely tabled the Goods and Services Tax (GST) bill in Rajya Sabha. The GST will replace a patchwork of central and state levies on goods and services and will bring multiple taxes on goods and services and bring them under one rate. Once passed,...

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IANS 03 August 2016
1. What is Goods and Services Tax (GST)? How does it work?  The GST is a single indirect tax for the whole nation, which will make India one unified common market. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.   Credits of...

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The Income Tax Department is closely scrutinising 14 lakh high value non-PAN transactions reported for the period 2009-10 to 2016-17 and will be soon issuing letters seeking information regarding the same, an official statement said on Thursday.   "The Income Tax Department has...

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In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Monday signed seven more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.   "With today's signing, the total number of APAs entered into by the CBDT has reached 77. This...

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Cezary Podkul (ProPublica)  and   Anne Skjerning  and   Tor Johannesson (Borsen) 13 July 2016
Goldman Sachs, Citigroup, Merrill Lynch and other international banks have profited for years by arranging short-term loans of stock in Danish companies, a maneuver that has helped shareholders but deprived Denmark of substantial tax revenues.   With the banks' help, stock owners...

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Moneylife Digital Team 12 July 2016
The union government has launched its ambitious Income Declaration Scheme, 2016 (the scheme or IDS) as Chapter IX of the Finance Act, 2016. The scheme is effective from 1st June to 30 September 2016. However, several chartered accounts (CAs) have highlighted the gap (or lack of sufficient...

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New Delhi: The Income Computation and Disclosure Standards (ICDS) shall be now applicable from April 1, 2016 instead of April 1, 2015, since tax payers might have already filed income tax return without incorporating compliance with the ICDS, the Finance Ministry said here on...

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Moneylife Digital Team 20 June 2016
The Delhi High Court has ruled that no service tax could be charged for contracts entered between builders or developers and buyers for the purchase of apartments or flats. The Court also upheld the levy of the service tax but quashed it as there was no statutory measure to ascertain the...

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Prime Minister Narendra Modi on Thursday called for 10 crore people to be brought into the tax net, up from the current 5.3 crore, in a bid to expand the revenue base.   "There are a total of 25 crore households in the country, out of which 10 crore have non-agricultural income. The...

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