After having opted for multiple rates under the upcoming goods and services tax (GST) regime, India is now looking to keep variations in rates on the same types of products at a minimum to ensure that the tax structure does not get any more complicated.

GSTN will generate e-way bills that will be valid for 1-15 days, depending on distance to be travelled.

The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’ which was launched on Friday with an aim to detect black money generation post demonetisation.

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page income tax return (ITR) form. The tax department a few days back notified new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).

A number of goods could become cheaper under the proposed goods and services tax (GST) regime.

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%. India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating.

GSTN will provide common and shared IT infrastructure to the central and state governments and to the taxpayers.

Law enforcement agencies have detected Rs.1.37 lakh crore worth of tax evasion, began criminal prosecution in 2814 cases, and have arrested 3,893 people in the last three years, according to a statement by the Central Board of Direct Taxes. Concerted and coordinated actions of law enforcement agencies under the Department of Revenue have achieved phenomenal … Continue reading “Rs.1.37 lakh crore of tax avoid detected over last 3 years”

All Income Tax Department-related proceedings between the taxpayer and the taxman will be conducted online from the new fiscal year, the Central Board of Direct Taxes declared.

The government is pushing for rolling out goods and services tax (GST) from July 1 and industry has been given sufficient time to the rules, law and basic structure.

Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services. Besides making a strong case to the GST Council for not touching services that are out of … Continue reading “Education, healthcare to be out of GST”

The council finalized five sets of rules relating to registration, refunds, returns, payment and invoice debit and credit.

Government has extended the deadline to migrate existing registration to 30th April 2017 for all existing registrations to be migrated across state and centre.

29 March 2017 must be recorded as one of the most significant days in the history of federalism in India.