The Proposal from the Centre that triggered Objection from states was the Imposition of Cess on Ultra luxury and demerit goods such as Big cars, aerated beverages, and tobacco products.  The basic purpose of Imposing cess on Luxury and demerit goods is to treat it as means to finance the compensation that Centre have to … Continue reading “States Object for Imposing Cess on Ultra Luxary and Demerit goods under Proposed GST”

Finmin Arun Jaitly Chairing three days Meeting of GST Council started tuesday on 18th october 2016 had proposed following at the end of 1st day of Meeting. OUTCOMES OF 1ST DAY OF GST COUNCIL MEETING A) PROPOSED RATE OF GST Mr. Arun Jaitely Presented different five rate structure of GST as follow Standard rate – … Continue reading “Outcomes of 1st day of GST Council Meeting started on 18th October 2016”

Government of Assam vide Circular no. 9/2016 dated 13/10/2016 had made available the procedure of getting provisional GSTIN. The tax payer registered under VAT, CST, Entry tax, Luxury tax and entertainment tax need to be migrated to GST and all the existing registered tax payer will be allotted PAN based GSTIN on provisional basis. Tax … Continue reading “Government of Assam Made Available Process Of Getting Provisional GSTIN”

Income Declaration Scheme was a great scheme started by Modi government to get black money. Income Declaration Scheme 2016 unearths Rs.65250 crore of Undeclared Income and Assets. 64275 declarations were filed under IDS-2016 up to the midnight of 30th September, 2016. The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided … Continue reading “Income Declaration Scheme ends”

Finmin Arun jatily said GST rate will be distinct for environment unfriendly products, move to boost funds for climate financing.The rate of taxation on such products which are going to be environmentally unfriendly would be higher from the normal rate of taxation.

Over the years, the income tax department has come to acquire an image of an agency that usually harassed taxpayers, including the honest ones. But in the last few days several individuals were surprised to receive a ‘Certificate of Appreciation’ in their mailbox. The certificate, signed by CBDT chairman Rani Singh Nair, acknowledges taxpayer contribution … Continue reading “Income tax payers receive Thank you note from Income tax department for their contribution “towards building of this great nation”.”

CBDT amends Rule 17CA of Income tax Rules 1962 related to “restrictions on Contribution accept by electoral trust“  provide that the electoral trust shall not accept contributions— (a)  from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; (b)  from any other electoral trust which has been … Continue reading “CBDT amends Rule 17CA of Income tax Rules 1962 related to “restrictions on Contribution accept by electoral trust“”

The GST Council, chaired by Union finance minister Arun Jaitley, is already working towards finalizing the structure of the new tax law. On discussion of operating cost of GSTN Fin min cleared that “The Center and states will pay user fees based on the number of assesses registered with each of them to meet the … Continue reading “Operating Cost Of GSTN To Be Funded By User-Fee”

Goods and Service tax Network (GSTN) a company entrusted to develop the Logistic and IT backbone for the new tax regime, has allowed the taxpayer the option of third party interfaces to guide them from registration to filing of return.The government invited application from banks, IT Companies and financial technology Companies to become GST Suvidha … Continue reading “GST Suvidha Provider (GSP) -Bridge Between The Common Portal And The Tax Payer”