TAXATION


With three weeks to go before the country moves to big bang tax reform, Goods and Services Tax (GST) Suvidha Providers -- key links between taxpayers and the government -- say the IT systems for a July 1 roll-out are not ready.   "All the rules are yet to be notified. Only after the...

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India on Tuesday amended its income lax law to exempt genuine equity investments through initial public offerings (IPOs), bonus or rights issues by a listed company from long-term capital gains tax even if no securities transaction tax (STT) was paid.   The amendment provides that...

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Seeking to set at rest all doubts, Finance Minister Arun Jaitley on Thursday said the government is in a state of preparedness for the roll-out of the Goods and Services Tax (GST) from July 1 and asked the industry to fall in line as there will be no change in the date of implementation of...

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Moneylife Digital Team 29 May 2017
There is growing discontent, especially among the trading community, over the classifications under the goods and service tax (GST). Items, which were in the lower category under value added tax (VAT) are now being categorised in higher tax slabs under GST, says a traders' body.   In...

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Moneylife Digital Team 24 May 2017
Terming the procedure to create e-way Bill under the goods and services tax (GST) cumbersome, Tally Solutions Pvt Ltd has expressed concerns about multi-layer declaration of details and verification during the process, which it feels may defeat the core design of GST. "While the proposed...

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The Income Tax Department on Wednesday summoned Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav's daughter Misa Bharti and her husband in connection with a "benami" property case.   An IT official requesting anonymity told IANS: "We have summoned Misa and her husband Shailesh Kumar...

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The Maharashtra Assembly on Monday unanimously passed the State Goods and Services Tax (GST) ratification bill after hectic deliberations at a three-day special session of the state legislature.   The bill is now being discussed in the upper house, the Legislative Council, where it is...

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The Goods and Services Tax (GST) Council concluded its latest round of meetings on Friday with the decision to apply the same four tax rate slabs for services as for goods, exempting, however, healthcare and educational services from the purview of the GST.   Speaking to reporters...

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With the Goods and Services Tax (GST) Council deciding the tax rate on 1,211 goods on Thursday, there is cheer for the common man as 81 per cent of the goods are below 18 per cent, though people will have to shell out more even for small segment cars with additional cess levied on...

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The Delhi High Court on Friday declined to entertain a plea by Young Indian Pvt Ltd (YI), of which Congress President Sonia Gandhi and Vice President Rahul Gandhi are the main stakeholders, challenging Income Tax notices served to the company -- clearing the decks for an IT...

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Vishav (IANS) 04 May 2017
Undeterred by the raging row stoked by his comments, NITI Aayog member Bibek Debroy is sticking to his guns that agricultural income should be taxed and says that the onus for this must be on the state governments.   "I had said that agricultural income should be taxed above a...

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New Delhi, Noted economist and NITI Aayog member Bibek Debroy on Tuesday said there was a need to expand the tax base by bringing agricultural income under the tax ambit.   He said there was also a need to eliminate exemptions on personal income tax.   Talking to reporters...

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Moneylife Digital Team 24 April 2017
As the much-awaited goods and service tax (GST) implementation deadline of 1 July 2017 draws closer, consumer goods companies are gearing for its seamless implementation. However, the state of affairs as far as other stakeholders in the system distributors, and wholesalers is starkly...

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New Delhi, In another move to improve ease of doing business in India, the Income Tax Department has tied up with the Corporate Affairs Ministry (MCA) to issue Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within a day, an official said on Tuesday.   "The...

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New Delhi, The central government on Tuesday announced its decision to block accounts of those individuals who do not provide self-certification by April 30.   This would be done in order to comply with the provisions of the Foreign Account Tax Compliance Act (FATCA).   "This...

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New Delhi, Decks have been cleared for implementation of the biggest indirect tax reform since independence, with parliamentary approval to the GST as Rajya Sabha on Thursday passed the four enabling bills for its roll out, possibly from July 1.   The long-awaited four bills --...

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New Delhi, India's Income Tax Department has specified a list of equity share sale transactions that will have to comply with the latest Budget provision and pay long-term capital gains tax if Securities Transaction Tax has not been paid.   "It is proposed to notify that the condition...

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New Delhi, India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the passage in Parliament on Wednesday of the GST Bill, which extends pan-India except to Jammu and Kashmir for now.   Jammu and Kashmir will...

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India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the tabling in Parliament on Monday of the GST Bill, which extends pan-India except to Jammu and Kashmir.   Union Finance Minister Arun Jaitley...

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CA Paras Mehra 24 March 2017
“Small business isn’t for the faint of heart. It’s for the brave, the patient and the persistent”   Small business will witness a complete transformation of the taxation system once the goods and service tax (GST) (https://www.gst.gov.in/) comes into effect. The proposed system shall...

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