Articles

Understanding General Anti-Avoidance Rule (‘GAAR’) – Part 2

Even though enough safeguards have been prescribed under the provisions of GAAR, the historical experience of harassment faced from tax department may give some tax payers sleepless nights. ...

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Posted Under: Income Tax |

GST Anti- Profiteering Compliance- CMA

Anti-Profiteering provision has been incorporated into GST law, to ensure that the reduction of tax incidence is passed on to the consumers. Profiteering is defined as the sale or offering for sale any basic necessity or prime commodity at a price grossly in excess of its true worth. ...

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Posted Under: Income Tax |

Determination of Value of Supply (Under GST)

1. Value of supply of goods or services where the consideration is not wholly in money:- Where the Value of supply of goods or services where the consideration is not wholly in money, the value of supply shall be; a) The open market value (OMV) of such supply. b) If OMV is not available, the […]...

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Posted Under: Income Tax |

Transitional Provisions under GST regarding Cenvat Credit

While much has already been spoken about the seamless flow of credit under the GST regime by the GST campaigners, any transition to a new law should be impartial for the migrating tax payers to ensure its smooth acceptability. The transitional provisions covered in Section 140 to Section 142 of the CGST Bill, 2017 give […]...

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Posted Under: Income Tax |

Insurance plans to help you with wealth accumulation

Today each and individual wants to live up the aspirations and dreams of his/her family and provide all kinds of comfort to them. For turning all the dreams into reality and fulfilling all the aspirations, one is required to identify all the different avenues for maximising their earnings as all aspirations and dreams have a price which n...

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Posted Under: Income Tax | ,

Impact of GST on Indian Economy

Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging around 17 existing taxes into single system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016....

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Posted Under: Income Tax |

GST 13th Council Meeting

The all-powerful Goods & Services Tax (GST) Council in its 13th meeting held at New Delhi decided the followings:- 1. Approval to draft GST rules (5 out of 9) which were released in September 2016 duly aligned with GST law as approved by Lok Sabha on 29 March, 2017...

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Posted Under: Income Tax |

Liberalized Remittance Scheme (LRS)

Liberalised Remittance Scheme (LRS) can be availed for purchasing or remitting foreign currency up to USD 250,000 per financial year (April- March) for permissible transactions....

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Posted Under: Income Tax |

Lets understand Goods and Services Tax (GST)

Constitution amended to provide concurrent powers to both Centre & States to levy GST (Centre to tax sale of goods and States to tax provision of services)...

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Posted Under: Income Tax |

All about Input Tax Credit under GST Act & Rules – PART I

As per Section 16 – Manner of taking input tax credit read with Input Tax Credit Rules – By Empowered Committee of State Finance Ministers June, 2016 1. Eligibility: – Every registered taxable person shall be entitled to take credit of input tax admissible to him (The said amount shall be credited to the electronic […...

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Posted Under: Income Tax |
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