Comparing the design of India’s GST system with those prevailing internationally, we note that the tax rates in the Indian GST system are among the highest in the world. The highest GST rate in India, while only applying to a subset of goods and services traded, is 28 percent, which is the second highest among a sample of 115 countries which have a GST (VAT) system and for which data is available (Figure 61). Table 8 compares the highest and lowest standard tax rate (i.e. the tax rate that applies to the majority of transactions) across regions around the globe and shows that India has the highest standard GST rate in Asia. The table also highlights that the ASEAN region has the lowest rates as compared to the other regions.
The Lok Sabha has introduced the Notice of Amendments to the Finance Bill, 2018 on 12 March 2018. Please find below an analysis of the amendments which are effective from Financial Year 2018-19 (i.e. Assessment Year 2019-20), except as provided otherwise:
Press Information Bureau Government of India Ministry of Railways 14-March-2018 17:24 IST Cashless Ticket Booking In Railways Following schemes have been introduced for promotion of cashless transaction on Indian Railways:- i. The facility of online booking of reserved tickets has been provided through Indian Railway Catering and Tourism Corporation (IRCTC) website. The payment for tickets […]
(i) Passengers holding confirmed ticket are aware of their coach/berth number as the same is indicated on the tickets at the time of booking itself, except in case of First Class air-conditioned class.
The Vice President of India, Shri M. Venkaiah Naidu has said that real estate developers and builders to bring in reality in real estate sector to improve economy. He was addressing the gathering after inaugurating the two-day CREDAI Conclave, here today.
This Petition under Article 226 of the Constitution of India, challenges an order dated 2nd December, 2016 passed by the Settlement Commission (Commission) under Section 245 D(6B) of the Income Tax Act, 1961 (the Act).
Non-availment of drawback: The third proviso to sub-section (3) of section 54 of the CGST Act states that no refund of input tax credit shall be allowed in cases where the supplier of goods or services or both avails of drawback in respect of central tax.
Hll Biotech Ltd. Vs ITO (ITAT Cochin) Conclusion: Since assessee-company was still at the pre-commencement stage and during this phase, it had raised equity funds which was invested in fixed deposits of the Banks as well as the holding company and had earned interest on the same, the interest earned had to be taxed as […]
The evolving GST regime is no less than a farrago of implementation challenges and transmuting tax regulations. Amidst this whirlwind of evolutionary changes, Taxologists are struggling to stay abreast of the latest changes. In a pursuit of finding a robust solution that simplifies taxation end-to-end, leading taxologists are adopting technology to automate GST. Industry leader, […]
May be I am already late, with just less than a fortnight for the Financial Year to end. For, soon after that, the killing provisions of the Black Money Act – a real ‘black’ legislation passed by this Govt. in 2015 – may help the bloodhounds of the Department to begin their devil dancing against […]
