Changes in Tax rates & Surcharge: Existing Income Tax rates for Individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person having income of Rs. 2.5 lakhs to Rs. 5 lakhs is reduced to 5% from the present rate of 10%.
Article Covers Changes in Service Tax carried out by union budget 2017 including changes in negative list, advance authority rules, changes in Service Tax applicability on some services etc.
Hon’ble Finance Minister Shri Arun Jaitley tabled today Economic Survey Report 2017 in the Parliament, outlining the broad direction of the Union Budget 2017 and the economic performance of the Country.
Amidst expectation of this Budget to be the last Budget for present Indirect tax regime and July 1, 2017 marking GST advent, gist of the key anticipations which could be addressed are as follows:
In an attempt to try and bridge differences on the contentious issues such as administrative control over taxpayers under the Goods and Services Tax (GST), the all-powerful GST Council headed by the Honble Finance Minister, Mr. Arun Jaitley met for the ninth time in a row to clear all gathered clouds over the GST and brightening its prospects of implementation soon.
As an endeavour to see early light of GST, CBEC, has created a separate tab, titled: MIGRATION TO GST, on the CBEC website: www.cbec.gov.in. The roll out of GST is scheduled from April 1, 2017. The taxes of Central Excise and Service Tax would be subsumed in the GST.
8th GST Council meet concluded on January 4, 2017, but, the deadlock continues between the Centre and the States on the vexed issue of cross empowerment, or dual control of assessees.
Enrolment date for the Central Excise assessees and Service Tax assessees have been differently prescribed. GST Migration for Excise assesses to start from 05/01/2017 and Service Tax assesses from 09/01/2017.
We are pleased to announce release of our Handbook on Goods and Services Tax, titled, GUIDE TO REVISED MODEL GST LAW (With Draft Rules on Registration, Payment, Invoice, Returns and Refund) [3rd Edition]
Whether transaction where Petitioner and his siblings agreed to exchange certain part of undivided share of land with Developer in lieu of constructed area under an Agreement for development, exigible to Service tax?
