Goods and Services Tax : GSTN has made Table 3.2 of GSTR-3B non-editable with auto-population from GSTR-1/1A/IFF. The update ensures consistency in inter-S...
Goods and Services Tax : Lower GST rates and tax reforms boosted consumption and manufacturing, driving India’s GDP growth to 8.2% despite global economi...
Corporate Law : India implements four new Labour Codes consolidating 29 old laws, modernizing wage, safety, and social security regulations, while...
Goods and Services Tax : Tribunal introduced a phased filing schedule to prevent system congestion on new electronic platform. The directive ensures orderl...
Goods and Services Tax : Essential steps for filing GST appeals before the Appellate Tribunal, covering order review, appeal drafting, documentation, and a...
Goods and Services Tax : Explore the robust growth in GST collection for FY 2023-24, crossing Rs. 20 lakh crore, reflecting economic resilience and improve...
Goods and Services Tax : April, 2023 has registered a revenue collection (GST) at Rs. 187 lakh crore, which is the highest ever since introduction of GST i...
Goods and Services Tax : GST book on ‘Assessment, Adjudication, Demand & Recovery’ provides a one point lucid guide which is an easy to und...
Finance : A realistic consequence of COVID pendamic could be counted in terms of loss of jobs, stagnant or reduced employment opportunities,...
Goods and Services Tax : New Book on GST Namely Compendium of Judicial Pronouncements (Relevant under GST Regime) Authored by Dr. Sanjiv Agarwal and publi...
Service Tax : Explore exemption under Entry No. 14 for machining of rails in case of Voestalpine VAE VKN India Pvt. Ltd. vs. Commissioner of Cen...
Goods and Services Tax : AAAR held that supply of coaching service by the appellant along with supply of goods/printed material/test papers, uniform, bags ...
Goods and Services Tax : Chandra Prakash Mishra Vs Flipkart India Private Limited & Ors. (Supreme Court of India) In Chandra Prakash Mishra v. Flipkart...
Goods and Services Tax : In re Resonance Eduventures Limited (GST AAR Rajasthan) The order is important as it contradicts its own ruling in Symmetric Infra...
Goods and Services Tax : In re Symmetric Infrastructure Private Limited (GST AAR Rajasthan) Q.1 Applicant supplies services of coaching to students which a...
On one hand where inflation is not coming under control and on the other, economic slowdown, globally as well as domestically, resulting in curb on income streams, it becomes imperative for people to work out for some additional source of income to either bridge the gap or earn more to continue to live the life as usual. This calls for some extra sources of income over and above regular sources.
Under the new service tax regime, any services not mentioned in the negative list will be subjected to Service Tax, if not otherwise exempt. If services are provided against a portion of the salary foregone by the staff, then it will be considered as having been made for a consideration and thus liable to tax.
India has migrated to new regime of Service Tax w.e.f. July 1, 2012 where in all services, except negative list of services and exempted services are liable to suffer Service Tax @ 12.36 percent. While the government expects over 125 lakh crore rupees from Service Tax in current fiscal, it appears that the task may be achieved easily but at the cost of rising disputes and confusion.
July is the month when most of us in the tax bracket need to file income tax returns, more so in case of individual assessees and where audit is not required. 31st July is the last date for filing income tax returns by all individuals, firms, HUFs, etc. whose books of accounts are not subject to audit under any law including income tax. This generally covers all individual assessees including salaried persons, professionals etc.
The consumption of services in India has become costlier w.e.f. 1.7.2012. The services which were hitherto not taxable at all are into tax net now. Those which were taxed earlier have a larger scope or are taxed with lesser exemptions. The valuation norms have been made tougher so that Service Tax is levied on gross value of service which will include even non monetary consideration.
Economic slow down is ruling the world today, including India. While slow down brings with it retardation in economic growth, lower investments, increase in prices, lesser demand & production and reduced employment opportunities, the current slow down comes with tagged inflation which is persistent and long over due for correction), weakened rupee as against dollar with 10% impact in last one month alone negligible fresh investment in core sectors, enhanced tax rates and interest rates etc. Added to this is the lull in capital market with no activity in primary market and a not so buoyant stock market, though the market saw a rise in last few trading sessions.
For those of readers who do not know the status of Budget proposals, let me update that the Finance Bill, 2012 proposals have become statutory provisions now and the bill has become Finance Act, 2012 with President of India signing the same on 28th May, 2012. Thus, most of the changed provisions in income tax and Excise / Service Tax have become applicable.
The residential property market in India, particularly in the Tier I & II cities, has remained sluggish for the past 12 months, with significantly lower sale volumes, especially when compared to the high absorption rates of 2010. Home loan interest rates now seem to be declining from their cyclical highs but unforeseen tax levies have come at a time when the industry is facing its moment of reckoning.
The Union Budget 2012-13 and the Finance Bill, 2012 has been passed by the Lok Sabha and is likely to be passed by Rajya Sabha this week and then become a statute on President’s assent. Withdrawal of Income Tax (TDS) on purchase of immovable property up to Rs 5 lakhs GAAR provisions postponed to 1.4.2014 Securities transaction tax (SST) on sale of unlisted securities reduced to 0.2 percent No excise duty on purchase of jewellery upto Rs 5 lakh No service tax on deemed sale of goods
Investments and sale to consumers does pick up around Akshaya Tritiya, one of the most auspicious days in the hindi calendar to buy gold, silver , jewellery and to make investment. ‘Akshaya’ means some thing which never diminishes. It is believed that all investments on this day appreciates. Infact, as per astrology, each moment today is auspicious. Though Akshaya Tritiya falls on 24th April, people are celebrating and offering discounts and schemes to lure customers through out the week. People are also eager to bring wealth and prosperity to one’s door steps. Not only this, World Gold Council has offered a 6 percent off on gold coins to celebrate Akshaya Tritya and tied up with Indian posts.
