There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature of their operations. From the tax collector view-point also, the cost of collecting tax from such tax payers is far more in percentage terms […]
As per schedule I supply of service without consideration to related/distinct person will be treated as supply. Admitting a person into a premises for “consideration” alone can be treated as business under Sec 2(17)(f). It is not clear whether schedule I can override section 2(17)(f).
It is only month’s time from now when a major economic reform will be implemented throughout the Country. The entire Indirect Tax System will undergo a sea change and entire new Indirect Tax System known as the Goods and Service Tax, will be implemented. It is touted as One Nation One Tax, however it is dual system of GST, which is being implemented, whereby the Centre and the State will have the power to levy and collect their respective share in GST.
How many times you visited a Restaurant and got amazed by the taxes there on and not amazed by the actual amount of bill. You might have found following taxes in the restaurant that would have daunted you most of the times (Not sure about you but they have definitely frustrated me). a. Value Added […]
CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement.
Section 171 of the CGST Act provides for the Anti-profiteering measures so as to ensure that benefit of credit available is ultimately passed on to the consumer. However, with change in law and to enable ease of understanding for all the assessees Anti-profiteering measures be kept in abeyance for 2 years.
It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.
The Constitution has empowered concurrently the Centre and the states to levy GST on the supply of goods and/or services within the state. Thus, it will result in one central law on GST (CGST) and about 29 state laws on GST (SGST) as each state will have one SGST.
A Developer who opted for the said Composition Scheme was required to pay 1% composition amount in lieu of the tax, on the agreement (i.e. registered) value or the value determined for the purpose of payment of Stamp Duty, whichever is higher
Dr. Hasmukh Adhia, Revenue Secretary reiterates that the Goods and Services Tax (GST) would be implemented from July 1, 2017; States that GST would help in creating lot of jobs for young generation.
