Govt is promoting small traders to do their trading through bank accounts due to cash shortage. Govt given option to these traders under section 44AD to pay 6% tax on total turnover made through bank accounts.
GST Council members debated on Model Central/State legislation and finally, Council reached a broad consensus on draft of CGST and SGST
India is going through one of the major reform in tax system since independence i.e. Goods & Service Tax(GST). GST GST will replace 17 indirect tax levies and compliance costs will fall.
Now there no need to take NCLT approval for prescribed Merger(s)/Amalgmation for certain type of companies including small companies as Fast Track Merger (FTM) is notified now.
First Demonetization was taken place in 1946 by then Government of India. RBI offered clients to exchange their old notes of the denomination of Rs.100 with the new one.
As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finance Act, 2016, in respect of the Taxation and Investment Regime for PMGKY. There are two forms, Form 1 & Form 2.
Election commission issues list of delisted political parties during February, 2016 to 13th December, 2016 under Section 29A of RP Act, 1951
If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then be presumed to be Rs. 16 lakhs @ 8% of turnover.
In present indirect taxation system, cascading of tax is significant due to non-availability of ITC at various stages. Following are certain instances of such cascading of taxes
Now one obvious question will be raised as to whether the migration of existing registration into the GST has any legal validity?
