GST Will Be Implemented From 1st July 2017 Its Official now that Goods and Services Tax (GST) will be implemented from 1st July , 2017. This has been disclsoed by Economic Affairs Secretary Shaktikanta Das on this Tuesday i.e 27th February 2017. It must be understood that he further stated that GST will be a…
GST – Two Way Implementation Approach Required GST is coming and everyone has again started discussing about it. The task of implementation of GST is going to be a two way implementation for each and every company. The companies with various vendor cannot afford to miss its proper implementation at their end as well. Hence,the…
Budget 2017 Proposed Changes in Laws in India The budget has proposed various changes in law as below : 1.Merger of Tribunals 2.Confiscation of Assets of Economic offenders 3.Repeal of Research and Development Cess Act, 1986 4.Income Tax- Harsh Provisions 5.Goods & Services Tax 6.Abolition of FIPB 7.Arbitration 8.Amendment in Negotiable Instruments Act 9.Amendment to…
GST Rate Slabs The GST rate slabs which is emerging to be imposed on various sectors are as below : 1.Telecom-18%, 2. Banking-18% 3.Financial Services-18% 4.Aviation-18% 5.DTH-18% 6.Restaurant Dining – 18% 7. Education-12% 8.Healthcare -12% 9. Construction of Affordable Housing-12%. The levy of of 18% GST on telecom, banking, financial services, dining & aviation will result…
Finalisation of GST Rules by March 2017 As per Hasmukh Adhia,Revenue Secretary, the Goods and Services Tax (GST) laws i.e CGST, SGST & IGST Acts and GST Rules will be finalised by the end of March2017. GST Rules The draft GST Rules wil be also put in public domain for suggestions from trade and…
GST And How It Works GST means Goods & Services Tax . GST And How It Works It will subsume various indirect taxes and result the onset of new tax regime in India. GST will result one rate of tax on a product or service in entire territory of India. The new tax of GST…
Finalisation of 3 GST Laws & GST Roll Out on 1st July 2017 It appears that the Central Government as well as State Governments representing in GST Council have finally made up their strong will to implement GST from 1st July 2017. Finalisation of 3 GST Laws It took 9 meetings of GST Council…
In a welcome move, under budget 2017, the Research and Development Cess has finally been proposed to be repealed w.e.f 01st April 2017. REPEAL OF THE RESEARCH AND DEVELOPMENT CESS ACT, 1986. 139. The provisions of this Part shall come into force on the 1st day of April, 2017. 140. The Research and Development Cess Act,…
Budget 2017- Goods and Services Tax The Union Budget 2017, as expected has neither proposed anything substantive on indirect taxes nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date. Goods & Services Tax The Budget as presented…
Budget 2017- Changes in Income Tax The budget 2017, presentd on 1st Feb 2017 has proposed to bring folowing changes under Income Tax . 1.No cash transactions is allowed above Rs 3 lakh. 2.MSMEs with 50 crore turnover will get a 5% reduction in corporate income tax i.e 25% . 3.Income Tax rate for annual income between…
