31 03, 2017

GST Council to finalise draft rules today

By | 2017-04-06T10:48:16+00:00 March 31st, 2017|GST News|

The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod. At the Council meetings, the Centre and the States finalise draft [...]

31 03, 2017

Nifty at record high, Sensex up 116 points on GST push

By | 2017-04-06T10:48:16+00:00 March 31st, 2017|GST News|

With optimism surrounding the Goods and Services Tax (GST) Bill amid capital inflows, the benchmark Nifty closed at an all-time high of 9,173.75 while the Sensex rose for the third straight session on Thursday. The 50-share NSE Nifty edged higher by 29.95 points, or 0.33 per cent to a record closing of 9,173.75 after [...]

31 03, 2017

Congress may move GST amendments in Rajya Sabha

By | 2017-04-06T10:48:17+00:00 March 31st, 2017|GST News|

Congress will follow up on its trenchant criticism of the Goods and Services Tax bills in Lok Sabha by moving amendments in Rajya Sabha where the opposition has the numbers to embarrass the government. It is likely that the amendments will be pressed and approved as was done with the Finance Bill, with the [...]

31 03, 2017

Goods and services tax regime – How it will impact on your life

By | 2017-04-06T10:48:17+00:00 March 31st, 2017|GST News|

The final countdown for goods and services tax regime has begun. The Centre is likely to meet July 1 deadline. But, even if it fails, the Modi government has time till September 15 to roll out GST. Once the Parliament session is over, the GST Council has another task to perform - to categorise [...]

31 03, 2017

GST : PM Modi wants BJP MPs to elucidate its advantages to the common man

By | 2017-04-06T10:48:17+00:00 March 31st, 2017|GST News|

With the goods and services tax (GST) Bill in the final stage of receiving parliamentary nod — the Upper House takes it up next week after the Lower House passed four GST legislations on Wednesday — Prime Minister Narendra Modi wants BJP MPs to take the message on this big reform to the people. [...]

30 03, 2017

10 Key Development in GST-related bills

By | 2017-04-06T10:48:21+00:00 March 30th, 2017|GST News|

After an eight-hour debate, the Lok Sabha on Wednesday passed four GST or Goods and Services Tax-related bills putting the government on course for the launch on July 1 of the country's biggest tax reform since Independence. GST will subsume a slew of indirect taxes levied by the Centre and states, transforming India into [...]

30 03, 2017

GST anti-profiteering clause has cos worried

By | 2017-04-06T10:48:21+00:00 March 30th, 2017|GST News|

The anti-profiteering clause in the GST Bill has India Inc worried, even as finance minister Arun Jaitley, in various interactions, has said that there would be no witch-hunt. Clause 171(1) of the GST Bill provides that any reduction in rate of tax on any supply of goods or services, or the benefit of input [...]

30 03, 2017

GST closer to reality, Lok Sabha clears four related bills

By | 2017-04-06T10:48:21+00:00 March 30th, 2017|GST News|

The Lok Sabha cleared four bills related to the Goods and Services Tax (GST) on Wednesday, setting the stage for 28 states, along with Delhi and Puducherry, to enact state laws over the next three months to roll out the new tax regime from July. The four bills — Integrated GST, Central GST, Union [...]

29 03, 2017

Rs 12 lakh crore lost due to BJP opposition to GST: Congress leader Veerappa Moily

By | 2017-03-29T18:12:29+00:00 March 29th, 2017|GST News|

Rs 12 lakh crore lost due to years of delay in implementation of the GST due to opposition by the BJP when the UPA government was in power, the Opposition said Wednesday. Criticising various provisions in the proposed GST regime, Moily said it will be a “technological nightmare” and the anti-profiteering provisions in it are [...]

29 03, 2017

Don’t use Cash for these Transactions

By | 2017-04-06T10:48:21+00:00 March 29th, 2017|Service Tax, Service Tax Articles|

The Indian Government has issued cap on cash transactions on and penalty for transactions under sections - 13A -Exemption to political parties, 40A(3)- Disallowance for cash expenditure, 43(1)- Determination of actual cost of asset, 35AD- Investment linked deduction for capital expenditure, 80D- Health Insurance premium, 80G - Donations to certain funds and charitable institutions, 80GGA- Donations for scientific research and [...]