The controversy over the goods and services tax (GST) rate on food products refuses to die. Now, the Gujarat-based authority of advance rulings (AAR) has ruled that 'parathas' would attract 18 per cent GST. The applicant, Vadilal Industries, sought to know whether various kinds of 'parathas' supplied by them would attract five per cent GST in line with 'khakhra', plain chapati or 'roti'.
ICDS is silent on the prudence aspect of accounting standards.
Hours earlier, a Spanish court issued a preliminary ruling in favor of the 75-year-old tycoon's extradition to the United States to face tax-related criminal charges.
Last year's Budget had created uncertainty about the quantum of tax to be withheld on dividends paid to non-residents, as the exact tax rate was not specified under section 195.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
The new penalty regime could create a fresh set of complications for tax payers.
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.
With this, India joins 60 other countries that collect PNR details of international passengers.
The arbitration clause is present in almost 95 per cent of corporate agreements, according to tax and audit firm Ernst & Young.
The Cabinet has cleared a Bill to set up a government-owned development finance institution (DFI) with initial paid-up capital of Rs 20,000 crore so that it can leverage around Rs 3 trillion from the markets in a few years to provide long-term funds to infrastructure projects as well as for development needs of the country. To put it in perspective, Rs 3 trillion constitutes slightly less than 3 per cent of the Rs 111 trillion to be spent on over 7,000 projects in the National Infrastructure Pipeline from 2019-20 to 2024-25. Besides, the government will give Rs 5,000 crore as grant to the institution, Finance Minister Nirmala Sitharaman on Tuesday told the media after the Cabinet meeting.
The Nifty IT has been one of the worst-performing indices on the bourses this calendar year. Rising concerns of a potential global recession, which investors fear can dampen demand for export-facing domestic information technology (IT) giants, have sent the index down over 30 per cent on a year-to-date basis. By comparison, the Nifty50 Index has shed 2.8 per cent during the period, reveals data by ACE Equity.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
For supply rules, the location decides where goods or services will be taxed.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
A court in Chennai on Tuesday adjourned to June 9 the income tax return cases against Tamil Nadu Chief Minister J Jayalalithaa and her aide Sasikala for their appearance.
Barcelona forward Lionel Messi and his father Jorge have paid five million euros (4.2 million pounds) to the Spanish authorities after they were accused in June of filing false tax returns, a court statement said on Wednesday.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
India on Monday joined a US-led initiative to set up an Indo-Pacific Economic Framework to bind partner countries to achieve common goals, with Prime Minister Narendra Modi asserting that New Delhi will work with the stakeholders to make it an "inclusive and flexible" structure to pave the way for development, peace and prosperity in the region.
Will it benefit you? Or will it lead to an increase in inflation? Bipin Sapra believes it will be some time before GST's benefits reach consumers.
The arbitration of any court is legally binding and the government) can approach the Singapore high court.
Agencies, whether public sector or private sector, may have to pay goods and services tax on the charges they collect on behalf of the government from clients. The authority for advance rulings (AAR), Telangana, has ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST, said Rajat Mohan, senior partner at AMRG & Associates. The AAR also ruled that neither services provided by the agency to the government, nor services provided on behalf of the government to the business entities are exempt from GST, he informed about the case.
Sending money to families in India will get more expensive
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
Stick to low-cost ULIPs launched in the past few years. Go with an insurer with a good investment team and solid track record of long-term returns, suggests Sanjay Kumar Singh.
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
'Investors with as little as Rs 1 can start investing in digital gold.'
Boris Becker's thunderous delivery earned him the nickname 'Boom Boom' as a 17-year-old Wimbledon winner in 1985 but on Friday, aged 54 and bust, the German great was told he must serve time in prison.
German tennis great Boris Becker was jailed by a London court on Friday for hiding hundreds of thousands of pounds of assets after he was declared bankrupt.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
A leak of 11.5 million tax documents has revealed how the rich and powerful use tax havens to hide their wealth.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
Vittorio Colao, who is currently on an India visit, said he would be open to listing his company in the country
If you are scouting for a property, finalise the deal within the next seven months and benefit from this measure, suggests Bindisha Sarang.
Asked to comment on the raids, Sitharaman spoke of the 2013 raids not being an issue and they suddenly become one now.
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