The finance ministry has said that the Goods and Services Tax will not apply on room rents of 'sarais' (inns) or properties managed by religious and charitable institutions. The clarification was issued by the Central Board of Indirect Taxes and Customs (CBIC) on Thursday evening to clear the confusion with regard to the levy of GST on room rents. This clarification by the Finance Ministry came following a demand from various quarters including AAP MP Raghav Chadha that the GST on rooms rented by religious institutions be withdrawn.
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
Two stock market experts discuss their wishlists for Union Budget 2017 with Rediff.com's Aslam Hunani.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
The window for registration is open up to September 30
With this, India joins 60 other countries that collect PNR details of international passengers.
The government has extended the deadline for filing GST annual return and audit report for the 2018-19 fiscal year by a month, till October 31.
The remarks came amid reports of mounting tension between the finance ministry and the RBI over the autonomy of monetary policy makers.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
The time the companies have to get ready for GST is 6 to 12 months.
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
Listing out the achievements of his government, he said the country has moved away from a culture of delaying work through 'atkana, latkana and bhatkana' (obstructing, delaying and misguiding).
'The government should act proactively to instil confidence in the private investors, and also boost the purchasing power of people directly or indirectly by ensuring minimum wages.'
Pushing people to litigation is a major source of tax uncertainty.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
Govt looks at more taxes, dividends to meet deficit target.
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India has in recent months stepped up enforcement of tax collections as it looks to raise revenue to help plug its widening fiscal deficit.
'The only way to minimise logical inconsistencies and confusion is to develop the two rates of 12% and 18% as the ones that apply to almost all items.' 'At a later stage, these two rates could be merged into a single rate,' advises T N Ninan.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
Tata Sons has moved the Supreme Court against an estimated Rs 300-crore (Rs 3-billion) sales tax demand from the Maharashtra state government.
As freebies/gift vouchers attract GST, retailers are opting for straight discounts this festive season.
The government last year introduced the Insolvency and Bankruptcy Code.
If oil prices rise, the government would face an uncomfortable political decision.
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.
While it's important to work towards saving your marriage, you must also be willing to accept that the outcome may not be what you hope for, says Dr Ashish Sehgal.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
The total gross GST revenue collected in the month of June, 2019 is Rs 99,939 crore
The idea that India is the world's largest democracy is a complete lie, Rahul Gandhi alleged.
There has been a sharp recovery in the headline corporate earnings in the April-June 2023 quarter (Q1FY24), after a dismal showing by early bird companies. The combined net profit of the 983 listed companies that have declared their quarterly results, so far, was up 64.7 per cent year-on-year to record a high of Rs 2.68 trillion in the first quarter, but growth in earnings remained lopsided because most of the incremental gains came from a handful of companies. Moreover, the quarterly numbers showed a continued slowdown in revenue growth.
The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
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