In what would have come as a relief to ecommerce marketplaces such as Amazon and Flipkart, the proposed tax collected at source (TCS) on them under the goods and services tax (GST) is to be capped at 1%, the GST Council has decided gst experts in India. The TCS provision will allow authorities to track … Continue reading GST Experts in India
As the Budget session of Parliament resumed today, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner. “We hope that there will be a breakthrough on the GST because all states have positively cooperated. All political … Continue reading Budget session: PM Modi Hopes For Breakthrough On GST
The Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with the subsidiary of a Japanese company as it looks to reduce litigations by providing certainty in transfer pricing. The total number of bilateral APAs signed with various Japanese subsidiaries has thus reached five, all with rollback provisions, a Finance Ministry statement said. Four APAs … Continue reading CBDT Signs Bilateral APA With Japanese Firm
Formal sector workers may soon be eligible for up to Rs 2 million tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry. The central trade unions have agreed on doubling gratuity amount ceiling as an interim measure in a tripartite meeting on the proposed amendment to … Continue reading Tax Free Limit For Qraturity Hiked To Rs. 2 million.
The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out FIPB. The proposal for setting up norms for foreign direct investment (FDI) approvals in sensitive sectors, which are currently under government approval of the FDI policy, was discussed at a … Continue reading Post-FIPB, RBI To Frame Procedure For FDI Approval
The goods and services tax (GST) council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations from various Union ministries and telcos, banks, and insurance firms for a single registration system in chartered accountants firm. At present, service providers … Continue reading GST Final Draft To Retain Clause On Services Sector ?
Come July 1 and leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax.Sale of land and buildings will be however out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, … Continue reading Land Leasing, Renting To Attract GST From July 1
After trying to tighten the rules against shell companies through its Budget proposals, the government has decided to follow with “harsh punitive” action that will include freezing of bank accounts and striking off the names of dormant companies.Their investments in real estate could also come under the scanner, as the government has also decided to … Continue reading Govt Cracks The Whip On Shell Companies