Input tax Credit on ATF: Aviation Ministry Suggest Ways to Compensate Airlines

Group of thumbing up business people, isolated on white. Concept of teamwork and cooperation

GST regime for the time being, airlines will not be able utilise credit on taxes paid on ATF – a key input which comprises over 40 per cent Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax consultancy firms in delhi ncr credit on ATF under the GST regime.

“The issue has to be identified, flagged and the ministry has flagged it with the finance ministry in indirect taxation in India. They have to take a call on it, what to do, how to go about it. Anywhere between 40-45per cent of the operating costs are fuel. If fuel is high taxed and that too with no set offs, they will be in trouble,” the minister said.

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GST to Ease Loan Access For Millions of Firms Using Digitalised Data.

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The new unified indirect taxation in India system, which is scheduled to be implemented later this year, will bring in millions of unorganized businesses on one platform. This would effectively, Nilekani believes, help them get loans
Nilekani pointed out, though the country has over 60 million businesses, fewer than one million are incorporated and only a few thousand are listed. A digital trail through GST would help these firms get access to formal credit at a much lower cost, which would help more small enterprises get into the formal economy.
Nilekani headed the empowered group on information technology infrastructure on GST in chartered accountant firms in mumbai.

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Key Highlights of Budget 2017?

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This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores.

For more information visit at: http://bit.ly/2oDQOqi

Key Highlights of Budget 2017?

Screen-Shot-2015-10-06-at-11.15.18-am

This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores

For more information visit at: http://bit.ly/2oDQOqi

Budget 2017 – Push or Pull To Digital Economy

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There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system is on schedule for GST implementation and several teams of tax officers are also working tirelessly to give finishing touch to the Model GST law and rules and other details.

This budget has been welcomed by the whole industry. The Sensex jumped immediately after the speech was over. Digital economy budget will be a right move for the future growth of the economy. With more & more digitalization, India would have new taxpayers & better transparency in system. Every stakeholder from a small shop to a big corporate is pushed towards the digital economy. Government has pushed the digital theme in every area of the budget which is a nice effort.
Therefore, this Budget of 2017 is not a pull, but a push to Digital economy. Our government is determined to lay a beautiful foundation of digital economy in chartered accountant firms in Mumbai.

For more information visit at: http://bit.ly/2pXRB1l