GST return filing under GST regime seems to be horror dreams to the businessmen. People are unaware of the various returns to be filed under GST. They also heard that they have to submit 37 returns per annum. It is true that all the registered dealers have to file the returns as describe below as […]
Reverse charge is the mechanism to collect tax on the services where Government was unable to collect tax, like unorganized sectors like goods transports, lawyers or professionals. It is difficult to collect tax or bring them under the tax criteria, hence the tax is levied on the persons using the services. In normal course, the […]
Finally, GST (Goods and Services Tax) bill is passed in Lok Sabha and Rajya Sabha and we reached closer to implementation of the new tax reform from 1st July 2017. It is being called a revolutionary bill that will benefit all means a win-win situation for the entire country. On the one side it will […]
The Madhya Pradesh Government amended the VAT Act. The amendments in rates of tax of various goods are made applicable with effect from 05.04.2016. The goods on which tax rates are reduced Bio-insecticides and bio-pesticide………………………………………………….NIL Dry ber and ber powder……………………………………………………………….NIL All kind of electric/battery run two wheelers, car and rickshaw………….NIL Milking machine…………………………………………………………………………NIL Bags and envelops made […]
The Madhya Pradesh Government amended the VAT Act as announced in the MP BUDGET. The notification is published in the Gazette. Some of the important amendments are explained below. The dealers are advised to go through the changes made carefully and should make necessary updates in their business process. The Madhya Pradesh VAT (Amendment) Act, […]
Many other countries are having single unified system of GST, but due to non consensus between the Central and State Government in India, India shall adopt a dual GST Model. The proposed GST shall be dual GST, i.e., CGST and SGST, where Centre and States will simultaneously levy GST across the value chain. On the […]
GST or Goods and Services Tax is a new taxation system which shall replace the existing complex system of indirect tax structure implemented in the country that is ridden with hidden costs. Before understanding the GST, first we should understand the indirect tax system implemented in India at present. GST will be a destination-based tax. […]
At present, the Union Budget is eagerly awaited by Indians, as the announcements so made by the Finance Minister on various front specifically on the Income-tax for Individual tax payers. Many relief awaited since long, whether be announced and to what extent. Industrial announcement is also worthy for individuals at many stages to know the […]
The expectations are high from Finance Minister for some charismatic announcements in the upcoming Union Budget that will be presented on the last day of February. Whether Mr Jaitley presents a Budget that pleases the industry or his announcements are likely to be aimed at foreign investors, who have played a big role in boosting […]
Cost Inflation Index or CII is to measure inflation that is used for computing long-term capital gains on sale of capital assets. The CII has been notified by the Central Government every year commencing from the financial year 1981-82 keeping in view the Consumer Price Index, which in turn helps an individual tax payer to […]
