Returns of GST – An overview

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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 […]

Goods and Services Tax– What you must know

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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 […]

LATEST RATE CHANGE IN VAT – MP

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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 […]

KEY FEATURES OF PROPOSED GST

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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 […]

COST INFLATION INDEX

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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 […]

“Jan Bhagidari” for Union Budget 2016-17 – Welcome your Idea and suggestions

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The Finance Ministry has invited suggestions and ideas from the general public for the Union Budget 2016-17, with a view to making it a reflector of people’s expectations and aspirations, to the extent possible. In a democratic environment, citizen’s involvement in formulation and implementation of policies is necessary for the betterment of policies and their […]