Key takeaways along with 5 Major Carve-outs coming from 11th Meeting of GST Council held on 4th March, 2017:
GST Council on its 11th Meeting held on 4th March, 2017, at Delhi approved the Draft Central Goods and Services Tax (CGST) Bill and the Draft Integrated GST (IGST) Bill. The remaining tw..
While the Union Government is keen to present the Budget for upcoming financial year on 1st Feb, 2017, departing from the colonial-era tradition of presenting the Union Budget on the last working day of February, the Central Board of Excise and Customs (CBEC) on 12th of January 2017 proposed several..
Let’s understand the proposed Income Tax Amendment Bill:
As a step forward to curb black money, bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees (hereinafter referred to as specified bank notes) issued by the Reserve Bank of India hav..
Right from the beginning of talks relating to GST, we all were hoping that with the introduction of GST, there will be “One Nation, one Tax” or at least “One Nation, Few Rates”. But the actual scenario is quite different. GST Council has already decided that there will be 4 r..
CBEC has recently issued 5 set of Draft rules on Registration, Invoice, Payment, Refund, and Return. These 5 set of rules has been approved by GST Council on its 2nd meeting held on 30th September 2016.
Key Highlights of these rules are as follows:
Draft Rules on Registration:
a. Part A of ..
The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and pena..