Any LLP (Limited Liability Partnership) registered in India needs to be compliant under the rules and regulations as laid down by the Ministry of Corporate Affairs. Irrespective of whether it has done any business or not, in every financial year an LLP is required to file Annual Returns and Statement of Accounts.
Previously we wrote about the complete list of GST rates for Goods and Services that was finalized by the GST council last week in Srinagar. The Council has broadly approved the GST rates for goods and services at nil rate, 5%, 12%, 18% and 28%. Today we will dive deep into the GST impact on the Indian sectors while mentioning the list of winners and losers, as a result, of these tax rates.
Timely action and fulfillment of the various compliances under GST law is one of the most critical activity for businesses. A thorough knowledge of the several aspects of the return filing compliances under GST law is needed. Before we get down to talk about the specific return forms that need to be filed and the deadlines associated with them, it’s important to know what return means under the GST law.
The Goods and Services Tax has taken the entire nation by storm. It’s been the government’s most ambitious attempt at reforming the indirect tax policies into one universal taxation.
This national tax is projected to create a common market for 1.3 billion people.
The 14th GST Council meeting was held yesterday at Srinagar, Jammu & Kashmir, chaired by the Union finance minister Arun Jaitley along with several members that included the representatives of the 32 states and Union territories.
For every organization, be it private, public or those of the government, employees are needed to meet the various goals and objectives of the company. These individuals are employed based on a cost to the organization that is reflected in the form of salaries, wages and the relevant benefits attached to them.
The primary purpose of a payroll department is to take care of paying the employees and remittance of correlated benefits, taxes, and deductions. For this department to function in an effective, efficient and adequate manner as stated by the management, internal controls are a necessity.
In the present tax scenario, laws on VAT, Service Tax, Customs duty and Excise duty are the ones that lay down the respective tax treatment of imports and exports. However, under the GST regime, the VAT, Service Tax, Excise, and Customs would all be comprehended within GST and the duties on Customs would still continue to be imposed separately.
Before we do a detailed understanding of the impact of imports and exports under GST, let us first understand the basic meaning of import and export of goods and services under the GST laws.
In their continuous efforts of improving the business environment of the country, the government of India has taken necessary steps to ease the nature of doing business. The Government has been keenly observing the initiatives and benchmarks set by the ‘Doing Business Project of the World Bank.’
Launched in 2002, the Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.It looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
Touted as the biggest tax reform since Independence, the GST bill is India’s solution towards stimulating the economy of the country by changing and transforming the existing indirect tax reforms into one universal tax. This would uniform the ease of doing business in the country by enabling a free flow of goods and services from one place to another and also eliminate the cascading effect of multiple indirect taxations.
Previously we spoke about GST in general and how it would affect your startup, today we do an in-depth analysis of the GST’s impact on the economy and the various sectors of the country.
The Income Tax Department by way of its Notification No. 30/2016 dated April 29th, 2016 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the employer responsible for making the payment of salary was obliged to collect the necessary proof or evidence in Form 12BB to allow any claim for any deduction and/or tax saving investments.
In the Income-tax Rules, 1962, after rule 26B, the following rule was inserted namely:-
“26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source. Read more