Input Tax Credit under GST has been introduced in order to avoid the cascading of taxes that’s prevalent in the present tax regime. It’s one of the key features of the Goods and Services Tax. In simple terms, the cascading of taxes means ‘tax on tax’. As per the present taxation regime, the credit of taxes […]
While the date of GST rollout is fast approaching, the impact of GST on various sectors of the country has become a never ending debate. While it’s too early to comprehend and speculate, yet the known impact has been a mixed bag of opportunities and challenges especially for the Small and Medium Enterprises (SMEs). The impact […]
Yes! It’s time to file your income tax return for the Financial Year 2016-2017. Who should file income tax returns? What is the due date for filing returns? How to claim a refund of TDS deducted? Which tax form is applicable to you? Should a salaried person file income tax returns? These are the questions […]
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 GST Council has decided the GST rates for services and with this GST is one step closer to being rolled out on 1st July 17. The Finance Minister of India, Mr. Arun Jaitley, who is also the chairman of the GST council, said that the next council meeting will be held on June 3rd.
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 & […]
The Union Budget for the Financial Year 2017 – 2018 proposed some new income tax rates and deductions that have been applicable and in effect since 1st April 2017. Finance Minister Arun Jaitley brought cheers of joy and relief to the individual taxpayers when he reduced the income rate by half to 5 percent for […]