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Input Tax Credit Under GST – All You Need to Know

by Sanjeev Archak Sanjeev Archak No Comments

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 that is being levied by the Central Government is not available as a set-off for payment of taxes that is being levied by the State Governments and vice-versa.

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The Impact of GST on SMEs – the Good and the Bad

by Sanjeev Archak Sanjeev Archak No Comments

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 of GST on SMEs might result in affecting the profitability of these enterprises in the short run.

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Filing of Income Tax Returns for Financial Year 2016-17

by Sanjeev Archak Sanjeev Archak No Comments

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 which have to be sorted without delay. Here are some snap answers:

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GST Impact on Indian Sectors – Who are the Winners & Losers?

by Sanjeev Archak Sanjeev Archak No Comments

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.

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GST Rates in India 2017 – All You Need to Know

by Sanjeev Archak Sanjeev Archak No Comments

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.

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5 Ways To Save Tax For Salaried Employees in FY 2017-2018

by Sanjeev Archak Sanjeev Archak No Comments

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 the people having the income taxable between 2.5 lakhs to 5 lakhs compared to the 10 percent that was applicable before. An additional surcharge of 10% has been added to the 30 percent tax amount for individuals having the taxable income Rs. 50 lakh and Rs. 1 crore.

Even though the income tax exemption limit for the primary income remains at 2.5 lakhs, the Income Tax Act provides many tax exemptions that can be leveraged for the further reduction of your tax liabilities. Here the new income tax slabs for the general category (Up to 60 years of age) as per the Budget 2017. Read more