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PAN a must for excise, service taxpayers for GST registration
Sun, Jan 08, 2017
The tax department has made it mandatory for central excise duty and service taxpayers to obtain a valid PAN number before they can be migrated to the new goods and services tax (GST) set-up.
China studying tax cuts to reduce burden on firms
Fri, Jan 06, 2017
China had already cut income tax on enterprises to 25% from 33%.
Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman
Tue, Jan 03, 2017
Commerce and Industry Ministry on Tuesday asked the GST Council to grant ab-initio exemption to exporters from the Goods and Services Tax (GST) and keep the labour-intensive sectors like leather and plantation completely out of the tax net or put them in lowest slab.
What is long-term capital gains tax and why markets fell 1% even after Jaitley clarified PM Modi's comments
Mon, Dec 26, 2016
India's key equity indices opened up lower in morning trade on Monday after Prime Minister Narendra Modi on Saturday hinted at increase in taxes on income from stock markets during his speech in Maharashtra. BSE Sensex and NSE Nifty lost over 1% in the morning trade on Monday.
No plans to impose long-term capital gains tax on securities transactions: Arun Jaitley
Mon, Dec 26, 2016
The government has no plans to impose long-term capital gains tax on share transactions in the upcoming Budget 2017, Finance Minister Arun Jaitley clarified on Sunday, describing media reports of Prime Minister Narendra Modi`s speech earlier as erroneous.
Companies must drop retro tax cases to avail settlement scheme: CBDT
Sun, Dec 25, 2016
Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to Income Tax (I-T) laws if they want to avail of the dispute resolution scheme ending on December 31.
Resolution to dual control issue not far off, says FM Arun Jaitley
Sun, Dec 25, 2016
Union Finance Minsiter Arun Jaitley on Saturday said that the Goods and Services Tax (GST) Council has made "significant progress" on the provisions relating to the indirect tax regime and resolution of the "one difficult issue" of dual control or cross empowerment that deals with assessee jurisd
Arun Jaitley faces hurdles for launch of GST by April 2017
Sat, Dec 24, 2016
The prospects of introducing a goods and services tax (GST) in India next April, its biggest tax reform, faded on Friday after central and state finance officials postponed talks on how to administer the tax after a two-day meeting.
GST Council makes headway on bills, stuck on taxpayer control
Sat, Dec 24, 2016
The all-powerful GST Council on Friday made a 'reasonable headway' on supporting legislations for the new indirect tax regime but its rollout from April 1 looked virtually impossible as it postponed discussion on the critical issue of administration and control of tax payers.
Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin
Thu, Dec 22, 2016
On November 29, the Lok Sabha had passed by a voice vote a bill to amend the income tax laws.
Less tax for small traders on digital transactions: Govt
Mon, Dec 19, 2016
Legislative amendment in this regard would be carried out through the Finance Bill, 2017, the CBDT added.
GST rollout may be pushed to July, industry needs time: Experts
Sun, Dec 18, 2016
With "turf issue" over tax payer jurisdiction continuing to clog GST Council deliberations, the Goods and Services Tax (GST) rollout could be delayed by a quarter to July 1 as industry would require time to prepare itself, experts said.
GST can be rolled out anytime between April 1 to September 16: Arun Jaitley
Sat, Dec 17, 2016
Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley said on Saturday ending resolution of "turf" issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year.
No tax on sale of swipe machines in Gujarat
Wed, Dec 14, 2016
In a bid to promote cashless transactions in Gujarat, the state government announced withdrawal of the tax applicable on the sale and rental income of the Point of Sale (PoS)-swipe machines.
India likely to miss April 1 deadline for GST
Mon, Dec 12, 2016
India is likely to miss a self-imposed deadline to launch the Goods and Services Tax (GST) from April 1 next year after a meeting of federal and state officials ended on Sunday without deciding who would administer the tax.
Constitutional compulsion to roll out GST before Sept 16, 2017: Arun Jaitley
Sat, Dec 03, 2016
Citing constitutional compulsion, Finance Minister Arun Jaitley on Friday sought to drive home the point that the Goods and Services Tax (GST) has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country w
No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies
Thu, Dec 01, 2016
The Lok Sabha on Tuesday passed by a voice vote a bill to amend the income tax laws.
Unaccounted deposits post demonetisation to attract 60% tax
Fri, Nov 25, 2016
The Cabinet on Thursday discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.
Five ways Indians are dodging 'black money' crackdown
Sun, Nov 20, 2016
Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes.
India - UK signs 3 more bilateral advance pricing agreements
Sat, Nov 19, 2016
These three agreements involves international transactions in the nature of payment of intra-group service charges and is also related to the telecom industry, said in the release.