Parliament passes Taxation and Other Laws (Relaxation and Amendment of Certain provisions) bill

On September 23, 2020, Parliament passed the Taxation and other laws (Relaxation and Amendment of certain provisions) bill, 2020. It replaces an ordinance and will make few changes to direct and indirect tax laws. It was cleared in Rajya Sabha through voice vote. The bill was passed in Lok Sabha earlier. Key Features The bill ..

Month: Current Affairs - September, 2020

Category: Economy & Banking Current Affairs • Legal & Constitution Current Affairs

Topics: Bills and Acts • Companies Act • Corporate Social Responsibility • PM National Relief Funds • PM-CARES Funds • Taxation

Aadhaar authentication for new GST registration activated

Aadhaar authentication has been activated by the Government for the registration of new goods and services tax, which will provide an impetus for the enhancement of ease of doing business. Physical verification is not needed for new registration but the GST registration without Aadhaar authentication needs physical verification that may take a longer time period. ..

Month: Current Affairs - August, 2020

Category: India Nation & States Current Affairs

Topics: Aadhaar • Aadhaar Act • aadhaar card • Goods and Service Tax • Taxation

UK to charge 2% tax on digital services

United Kingdom recently announced that it would start charging a 2% tax on digital services from 1st April this year. The tax is to be imposed on revenue from digital services such as search and advertising. This tax will apply to firms with global sales of more than £500 million with at least £25 million ..

Topics: Taxation • Taxation in the United Kingdom • United Kingdom

Lok Sabha clears Taxation (Amendment) bill, 2019

On December 2, 2019, Lok Sabha passed the Taxation Laws (Amendment) bill, 2019. The main objective of the bill is to provide an option for the domestic companies to pay taxes at the rate of 22%. Key Features The bill replaced the ordinance promulgated by the President in September 2019. The ordinance reduced corporate taxes. ..

Month: Current Affairs - December, 2019

Category: Legal & Constitution Current Affairs

Topics: Bills and Acts • Bills and Amendements • CLAT • Economic growth • Finance Act 2019 • Income Tax Act 1961 • Investment • Lok Sabha • Ordinances • Taxation

Government notifies Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019

Union Finance Ministry has notified Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019, a dispute resolution and amnesty scheme to reduce legacy service tax and central excise cases. It will become operational from September 1, 2019 four months till December 31, 2019. It can be availed by taxpayers for closing their pending disputes relating to legacy Service ..

Month: Current Affairs - August, 2019

Category: Government Schemes Current Affairs

Topics: Amnesty Scheme • Dispute resolution • Finance Ministry • Government Schemes • Sabka Vishwas-Legacy Dispute Resolution Scheme 2019 • Tax litigations • Taxation