Page-10 of Taxation
Union Government proposes 4 GST slabs
The Union Government has proposed a four-slab rate structure for the new indirect tax regime i.e. Goods & Services Tax (GST) ranging from 0 to 26 per cent. It was proposed at the meeting of the GST Council headed by ..
Month: Current Affairs - October, 2016
CCEA approves implementation of Project SAKSHAM for CBEC’s GST integration
The Cabinet Committee on Economic Affairs (CCEA) under the chairmanship of Prime Minister Narendra Modi has approved ‘Project SAKSHAM’. The Project SAKSHAM is a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC). It ..
Month: Current Affairs - September, 2016
GST council sets exemption threshold for tax at Rs.20 lakh
The first meeting of Goods & Services Tax (GST) Council has decided to exempt businesses with annual turnover below Rs.20 lakh out of the GST net. The meeting was presided by Union Finance Minister Arun Jaitley in New Delhi and ..
Month: Current Affairs - September, 2016
Union Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes
The Union Cabinet has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes. It will help to stimulate the flow of exchange of information between India and ..
Month: Current Affairs - September, 2016
Union Cabinet approves formation of GST Council
The Union Cabinet has approved the process, formation and functioning of the Goods and Services Tax (GST) Council as per the Article 279A of the Constitution. Decision in this regard was taken by the Union Cabinet meeting chaired by Prime ..
Month: Current Affairs - September, 2016
CBDT launches e-nivaran to resolve I-T grievances
The Central Board of Direct Taxes (CBDT) has launched ’e-nivaran’ (electronic resolution) facility for online redressal of taxpayers’ grievances. Its link of this facility has been activated on the e-filing portal of the department –https://incometaxindiaefiling.gov.in. Key Facts The facility will ..
Month: Current Affairs - September, 2016
2016 G-20 Summit held in Hangzhou, China
The 2016 Group of Twenty (G20) Summit was held in Hangzhou, China from 4th to 5th September 2016 to discuss efforts to reform global economic governance. It was the eleventh meeting of the G20. It was the first ever G20 ..
Month: Current Affairs - September, 2016
Union Cabinet approves revised India-Cyprus Double Tax Avoidance Agreement
The Union Cabinet approved a revised Double Tax Avoidance Agreement (DTAA) and the Prevention of Fiscal Evasion with respect to Taxes on Income between India and Cyprus. The revised DTAA provides for source-based taxation of capital gains on transfer of ..
Month: Current Affairs - August, 2016
Bihar becomes 2nd state to ratify Constitutional amendment bill on GST
The Bihar State Legislature has unanimously ratified the The Constitution (122nd Amendment) (GST) Bill, 2014 for introduction of Goods and Services Tax (GST) regime in the country. The Bill was moved by the State Commercial Taxes Minister Bijendra Prasad Yadav ..
Month: Current Affairs - August, 2016
Assam becomes first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014
The northern east state of Assam became first state in India to ratify The Constitution (122nd Amendment) (GST) Bill, 2014. In this regard, the Assam Assembly passed a resolution ratifying The Constitution (122nd Amendment) (GST) Bill, 2014 with simple majority. ..