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Theatres in TN have to pay an additional 30 per cent tax over and above the 28 per cent GST
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The last couple of months have seen unprecedented activity in the corridors of the Finance Ministry, the North Block, around the various meeting rooms of India Inc and on the Twitter feed of Dr. Subra...
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At present, tax administration in India works poorly. We do not know how to build a capable and uncorrupt tax administration. In the absence of this State capacity, we should start with a GST design that imposes a low load upon tax administration. Only after this is proven to work at high levels of probity and operational efficiency can we consider the possibility of going up to higher levels of load.
It's been raining hallelujahs all over the country ever since Parliament passed the GST Bill on Wednesday. There is much exultation about a uniform tax platform which will be beneficial to growth, provide uniformity in compliance, and herald an all-round seamless structure in all matters tax. How much of this is actually true, though, lies in the finer points of the impact of the GST on the average consumer (that's us) and the GDP of the country.
Even if it is assumed that the GST Bill is passed in the Monsoon Session of Parliament, there are numerous obstacles in its final implementation. Much of the focus is on the stubborn Opposition digging in its heels in the Upper House, but there are other practical problems too that have not yet become a part of the popular GST narrative.
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The government has released a Model Goods and Service Tax (GST) Law for consultation from public forums after the conclusion of the meeting of the Empowered Committee of the State Finance Ministers in Calcutta in June 2016. The draft takes significant steps in framing a law relating to the taxation of e-commerce in India.
The Goods and Service Tax Network (GSTN) has awarded a contract worth ₹1380 crore to Infosys Technologies to build a system which will be the IT interface for implementing the GST. This interface will take care of harnessing the entire input credit system, the Permanent Account Number (PAN)-based registrations, compliance requirements, tax payments etc and will be the nerve centre for the entire GST levy.
Kacper Pempel / Reuters
Could the complexity of our tax filing paperwork be one reason behind India’s low income tax filing rate? ClearTax’s investors certainly think so, and have invested ₹13.5 crores to help the provider o...
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The OECD countries, by continuing to resist it, are fighting a losing battle and will end up on the wrong side of history. They must realise that they are defending a system that directly facilitates the creation of Panama Papers and acts in favor of the immense global inequality in the world today.
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Under all-round attack, the government today promised to consider demands for a partial rollback of the proposal to tax 60 per cent of withdrawals from provident fund and a ceiling on employers contri...
NEW DELHI — Government today proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets w...