Monthly Archives: June 2017

GST Updates

1. In a bid to ensure the smooth rollout of GST, the Ministry of Finance has deferred the applicability of provisions related to TDS (Tax deducted at source) for notified supplies/government supplies and TCS (Tax collected at source) for ecommerce … Continue reading

Posted in GST |

Key Takeaways from the 17th meeting of GST Council held on June 18, 2017

Keeping the deadline of July 1, 2017 as target for GST rollout, GST Council deliberated upon certain issues in its 17th meeting held on June 18, 2017 at Delhi. 1. The GST Council has affirmed the rollout of GST w.e.f … Continue reading

Posted in GST |

Final Notification u/s 10(38)

The Finance Act, 2017 (“FA 2017”) brought an important amendment to section 10(38) of the Income‑tax Act, 1961 (“the Act”) to provide that exemption of Long Term Capital Gains (‘LTCG’) under this section arising on transfer of equity shares acquired … Continue reading

Posted in Direct Tax |

Key Highlights of the 15th GST Council Meeting

Finance Minister Arun Jaitley on Saturday chaired the 15th meeting of the GST Council which has decided tax rates on essential items such as gold, textiles, packaged food, Bidis, Solar panels, Biscuits and footwear among others. The Goods and Services … Continue reading

Posted in GST |