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 Tax (GST) Council cleared the pending rules (Transition provisions and Returns) for the rollout of the new indirect tax regime from July 1. All states have agreed to the July 1 rollout timeline except West Bengal. Continue reading

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Cabinet Approves Phasing Out Foreign Investment Promotion Board

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given it`s approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries/Departments to process applications for FDI requiring government approval. Continue reading

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Taxation of Services under GST

The GST Council, on the second day of its 2-day meeting in Srinagar, has considered and finalised GST rates to be applicable for different types of services. In brief some key aspects related to services decided at the meeting are as below : Continue reading

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Filing of Statement of Financial Transaction (SFT) for FY 2016-17 – 31st May Deadline

Filling of Statement of Financial Transaction (SFT) for Financial Year 2016-17 – Important Reminder

Section 285BA of Income Tax Act, 1961 (‘Act’) read with Rule 114E of Income Tax Rules, 1962 (‘Rules’) requires certain persons/entities to furnish a return/ statement of specified financial transactions (‘SFT’) as mentioned in such Rule 114E. Continue reading

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Deemed Gift and Deemed Capital Gains – Section 56(2)(x) and Section 50CA

Section 56(2)(x)

Finance Act 2017 has inserted a new clause (x) in section 56(2) w.e.f 1st April 2017 (i.e. applicable from AY 2018-19 related to FY 2017-18) which has considerably widened the scope of provisions taxing deemed gift as income. The applicability of corresponding old deemed gift clauses being section 56(2)(vii) and 56(2)(viia) has been restricted upto AY 2017-18 only. Continue reading

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