The government has reduced interest rates on small saving schemes, including the Public Provident Fund (PPF), NSCs and Kisan Vikas Patra by 10 basis points. PPF and NSCs will now earn 7.8%, while KVPs will fetch only 7.5%. Prior to this rate cut, PPF, NSC and KVP were offering 7.9%, 7.9% and 7.6% respectively. The […]

Section 139AA(2) of the Income-tax Act provides that every person who has been allotted PAN as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar, shall intimate his Aadhaar on or before a date to be notified by the Central Government (CG). Now, CBDT has specified the procedure for intimating […]

Finance minister Arun Jaitley has expressed the hope that the government will not have to use the anti-profiteering provision of the goods and services tax (GST) and said prices should drop overall under the new regime to be put in place on July 1. Jaitley said in an interview that there may be some challenges […]

The Bombay High Court on Thursday reserved its order after hearing a PIL seeking postponement of the implementation of India’s much awaited indirect tax law i.e GST. A bench comprising Justice VK Tahilramani and Justice SK Shinde heard arguments from Additional Solicitor-General Anil Singh and submissions made by petitioner Dr KS Pillai, who appeared in […]

At midnight on June 30, Prime Minister Narendra Modi will formally usher in the country’s new Goods and Services Tax (GST). First proposed in 2006, the GST will subsume more than a dozen state and central levies into one tax, unifying this country of 29 diverse states and 1.28 billion people into a single market for […]

India is bracing with tense anticipation for the inauguration of the goods and services tax (GST), which is expected to rewrite the rules of business, while reducing the burden on the common man. GST is billed to integrate India into a common market, bigger than the European Union. Proponents say that by doing away with […]

India’s greatest tax reform – replacing an array of provincial duties with a nationwide goods and services tax – is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say. The advent of organised retail and e-commerce began modernising warehouses in India a decade ago, but most […]

Railway minister Suresh Prabhu today said the Railways has set up a group to study the impact of the soon-to-be-launched GST on its operations. “Inevitably all sectors will be affected (with the GST rollout). Not to say that the Railways will be immune from this. We are studying the impact. In any case it is […]