How will the Goods and Services Tax change matters for the 5-crore plus informal and small enterprises? Will they grow and join the formal sector? Or will the businesses shrink as tax exemptions come down? Many small businesspersons feel that expanding the scope of concessions offered is necessary for survival and growth. The GST package for […]

5 lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government said today. Nearly 71 lakh excise, service tax and VAT assessees have migrated to the GST Network (GSTN) till July 25. Besides, another 12 lakh new registrations came about under […]

The GST Council is likely to consider this week lowering of tax rates for job works for making garments to 5% from 18%, a source in the finance ministry has said. The panel, headed by Finance Minister Arun Jaitley and comprising of representatives of all the 29 states, is also likely to consider removing anomaly in […]

The Central Board of Direct Taxes (CBDT) has extended the due date of filing of Income-tax return (ITR) till 5th August, 2017 after receiving complaints that taxpayers weren’t being able to log on to the e-filing website. It was clarified by the board that main reason for failure of taxpayers to log in to e-filing […]

The state of Meghalaya will be fully ready by mid- September to implement GST Act with full force. Commissioner, of Taxes, Abhishek Bhagotia on Monday told The Shillong Times that   as of now traders in the state and the country were still learning the details of the GST even as there were directions from the Centre […]

The Rs 50,000 threshold for e-way bills under the goods and services tax (GST) regime may be raised in order to reduce the scope for harassment and return of the so-called inspector raj. The GST Council may also simplify procedures to improve ease of doing business, said officials aware of the matter. “There is a thinking […]

Union Finance Minister Arun Jaitley on Sunday said the government would not blink first against the opposition if there are larger national interests involved. Addressing a GST Conclave here, he also said that the GST was not an easy tax reform to implement and there are people who wanted to stall reforms. “If reform is of national […]

Over 12 lakh businesses have applied for fresh registration under the Goods and Services Tax (GST) regime, Revenue Secretary Hasmukh Adhia has said. Of these, while 10 lakh applications for registration have been approved, 2 lakh are still pending approval. “The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications pending […]

More than a decade after being introduced in the budget speech for the first time, the controversial tax reform, GST rolled out on July 1st, 2017. The ‘one nation, one tax’ system had been subjected to three governments, under three finance ministers. This tax reform that was aimed to mend together several other taxes into […]

The Right of Children to Free and Compulsory Education Act of 2009 has made education not only compulsory but has also made the Govt. responsible to provide education at economical rates. The  Council has kept education sector free from its ambit. Services related to education, provided by any educational institution to its students, faculty and staff […]