Under GST, financial services have been put under the 18 percent slab, whereas currently customers pay 15 percent service tax for them.
Persons having annual turnover of more than Rs 10 lakh and those who are registered under VAT or Service Tax would be ineligible for loan waiver, the GR said.
"If you are left out, you will get another opportunity because the law says anybody who is registered under taxes which are subsumed under GST if they have a valid PAN then they will be given a valid registration," said GSTN Chairman Navin Kumar said.
The Goods and Services Tax (GST) is, beyond doubt, the most revolutionary tax-related reform to be seen in India in several decades. It will eliminate the conflicting and cascading taxation structures, which have confounded R
The intelligence arm of the finance ministry detected service tax and excise duty evasion worth Rs 15,047 crore in the last fiscal, as against Rs 12,112 crore in 2015-16.
A two-tiered service tax structure of 12 and 18 pc could be taken up in the next meeting of the GST Council on May 18 in Srinagar
Approximately 65,000 firms, out of around one lakh, in Mumbai zone have already migrated to the GST so far, a senior Service Tax department official said.
As banks gear up to face the challenges around the new taxation regime, Arundhati Bhattacharya, Chairman of the country's largest bank, listed out the issues the industry will face before the rollout.
The Lok Sabha, on March 29, 2017, cleared four bills in preparation of the upcoming rollout of the Goods and Services Tax (GST) regime: Integrated GST Central GST Union territory GST Compensation bill This R
The commerce ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said.
The Goods and Services Tax (GST) regime has came a step closer to meet its July 1, 2017 target of rollout, with the Lok Sabha approving four supplementary legislations.Â The Central GST Bill, 2017; The R
GST promises to stitch together a common national market by replacing a string of central and local levies such as excise, value added tax, octroy, service tax into a single unified levy.
Service tax arrears more than tripled to Rs 71,257 crore in 2014-15 within a couple of years, apex auditor CAG said today, expressing concern that the recovery is not being given due importance.
The largest public sector lender State Bank of India (SBI) is re-instating its policy of charging customers for not maintaining the monthly average balance (MAB) in their savings bank account, according to a report in Business Standard.
The finance minister's Budget speech is a highly watched event. The annual Budget can augment or cut people's incomes.
For India's cash-reliant economy, Prime Minister Narendra Modi's decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock.
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.
"The central government has clarified that there is no proposal in the Union Budget 2017-18 to levy 5 percent service tax on healthcare services, as reported in certain social media circles," a Finance Ministry statement said.
Siddharth Chopra, a resident of Mumbai, was glued to the television news channels, during the live telecast of the Union Budget 2017-18. Like many, he was expecting a bonanza for middle-class affordable home buyers. R
While the real estate fraternity has largely welcomed the announcements in the Union Budget 2017-18, certain sections in this sector, apart from the affordable housing segment, as well as buyers, are still trying to R
Currently, the government is paying six percent implicit subsidy on gold after imposing ten percent import duty on the shiny metal. Subsidy paid to middle class on gold was second highest paid subsidy at Rs 10,800 crore, after LPG at RS. 28,219 crore.
The life insurance penetration is still tumbling in India, which currently is at 2.72% for the year 2015 dipping from 3.4% in the year 2011.
Annuity received out of maturity of pension fund under the pension or annuity policy should be exempt from tax under Section 10(10A). Annuity purchased after maturity of pension policies of life insurance companies should be exempt from service tax.
The real estate sector has been plagued by many challenges, including delays in projects owing to funding issues, complicated government diktats, unclear records and land titles and delays in obtaining approvals. The passage of R
Finance Minister Arun Jaitley may hike service tax rate to 16-18 per cent from the current 15 per cent in the Budget, due on Wednesday, as a precursor to the Goods and Services Tax (GST) rollout.