Welcome the 'Good and Simple Tax' with some immediate action points, Mahtani
By Ranjit Mahtani & Sweta Rajan After 17 years of preparation and 18 meetings of the GST Council, a single unified Goods and Services Tax (GST) in India is today a reality. In a momentous launch at the Central Hall of the Indian Parliament with a speech by the Finance Minister and the Prime Minister of India, the GST regime was ushered in at the stroke of midnight on July 1, 2017. While the mammoth task for the Central and State Governments has just concluded, as far as trade and industry are concerned, the journey has only just begun. GST, in the form that it has been introduced in India, may not be perfect; however, it is the reality, and trade and ...
Cabinet allows amendment proposal to check illegal transactions
The Dollar Business Bureau In a move to curb illegal transactions and generation of black money domestically, the Union Cabinet on Wednesday gave its approval to amend the law to regulate benami transactions in India. The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988, by moving the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament, said an official release. The Bill has provisions for attachment and confiscation of benami properties and also fine with imprisonment for offenders, the release said. The move came after the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, meant to track the black money stashed overseas, was passed by the lower ...
