Search Result for : Tax Structure

By Ranjeet Mahtani & Stella Joseph Till date, eight States have already passed the State Goods and Services Tax (SGST) Act in their respective State Assemblies, including Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana. There are indications that the other States are likely to pass their State GST enactments by end of this month or beginning of the next month.  Rates The GST Council’s rate fitment committee is said to have deliberated for three days starting May 4, 2017, to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net. This fitment is then stated to be approved by the GST ...

The Dollar Business Bureau  The Union Budget 2017 will bring some relief for small tax payers and infrastructure sector. The Centre, in a major step, announced a 2% reduction on non-cash turnover of small businesses for presumptive tax from 8% to 6%. Under the scheme, small businesses below the annual turnover of Rs.2 crore are not required to maintain detailed books of accounts for purpose of Income Tax but pay a presumptive tax. This relaxation, as per Finance Minister Arun Jaitley, will give a boost to small merchants and ease them from financial burdens.  In addition, the Centre also announced a 5% reduction in corporate taxes with an annual turnover up to Rs.50 crore, reducing tax from 30% to 25%.  Applauding the ...

The Dollar Business Bureau The Finance Ministry on Thursday said it will make a budgetary provision for reimbursement of Merchant Discount Rate (MDR) charges that are pertinent to banks for payments of government dues of up to Rs.1 lakh by debit cards.  The decision has been taken with an aim to promote digital transactions. The MDR charges will be applicable on debit card payments up to Rs.1 lakh for tax, non-tax and other related payments to the central government.   "The Budget Division will make the necessary budget provision under relevant head of Account in the Demand for Grants of the Department of Economic Affairs...for payment of MDR charges, as applicable, in respect of all receipt transactions of government...," the Ministry of Finance said in ...

PTI A four-slab GST tax structure of 6, 12, 18 and 26 per cent with lower rates for essential items and the highest for luxury goods that will also be levied with an additional cess was mooted on Tuesday at the GST Council meet. With a view to keep inflation under check, the proposal sponsored by the Centre proposed to continue exempting food items from tax as well as keep 50 per cent of the common use goods in either exempt category or lower band. Also, 70 per cent of the items is proposed to be governed by 18 per cent of lower GST rate. But ultra-luxury items like high-end cars and demerit goods like tobacco, cigarettes, aerated drinks, luxury car ...

The Dollar Business Bureau The on-going reforms and the already taken policy initiatives are much more than big bang, says Union Foreign Minister Arun Jaitley, referring to the reforms that are taking place ahead of the Parliamentary Budget session, in which the newly formed NDA government will be placing full budget for the financial year 2015-16. Referring to reforms in major sectors like Railways, Defence, Mining, among others, the Minister said that after seeing sum-total of the reforms and policies already taken, even the big bang appears smaller in comparison. Goods and Service Tax (GST) Bill, which no one expected, is going to take its form this time and is it not a big bang, added the Minister, according to the ...