Page-9 of Taxation
GST Council approves Draft Central, State GST laws
The Goods and Services Tax (GST) Council has approved the draft Central GST (CGST) and State GST (SGST) laws along with Compensation Bill to bring the GST into implementation, country’s biggest indirect tax reform. The CGST and SGST laws contains ..
Month: Current Affairs - December, 2016
Pradhan Mantri Garib Kalyan Yojana comes into effect
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) notified along with other provisions of Taxation Laws (Second Amendment) Act, 2016 came into effect from 17 December 2016. It will remain open until March 31, 2017. PMGKY is Union Government’s second income ..
Month: Current Affairs - December, 2016
BRICS nations to share tax information automatically to eliminate tax evasion
The BRICS (Brazil, Russia, India, China and South Africa) countries have agreed to share tax information automatically as per their commitment to ensure the fairness of the international tax system. Decion in this regard was taken at the meeting of ..
Month: Current Affairs - December, 2016
Public Financial Management System to save interest costs of Government
The Public Financial Management System (PFMS) after implemented on full scale will help Union Government to save a significant amount on interest costs. It will allow the government to monitor and access the more than Rs.1 lakh crore of idle ..
Month: Current Affairs - December, 2016
Union Government introduces Taxation Laws (Second Amendment) Bill, 2016
The Union Government has introduced the Taxation Laws (Second Amendment) Bill, 2016 in the Parliament. The bill amends existing tax laws to impose a higher rate of tax and penalty in respect of undisclosed incomes. It proposes, Taxation and Investment ..
Month: Current Affairs - November, 2016
Income Tax Department to launch Project Insight in May 2017
The Income Tax department is planning to implement the first phase of ‘Project Insight’ from May 2017 to monitor high value transactions, with a view to curbing the circulation of black money. This project has been initiated for data mining, collection, collation ..
Month: Current Affairs - November, 2016
India and UK sign three Bilateral Advance Pricing Agreements
The Central Board of Direct Taxes (CBDT) signed three Bilateral Advance Pricing Agreements (APAs) with the Competent Authority of United Kingdom (UK) to reduce tax litigation. Earlier both countries had exchanged mutual agreements amongst them under the Mutual Agreement Procedure ..
Month: Current Affairs - November, 2016
India and Cyprus ink Revised DTAA
India and Cyprus have inked a revised Agreement for Avoidance of Double Taxation and Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol. It will replace the existing DTAA that was signed by two countries ..
Month: Current Affairs - November, 2016
GST Council fixes 4-rate structure
The GST Council has finalised 4 tier Goods and Services Tax (GST) rate structure with a multiple-slab rates, including the cess for the new indirect tax regime. Thus, GST will be levied at multiple rates ranging from 0% to 28%. ..
Month: Current Affairs - November, 2016
India, New Zealand ink three agreements including avoidance of double taxation
India and New Zealand signed three agreements in the areas of double taxation avoidance (DTA), sports and food security to carry forward the ties between both sides. The agreements were signed in the presence of Prime Minister Narendra Modi and ..