Imported goods may turn costlier Under GST Consumer durable like smart phones that are imported could see a temporary hike in prices as India transitions to the GST that’s set to be rolled out from July 1. That’s because the benefit of the special credit transfer scheme has been restricted to manufacturers.
Benefits of filing ITR by individuals When it comes to filing of income tax return, many Individuals are of the opinion as to why the return must be filed. Though salary class individuals duly file their IT returns due to compulsion of having Tax Deduction at Sources, there are many other categories of Individuals who […]
Consideration received in Indian Rupees for export of service under GST One of the controversies or discrepancies attached with the Export of Service under the present taxation system for services is the receipt of consideration or payment in Indian Rupees . This article tries to put light on the ‘Status Quo’ and the effect under […]
Latest Developments in GST Implementation The GST Council meeting held on 3rd June, 2017 at New Delhi succeeded on completing the pending issues on the agenda which inter alia included fitment of rates on textiles, bidi’s, biscuits, gold & jewellery etc. Also, it cleared the rules as well as reteriated the stand that GST be […]
IT department will probe cases of spike in income under revised returns Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.