Taxpayers often take tax evasion measures to protect their tax outflow from the Government. Henceforth, it becomes requisite for the Government to keep a close eye on such measures and issue new provisions to restrain the illegal practices. In 2004, the Finance Act introduced a tax called the Securities Transaction Tax (STT) to reduce the […]
According to Companies Act 2013, Section 8 is a company that has a sole objective of promoting education, Art, Sports, Commerce, Social Welfare, Charity, Research, Religion, Environment, Science, and many other similar objects. The income and profits of a Section 8 Company get utilized for the promotion of its objective only, wherein; no member receives […]
Lately, the corporate market got filled with a sudden buzz regarding the buyback tax. It all started when the Finance Minister, Nirmala Sitharaman, proposes to levy a tax on the buyback by the listed companies. Earlier all the unlisted companies were following such act, but now even the listed companies are obliged to pay 20% […]
Securities Transaction Tax was introduced by Ex-Finance Minister, P. Chidambaram in the Budget 2004. However, it came into effect from October 2014. The sole objective behind the enforcement of the Securities Transaction Tax is to avoid tax evasion on capital gains by taxpayers. It’s one of the most efficient and cleanest means of collecting tax […]
Eventually, the aim of ‘One Nation, One Tax’ regime turned into reality when GST, the much-anticipated tax, came into effect on 1st July 2017. As a result, the whole tax structure on the supply of goods and services got revised. All indirect taxes combined to become one tax currently known as GST .i.e., Goods and […]
Goods and Services Tax, is one of the most reforming tax schemes ever introduced in the Indian economy and constitution. The reason why GST is the most-talked taxes is that it has replaced all the indirect taxes levied on the supply of goods and services. With the introduction of GST, there have been many changes […]
Goods & Service Tax Identification Number (GSTIN) is a unique identification number allotted to business enterprises and taxpayers when they get themselves registered under the Goods & Services Act. It’s a state-specific number consisting of 15 digits. These 15 digits are comprised of the ten digits PAN no. of the enterprise or individual, two digit […]
Generally, the concept of Reverse charge mechanism under the GST regime can be considered as complicated one. Apart from that there also exists a misconception about the GST reverse charge mechanism among the taxpayers. There have been questions and queries regarding the mechanism of reverse charge under GST. The article is a critical analysis of […]
The concept of GST has no doubt has many advantages, however apart from that there are also some disadvantages and demerits of the same. Let’s discuss some of the Demerits and Disadvantages of GST which must be considered deeply. Software in GST Registration According to the analysis, it was found that to avail the facilities […]
A bill of supply is issued by the business registered under GST. Such businesses are required to issue a tax invoice in their day-to-day business. However, there are certain instances wherein the Bill of supply is issued, although GST is not applicable to that transaction. It is also issued in cases where the Tax is […]
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