The Rs 3-lakh limit proposed for cash payments in the Budget for 2017-18 would be brought down to Rs 2 lakh as part of an unprecedented 40 amendments to the Finance Bill. Finance Minister Arun Jaitley moved the amendments in the lower House on Tuesday. This is aimed...
Formal sector workers may soon be eligible for up to Rs 2 million tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry. The central trade unions have agreed on doubling gratuity amount ceiling as...
The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out FIPB. The proposal for setting up norms for foreign direct investment (FDI) approvals in sensitive...
The goods and services tax (GST) council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations from various Union ministries and telcos, banks, and insurance firms for...
After trying to tighten the rules against shell companies through its Budget proposals, the government has decided to follow with “harsh punitive” action that will include freezing of bank accounts and striking off the names of dormant companies.Their investments in...
The GST Council in its 9th Meeting held on 16 January 2017 took note of the work to be completed for the rollout of GST and after deliberations, agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017. Steps taken to ensure rollout of GST by...
The Central Board of Direct Taxes, the apex direct taxes body, has issued a circular clarifying that the provisions relating to place of effective management (POEM) will apply to companies with over Rs. 50-crore turnover. The clarificatory circular comes after a CBDT...
The Government circulated draft of the GST Model Law requesting for suggestions from the industry. The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The...
The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD. The latest OECD...
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