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Govt planning to launch lottery offer under the GST from 1 April

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March 2, 2020
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[Source: www.livemint.com] We had earlier shared you a news item (Economic Times) that India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups. It seems the government is planning to adopt the idea. The government is planning to launch lottery offer under the Goods and Services Tax (GST) from April 1 by conducting lucky draws every month

How Cryptocurrencies Are Taxed In India

[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking,

Key OECD Recommendations

October 18, 2012
OECD has issued a report outlining the key recommendations that are critical to India’s long-term economic performance and social development. Glimpse of these recommendations are presented herein below: 1) Implement a revised Direct Tax Code which streamlines collection and reduces the overall burden of direct taxes. 2) Strengthen the independence
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Profitable discoms power Gujarat ahead

December 30, 2011
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At a time when most parts of the country are facing power shortages and debt-laden state electricity boards and distribution companies (discoms) are seeking another bailout from the Centre, power sector entities in Gujarat are a study in contrast. All of Gujarat’s four state-owned discoms – Uttar Gujarat Vij Company,
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The grand SEZ dream on deathbed

December 29, 2011
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Calculations seem to have gone offtrack along the way; the initiators blame policy confusion and lack of comprehension in coordination. The Special Economic Zone (SEZ) policy was launched with considerable hype in India in 2006, when the economy was booming and investors around the world were looking at the country
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Indirect tax reforms not to wait for GST

November 23, 2011
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Without waiting any more for introduction of the much-debated Goods and Services Tax (GST), the Union finance ministry has decided to go ahead with indirect tax reforms, particularly those related to services. The ministry is planning to time the rollout of Place of Supply (PoS) rules with the negative list
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Bar Associations oppose Online Gujarat VAT Returns

February 6, 2011
Members of 15 sales tax bar associations in the state have decided to protest against the Gujarat commercial tax department. The 4,000 bar members have been at loggerheads with the department over problems faced in filing Value added tax (Vat) returns. In a meeting of Gujarat Sales Tax Bar Association
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FREDDIE helps IT Department to unearth digital data

February 2, 2011
The income tax (I-T) sleuths who carried out searches at the premises of Bollywood actresses Priyanka Chopra and Katrina Kaif, were aided by ‘hero’, a small yellow suitcase which copied voluminous data from the actor’s computers. The recently procured mobile portable forensic lab of the department, fondly called ‘hero’, looks
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