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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,

Relief for export units as CBDT untangles tax net

March 19, 2009
The Central Board of Direct Taxes (CBDT) has instructed income-tax officials to allow export-oriented units (EOUs) approved by development commissioners to claim tax exemption, ending the uncertainty over tax benefits to EOUs. “It has been decided that an approval granted by the development commissioner in the case of an export-oriented
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Tax benefit brings Gujarat back in favour with drug cos

February 5, 2009
Gujarat, the traditional centre of gravity of the pharma business in India that had lost out to states such as Himachal Pradesh, Goa, and Uttarakhand in the past few years, is regaining lost ground on the strength of tax cuts announced in last year’s budget. Pharma firms, including around 100
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ICAI proposal may hit audit firms here

January 29, 2009
Indian audit firms, that informally work as the audit arms of big foreign accounting firms, may soon have to sever their foreign affiliations, if accounting and auditing rule maker ICAI has its way. In what could be a fall-out of the Satyam account fabrication episode, the Institute of Chartered Accountants
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Failure to remit tax will invite prosecution: IT dept

January 27, 2009
Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution. The stipulated dates in respect of tax deducted to be remitted to central government were – "if deduction is by
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1,550 PF trusts may lose I-T benefits

January 27, 2009
Over 1,550 private provident fund trusts run by Indian companies could lose their income tax benefits in less than three months time. These private trusts enjoy tax benefits on the basis of their affiliation to the Employees Provident Fund Organisation (EPFO) through temporary relaxations granted by it. The deadline for
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MNC liaison offices may get tax breather

January 27, 2009
A ruling that the liaison office of home furnishing multinational Ikea is not liable to pay income tax in India could set an important precedent and benefit for foreign retailers, which have set up similar operations to oversee sourcing of goods from India. In a recent decision, the Authority for
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Creative accounting helps cos cover up forex losses

January 27, 2009
Companies are getting creative in using the Company Act and Accounting Standards to avoid the impact of foreign currency loan on their profit & loss statement owing to currency fluctuations. Companies with foreign currency borrowings have now adopted various accounting tactics to ensure that their quarterly performance remains intact in
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Exporters can get service tax refunds in a month

December 16, 2008
Exporters can now get their service tax refunds much faster thanks to simpler norms. The Central Board of Excise and Customs (CBEC) has further relaxed the procedures for refund of tax paid on specified services used for export of goods. The board has directed its field officials to pay refund
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NASSCOM award for Gujarat VAT e-governance project

December 16, 2008
The Gujarat government has got NASSCOM award for best e-governance in Value Added Tax(VAT) system. Under this system the government has introduced e-filing of returns, e-payment, e-registration and e-refund besides other facilities. The award has been given for “ Best IT adoption through e-governance
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