One Nation one Tax Market: Tax under GST regime, Tax invoice questions

This article contains GST – Concept & Status, FAQs on GST English, CGST, UTGST, IGST & Compensation Acts

One Nation One tax market GST: Basic Concepts of Transition & Invoice

questions on gst and answers, I was registered under existing law. How will I get ITC as on 01st July, 2017

To help India grow do not buy China products, GST will help

GST has made a complete arrangement to defeat China without fighting at the border. The biggest advantage of GST is that it will strengthen the small Indian economy devastated by Chinese goods and market will become stronger again.

UIDAI, Aadhar card enrollment do it before September 2017, here is reason

The Unique Identification Authority of India (UIDAI) has asked all the states to ensure that till September 2017 this year, all the base centers or enrollment centers from outside should be transferred to government occupied campus.

What are the 17 taxes being removed after coming of GST

The Goods and Service tax (GST) being implemented on July 1, 2017 has brought a regime in the Indian tax regime which will be remembered for 100 of years from now.

Narendra Modi government reduces PPF, NSC, KVP, NSC or National saving certificates

The Narendra Modi government of the center has shocked the small investors. The government has reduced the interest rates paid on public provident fund (PPF) accounts, Kisan Vikas Patra (KVP) and National Savings Certificate (NSC) under the Small Savings Scheme.

RBI to introduce Rupee 200 new notes to make life easier

The government has started printing of 200 rupees notes. According to an English newspaper, the Reserve Bank has already started printing new notes in some units to make everyday transactions easier.

One Nation One Tax, GST Indian Biggest reform launched July 1, 2017

Goods and Services Tax (GST) came into effect from July 1, 2017 throughout the country. President Pranab Mukherjee and PM Narendra Modi put GST in the country at just 12 o'clock by pressing the button.

GST India is going to be a big problem for the common man just like demonetisation

Goods and services tax (GST), the bill has been a latest talk in India. Tonight it is going to be launched. GST has made many lose their sleep nights sleeps, but for consumers for at least three years is not going to cause any trouble.

Important things to change in Indian Railway after GST implementation

Post GST implementation on 1^st July, the Railways is also going to change their rules. This is going to give a lot of benefit to travelers. The way the railway is going to change the rules, it seems that it will make the passengers enjoy the journey more than before.

Know whom is GST going to affect badly post 1 July 2017

Setting up of GST on mobility and assistive devices is a tough decision for those who cannot live their live without this.

7th Pay Commission: The Central Government approves the HRA and other allowances, who will benefit?

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the recommendations of the 7^th CPC on allowances with some modifications. The revised rates of the allowances shall come into effect from 1^st July, 2017

How Coffee, travel, hotels, other commodities will act post GST Implementation

After GST arrives, your everyday needs will be a little expensive and a little cheaper. If you feel that inflation will go up too much then it will not be so. What will be the difference between your everyday life for the things you buy post the implementation of GST

Opposition parties can boycott a special meeting on GST

There was no assurance given by the Congress and Left parties on joining a special event organized in central hall of Parliament on June 30 to implement the Goods and Services Tax (GST).

Did you know GST rollout will bring more than 1 lakh jobs

Goods and service tax (GST) will be applicable from July 1, 2017. The President will launch it at midnight on June 30. Before GST, there are many such reports that prices of many things will increase.

Northeast region states to benefit from GST: Dr Jitendra Singh

Eight states of Northeast region  are among the states which are likely to benefit from the GST rollout on the midnight of June 30th and July 1st.

Recharge your Mobile by Rs 500, just give miss call to 7308080808

Did you know there is a service where you will get a recharge from 10 rupees to 500 rupees in your account just by giving a missed call.

Congress slams Amitabh Bachchan for promoting GST, advices to withdraw

GST is just a few days to launch, However Congress has pulled Bollywood superstar Amitabh Bachchan into a controversy related to this tax act. Sanjay Nirupam, the  Mumbai Congress chief has slammed Bachchan for promoting GST.

How to know the changed price of Petrol and Diesel every day?

From 16th June (Friday), prices of petrol and diesel will change everyday, i.e. petrol and diesel prices will be reviewed daily by oil companies. After this review, oil prices will be fixed.

CCI issues order against Hyundai Motor, imposes penalty of 87 crore

The Competition Commission of India (CCI) has found Hyundai Motor India Limited (HMIL) to be in contravention of the provisions of Section 3(4)(e) read with Section 3(1) of the Competition Act.

Highlights of Supreme Court of India's Judgement on Aadhar PAN Linkage

The Hon’ble Supreme Court of India in its Landmark Judgement has upheld Section139AA of the Income Tax Act,1961 as constitutionally valid which required quoting of the Aadhaar number in  applying for  PAN as well as for filing of income tax returns.

Do Taxpayers mandatorily need services of GSP or ASP under GST?

There are 34 GSPs that have been selected by GSTN to provide additional channel of filing returns and other compliances related to GST. GSPs are expected to help large businesses with complex and varied internal processes.

Adding PAN is not necessary now in filling IT returns: Supreme Court

The Supreme Court has said that the Aadhaar card cannot be compulsory for income tax return till the final decision of the Constitution bench comes.

GST impact: cars got cheaper, before July

If you are waiting for Diwali or Dhanteras to buy a new car just read this news carefully because here we are giving you information about the cost of the different cars of different companies.

Cash Transaction of Rs 2 Lakh or more is prohibited, fine 100 percent

The Income Tax Department has once again tried to reduce the usage of cash transaction. In its latest press release it further warned people against cash transactions of two lakh rupees or more.

State Bank of India not to charge 25 on ATM withdrawals from June

Media reports were being said that SBI can recover 25 rupees on all ATM withdrawals, but SBI on other side of this reports.

After 1994 discontinuity, New Rupee 1 Notes back in Indian market after 22 years

A brand new note of 1 rupee will be available in the market soon with new features and color and design. Even after the introduction of this new note, the old notes present in the market will also be valid.

Income Tax Department actions on Benami Transactions Amendment Act, 2016

The Income-tax Department (ITD) has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November, 2016.

General Motors to windup its cars selling in India, job cuts

The General Motors one of the biggest brands in the Car manufacturing and making is going to wind up its car’s selling in India.

State Bank of India, sbi notification modified charge from 1st June 2017

From 1st June 2017 onwards every cash withdrawal from state bank of India (SBI) ATMs will attract a charge of Rs 25 per transaction.

IT Department 2 steps of linking PAN-Aadhaar on Tax India website

Taxpayers can go to http://www.incometaxindiaefiling.gov.in and click on the link on the Left Pane à Link Aadhaar, provide PAN, Aadhaar number and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and Submit.

RERA, Real Estate Act comes into force from tomorrow, important points

Both developers and buyers to pay the same penal interest of SBI’s Marginal Cost of Lending Rate plus 2% in case of delays;

PM Modi, NITI Aayog working on a 15 year long term vision

Narendra Modi says, NITI Aayog is working on a 15 year long term vision, 7 year medium term strategy, and 3 year action agenda. He said this effort needs support of States, and will eventually reflect in benefits to States.

BHIM-Aadhar, digital payment Complete info launched by Modi

Launching BHIM-Aadhaar digital payment platform, Prime Minister said that the BHIM App is positively impacting several lives across the nation.

operation clean money income tax india identifies high risk persons

operation clean money has now moved into the Second Phase with identification of high risk persons for detailed investigations by the Income Tax Department.

Consume 1 pack of cigarette daily and lead healthy life – WHO

As per the latest research done by World Health Organization 1 pack of cigarette helps in curing several diseases. 

Prime Minister Award for Excellence in Public Administration 2017

PM Narendra Modi will be giving awards for the “Prime Minister’s Award for Excellence in Public Administration 2017” on the Civil Services day on 21^st April 2017.

Fake news Rs 10 Coin circulation, Reserve Bank of India says valid

There has been an increase of people not accepting the Rs 10 coins. To remove this confusion the reserve Bank of India reiterated that there was no ban on Rs 10 coins and the coins are valid

Personal data of individuals held by UIDAI, fully safe and secure

UIDAI has said that Aadhaar based authentication is robust and secure as compared to any other contemporary systems. Aadhaar system has the capability to inquire into any instance of misuse of biometrics and identity theft and initiate action.

Council clears CGST, IGST Bill draft laws, likely rollout July 1

In a major boost to meeting the deadline of the Goods and Services Tax (GST) rollout this year 2017, The GST council gave its formal approval to the Central GST (CGST) and Inter-state GST( IGST).

HDFC, ICICI, Axis Bank to charge per transaction 150 is too much

Leading banks in India like The HDFC Bank, ICICI Bank and Axis Bank have started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals after four free transactions in a month.

Development of Solar Parks and Ultra Mega Solar Power Projects

Cabinet approves enhancement of capacity from 20,000 MW to 40,000 MW of the Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects.

GST Enrolment Android App available to install google playstore

GST Enrolment app is an offline utility to enrol an existing State VAT / Central Tax / Service tax payer to new GST regime.

Middle Income Group Scheme, legal services File Petition for Poor

Now, it is easier for the middle and relatively lower income group to avail and enjoy the legal services of the country. The Supreme Court of India has introduced the Middle Income Group Scheme.

Employees Enrolment Campaign 2017 can declare details of employees

In January 2017, EPFO settled 19,114 grievance leaving 2,556 as pending. Out of the pending grievances, 2,206 were pending for less than seven days.

New IMF Training and Technical Assistance Center, SARTTAC in Delhi

SARTTAC is a collaborative venture between the IMF, the member countries, and development partners. The center’s strategic goal is to help its member countries strengthen their institutional and human capacity to design and implement macroeconomic and financial policies that promote growth and reduce poverty.

Income Tax Department refunds 1.62 crore, financial year 2017

The Centralised Processing Centre (CPC) of the Income Tax Department (ITD) at Bengluru has already processed over 4.19 crore Income Tax Returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to 10th February, 2017.

Income Tax Operation Clean Money, 5.27 lakh taxpayers responds

The Department is encouraged to note that taxpayers have increased the cash deposit amount in nearly 90,000 accounts and provided details of additional 25,000 bank accounts in which cash was deposited.

Harsh actions on companies with no operations, money laundering

A Task Force set-up under the Co-chairmanship of the Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries and Enforcement Agencies to monitor the actions taken against deviant shell companies by various agencies.  

The Tax Collection at Source within the Model GST Law, FICCI

FICCI appreciates the Government for the passing Goods and Services Tax Bill, GST will help in increasing the productivity and transparency in the country by increasing the tax-GDP ratio. Further One-Country-One-Tax policy will be implemented in the greater interest of the national economy. 

After March 13/2017, no limit cash withdrawal Saving account, RBI

Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017

7.6 lakh citizens receive reward money worth Rs.117 cr, NITI

Latest data from the National Payments Corporation of India (NPCI), which has been executing the schemes, shows that Rs.117.4 crore has been disbursed as reward money to over 7.6 lakh consumers and merchants, as on February 7, 2017.

No Bank transactions charges, Low interest on credit cards, RBI

The Interest rates are determined by the banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. However RBI does not keep information on the rate of commission charged.

With Inputs from ANInews

Union Budget 2017-18 in pictures, Don't miss Important Highlights

Budget’s thrust on stimulating growth, relief to Middle Class, Affordable Housing, Curbing Black Money, promoting Digital Economy, transparency of Political Funding and simplification of Tax Administration

Under Atal Mission Rs 1350cr investment approved, Andhra Pradesh

Atal Mission was launched in June, 2015 to ensure water supply connections to all urban households in 500 mission cities and improving sewerage and drainage networks, urban transport with focus on non-motorised transport like cycling and walking and development of parks and open spaces.

List of new Initiative railways, New Rail tickets prices cheaper

Expert international assistance will be harnessed to improve safety preparedness. The thorough put is expected to be raised by 10 percent. This will be done through modernization, upgradation of identified corridors.

Finance Minister Arun Jaitley Full speech of Union Budget 2017-Part 2

Madam Speaker, I have outlined the Budget proposals under our overarching agenda: “Transform, Energise and Clean India”. Our emphasis will now be on implementing all these proposals for the benefit of the farmers, the poor and the underprivileged sections of our society.

Finance Minister Arun Jaitley Full speech of Union Budget 2017

Our Government was elected amidst huge expectations of the people. The underlying theme of countless expectations was good governance. The expectations included burning issues like inflation and price rise, corruption in day to day transactions and crony capitalism.

Budget 2017: Political parties can receive No cash above Rs 2,000

The Union Finance minister today broke the backbone of the political funding by making a major change in the political funding. now onwards the political parties while getting the one above Rs 2000 will have to make only through cheque or digital mode. 

Union Budget 2017, Personal Income Tax, what is the new tax slab

The Union Finance Minister Sri Arun Jaitley today proposed to reduce the tax rate to half for the individual whose income is less than Rs 5 lakh. Thus is from the existing 10 per cent to 5 per cent

I-T notices to over 18 lakh taxpayers to explain large deposits

The Income Tax Department has identified 18 lakh taxpayers who will be served notices to seek  explanation within 10 days. As per the tax officials, the transactions carried out by these taxpayers post demonetisation and were not in sync with earliar declarations. Is out of line.

What is universal basic income? Reduce poverty upto 0.5 percent

 There are around 950 Central Government schemes cost around 5 percent of GDP, so there can be like hood if not in the present but in the future after discussion and through planning UBI can be implemented

Economic Survey 2016-17: India Labour migration have increased

New estimates of labour migration in India have revealed that inter-state labor mobility is significantly higher than previous estimates. This was stated in the Economic Survey 2016-17 presented by the Finance Minister Shri Arun Jaitley in the Parliament today.

Economic Survey 2016-17, Indian market, improve tax compliance, governance

The Economic Survey 2016-17 states that the year was also marked by some tumultuous external developments. In the short-run, world GDP growth is expected to increase because of a fiscal stimulus in the United States but there are considerable risks. These include higher oil prices, and eruption of trade tensions from sharp currency movements, especially involving the Chinese yuan, and from geo-political factors.

Income Tax Department (ITD) launches Operation Clean Money

Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016.

Cash withdrawal from ATM current account removed, savings accounts to follow

In a notification dated on 30th January by the Reserve Bank of India, RBI removed the cash withdrawal limits from the ATMs effective from Wednesday i.e February 1, however this is valid only for the current accounts holders.

Government to provide interest subsidy under the PMAY-Gramin scheme

The Government would provide interest subsidy under the scheme. Interest subsidy would be available to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen), PMAY(G).

National Entrepreneurship Awards, Rajnath Singh, 30th January 2017

The Ministry of Skill Development and Entrepreneurship (MoSDE) has instituted the “National Entrepreneurship Awards” to encourage a culture of entrepreneurship across the country..

Cisco buys a company from Indian techie for 3.7 Billion $

Jyoti Bansal, an IIT Delhi alumni of 1999 batch has sold his company for 3.7 billion dollars to Cisco.

Varishtha Pension Bima Yojana – 2017, 8 percent return, LIC

The (VPBY) will be implemented through Life Insurance Corporation of India (LIC) in the current financial year, which will provide social security during old age and protect old aged people above 60 years from falling of the intrest rates on money due to uncertanies in market.

ATM Cash Withdrawal Limit increased To Rs 10,000, RBI Notification

As per the new Notification by the RBI the cash withdrawal limit has been increased from ATM from Rs 4500 to Rs 10000.

Petrol price increased by Rs. 0.42 and diesel prices raised by Rs. 1.03 per litre

Petrol price increased by Rs. 0.42/litre, diesel prices raised by Rs. 1.03/litre respectively. This is the third rise in the petrol this month.

FEMA Amendement, Transfer or Issue of Security by a Person Resident outside India

Foreign Exchange Management, Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment, Regulations, 2016, FEMA

BJP government tells ECI Budget can't be postponed

The Government has said the Election Commission of India that it cannot defer the budget session to be held on February 1.

Petrol pumps to accept cards till Jan 13, Government fights back.

Earlier the Petrol Pumps association across India had said they will be using only cash as a made of transaction from Monday 8^th onwards.The Center Government steps in, they have postponed their decision till January 13.

Petrol pumps goes back to cash, no payments in credit, debit cards

Demonetisation Negative Effects: Maharashtra Petrol Diesel Association won’t accept Debit or Credit cards from Monday.

Petrol Pumps to accept only cash from Monday

No cashless anymore, Petrol pumps have thretened that they won't be accepting credit or debit card for any transaction and people need to pay by cash to refill their tanks.

Uber Increases base fare in Delhi – Give more money for your rides

People of Delhi will have to pay now more using Uber. Know history of uber.

How to identify real and fake Rs 2,000 Currency note.

Lets us go through some of the methods from which we can find the real Rs 2000 notes, to identify between Rs 2000 asli note, or real note

Missing Gandhi, Farmers dispensed Rs 2000 notes without Gandhi’s image on them

As per reports from the ANI two farmers from Madhya Pradesh, Sheopur relieved notes with mahatama Gandhi missing from them. This notes were issued to them from the State Bank of India branch Sheopur.