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The council is headed by the union finance minister Nirmala Sitharaman assisted with the finance minister of all the states of India. The GST council makes recommendations to the Parliament of India to make or amend laws related to the taxes on goods and services in India. [48] The 54th GST Council Meeting was held on 9th Sept 2024. [49] [50] [51]
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
Schedule ‘C' – Declared Goods and other specified verry goods - 6% (Rates for items other than declared goods changed to 6%) [2] Schedule ‘D’ – Foreign Liquor, Country Liquor, Motor Spirits, etc. - 20% and above Schedule ‘E’ – All other goods (not covered by A to D) - 13.5% with EFF CT from 17.09.2016
The Indian Revenue Service (Customs & Central Excise) (IAST: Bhāratīya Rājasva Sevā), often abbreviated to IRS (Customs & Central Excise) or IRS (Customs & Indirect Taxes), now called IRS(C&IT) is a part of central civil service of the Government of India.
India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27]
There was no change in the timeline for tax payment; however, if the deposit of Advance Tax is delayed, a reduced interest rate of 9 percent per annum, or 0.75 percent per month, [18] will be applicable instead of the current rate of 12 percent per annum, or 1 percent, for payment of all taxes falling between 20 March 2020 and 30 June 2020.
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies). This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016 to 2017 on a mandatory basis