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Karnataka Assembly passes three bills related to GST, T&P and online gambling
by Saloni Mehta / 05:40 pm 22 Sep 2021 Wednesday

The Karnataka government has recently passed the Karnataka GST amendment Bill. Due to which the State Law and parliamentary affairs minister will be in tune with the changes that are brought by the central government about the central GST law and there will be provisions acting to prepare a master plan in the local authority of Karnataka.

IT-BPM industry welcomes GST clarification on intermediaries
by Saloni Mehta / 12:40 pm 22 Sep 2021 Wednesday

The IT-BPM & the government have a long-standing issue between them and recently when did the industry welcome the GST circular clarifying the intermediaries role.It will now provide a breather to business process management and information technology service companies. However, some experts still feel that the government needs to look into this decision again and need to give a clarification to the companies.

Tax officials unearth unaccounted income of Rs 700 cr after searching Bengal-based steel firm
by Saloni Mehta / 11:30 am 22 Sep 2021 Wednesday

The income tax department during their investigation has detected an unaccounted income of rupees 700 crores by a business group that is involved in steel manufacturing in West Benga.The searches started on 17 September in 8 residences and 9 officers including eight factories in West Bengal

CMWSSB asks consumers to pay water tax by month-end
by Saloni Mehta / 11:05 am 22 Sep 2021 Wednesday

The Chennai metropolitan water supply and sewerage board have planned and thus have proceeded with the decision that asks consumers to pay their dues of water taxes and water and sewer charges before September 30 with property tax and charges either to the Chennai metropolitan water supply and sewerage Board office or directly through the E Seva centres online.

Cut capital gains liability with tax-loss harvesting
by Saloni Mehta / 06:15 pm 21 Sep 2021 Tuesday

If anyone wants to harvest something they actually need to first - pick and then collect.Furthermore same is the case with investing you need to harvest your tax losses by investing or selling in stocks or mutual funds and then offset a capital gain tax or a liability we can cut capital gains liability through these tax-loss harvesting

ITC Rating: Buy – Status quo on tax is a positive for firm
by Saloni Mehta / 06:10 pm 21 Sep 2021 Tuesday

The GST council has made many changes in the recent GST council which was held in Lucknow.The council has made no change in the cess sector which includes tobacco but this is a positive development for ITC since they will get to recover their money in cigarette volume and they can earn a preferable amount in the coming quarters based upon their evaluation and stock offers.

Anil Deshmukh’s premises searched: I-T department suspects ₹17-cr tax evasion
by Saloni Mehta / 06:00 pm 21 Sep 2021 Tuesday

The Income-Tax department has been conducting various raids and searches in the premises of the former Maharashtra Home minister Mr Anil Deshmukh and the income tax department has suspected tax evasion of rupees 17 crores recently.Though the lawyer seems to still defend Mr Deshmukh in the said case.

Securities transaction tax collection in Sept to exceed full year's target
by Saloni Mehta / 05:50 pm 21 Sep 2021 Tuesday

Securities transaction tax collection has been analysed and it has exceeded the budget target that was set for this fiscal year. The target has been exceeded in September itself and stood up to rupees 12000 crores and I have posted a growth of 50% over rupees 8000 crore.

Pakistan round-up: Phone, power could be snapped for dodging tax, country off UK's Red list for travel, & more
by Saloni Mehta / 03:30 pm 20 Sep 2021 Monday

New Zealand has called off the tour hours because of security and threat conditions and finally, Pakistan has been put out of UK's read list for travel along with the other neighbouring countries even Pakistani taxpayers had been facing issues while connecting with other countries.

States slam FM plan to not extend GST compensation after June 2022
by Saloni Mehta / 02:25 pm 20 Sep 2021 Monday

Many states had been requesting to extend the compensation of GST after June 2022 but they are left disappointed and shocked after the finance minister expressed that she is not capable of extending the GST compensation and hence ignored the matter.

The food tax that points to a loss of clarity on GST
by Saloni Mehta / 02:20 pm 20 Sep 2021 Monday

After the decision on Zomato and swiggy came out many experts feel that this food tax is actually creating confusion on GST since these food apps will not help the system to reform.Though they are owned by eateries it might bring a gap between the restaurants and the food delivery apps because of initiation of the food tax.

Gift to specified kin does not attract tax
by Saloni Mehta / 02:10 pm 20 Sep 2021 Monday

As per the new tax rules accumulated with a balance that is due and payable to the employee it will be balanced to his credit from the date of his employment and hence is someone lives in the US and he qualifies as a tax non-resident of India he will get a transaction of gift and it will not lead to any implications of income tax.

Mantri mall served notice over property tax again
by Saloni Mehta / 02:50 pm 19 Sep 2021 Sunday

Bruhat Bengaluru Mahanagar Palika has sent notice to the Mantri Mall and all the shopkeepers of the mall to pay the property taxes because of the ongoing dispute with the developers.Assuming that if the property tax is paid it will create initiation to find a closure to the ongoing dispute that is been happening is a very long time.

Income Tax Searches Continue At Premises Linked To Maharashtra Ex-Home Minister
by Saloni Mehta / 02:15 pm 19 Sep 2021 Sunday

The income tax department is continuing searches at all linked property and institutes of the former Maharashtra home minister Anil Deshmukh in a tax evasion case the focus of the investigation continues to be rupees 4.18 crore donation received by the Shri Sai Shikshan Sanstha.This is the second-day investigation to find out bout the proceedings. 

More states want GST compensation cess extended
by Saloni Mehta / 12:50 pm 19 Sep 2021 Sunday

Many states have United at the GST council to extend the applicability of the compensation on soft drinks,coal and car beyond June 2022 but the centre has closed the room for any negotiations saying that the modalities of borrowing funds cannot be finalized by the union and state finance minister.

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