Snehal khanna Blog

In the first half of the meeting in Guwahati, the Council decided to trim the 28% bracket to just 50 items, against 227 currently LATEST NEWS  : The GST Council on Friday decided to keep only 50 items, mostly demerit, sin and luxury goods, in the top 28 per cent tax bracket, Bihar Deputy CM Sushil Modi said. In the first half of the meeting taking place in Guwahati, the Council decided to trim the 28 per cent slab to just 50 items as against 227 items currently. ALSO READ: 177 items to become cheaper as GST Council decides to trim 28% slab The second half will see discussions on easing compliance burden on taxpayers and making the composition scheme more attractive. Here are the other developments expected from the meeting: 1) Rate cut for AC restaurants: Those in the restaurant business are hoping for a much-needed relief to come their way. (Read more here) The GST Council meeting is likely to witness deliberations on a number of topics, includin...

Only 50 items, mostly demerit, sin and luxury goods, to remain in the highest tax bracket of 28% LATEST NEWS :  In a major relief to consumers and industry, the Goods & Services Tax (GST) Council on Friday decided to lower the rates for 177 items in the highest tax slab of 28 per cent. In the first half of the meeting taking place in Guwahati, the Council decided to trim the 28 per cent slab to just 50 items, as against 227 items currently. High-end items, including automobiles, washing machine, refrigerator, sin goods like paan masala and cigar are among these 50 items. This is the biggest reduction seen since the GST implementation on July 1. "We decided to also look into the remaining 62 items and see if there is a scope for reducing rates on those items as well," said a state government official. The Council decided to go beyond the recommendation of the fitment committee to thin the 28 per cent slab to 62 items and decided to additionally lower...

You can upgrade to an Air India flight if the latter has the same service route allotted on the same day. LATEST NEWS  : Passengers with unconfirmed AC-I or AC-II tickets for Rajdhani Express may soon be able to fly to their destination  by paying the difference, if any, in the price of the train and air tickets, reports Times of India. The same was talked about last year when Ashwani Lohani was the Air India chairman. However, he did not get a positive response from the Railways. He said that if AI approaches Railways with this proposal, the latter will accept it. It must be noted that many passengers end up with unconfirmed AC-I AC-II tickets. As reported earlier, Railways came up with dynamic pricing model in which, only the first 10 per cent of the tickets sold in premium trains will be available at the original listed price. After that, for every 10 per cent tickets sold, the fare goes up by 10 per cent. However, after the sale of 50 per cent of ticke...

Centre has two weeks to respond; apex court says people cannot be made to suffer Latest news : In a big relief to all those who are bearing the brunt of demonetisation , the Supreme Court on Tuesday rapped the Centre and asked them to give another chance to "genuine people to deposit old notes". The Centre has been given two weeks to respond. Rebuking the Centre for setting up a deadline for depositing demonetised currency, the apex court observed, "One cannot make people suffer if they have genuine reasons, should be allowed to deposit old notes". The Supreme Court today asked the Central government and the Reserve Bank of India (RBI), whether a window can be provided to the people who could not deposit their old Rs. 500 and 1,000 currency notes. The Central government told the division bench of the Apex Court today that it would file an affidavit in the case The apex court was hearing a petition filed by advocate Sudha Mishra and others...

For it to truly blossom, we need human capital investment and equitable growth. Latest news : Starting tomorrow, 4th of July, Prime Minister Modi will commence the first visit by any Indian Prime Minister to Israel. While the commentariat waxes eloquent on the relationship, it is important for us to have a reality check and understand the micro-dynamics of this marriage. There are three main components of India’s cooperation with Israel that are deemed to hold the potential to “revolutionise” the relationship – water, agriculture and defence. Given India’s increasing water problems, and dire predictions of further drop in precipitation over the next few decades, water cooperation between India and Israel is obviously critical. Israel has now transitioned from a water-deficit state to one with a significant water-surplus. It has managed this through pioneering water desalination techniques. All good then – why can’t India benefit from this? Several reasons. First is tha...

' India currently has one of the worst tax-to-GDP ratios among major economies at 16.6% Latest news : Rakesh Sachdeva sells auto parts in a busy market in central Delhi, just a few miles from Prime Minister Narendra Modi's office. Yet despite having a flourishing business he does not pay any tax. Until now, his rundown premises and small scale operation has kept the business below the radar of the country's tax officials. Come July 1, however, "the party will be over", says the 51-year-old, with a resigned shrug. A nationwide Goods and Services Tax (GST), set to come into effect on Saturday, has faced criticism for its complex design. But the country's biggest tax reform since independence is promising to bring millions of firms like Sachdeva's into the tax net, boosting government revenues and the country's sovereign credit profile. The new tax will require firms to upload their invoices every month to a portal that will match ...