GST council is a constitutional body under article 279 A. GST council decides every matter related to GST. This council is headed by finance minister. When you investigate the members of GST council finance minister is a member and minister of state under finance ministry is also a member. So, two members will be representing…
‘The consensus we arrived with states for amending the Constitution to implement GST is a major breakthrough. This alone has the potential to make India competitive and attractive for investment’ -Narendra Modi Introduction: The Goods and Service Tax (GST) was executed by the Indian government as part of their “one nation, one tax” agenda. The…
“The consensus we arrived with states for amending the Constitution to implement GST is a major breakthrough. This alone has the potential to make India competitive and attractive for investment” – Narendra Modi Introduction: The GST was executed by the Indian government as part of their “one nation, one tax” agenda. The GST (Products and…
Introduction The increased cost of products specifically created and marketed for women is referred to as gender-based pricing, sometimes known as ‘pink tax’. The word essentially refers to gender-based pricing discrimination in which women are frequently required to pay more than males for the same items and services, which are only distinguishable by the color…
INTRODUCTION In modern economies taxes are the most important source of governmental revenue. A tax is a compulsory payment to the government by the subjects without expectation of definite return or benefit to the tax payer. As per Adam Smith, “The taxes which, it is intended, should fall indifferently upon every different species of revenue,…
Deduction & Exemption Income Tax is a compulsory responsibility that is levied on every citizen, based on their capacity to pay, age, and gender. In regards to providing relief to the assessee from payment of taxes, in tax law, there are certain provisions for deduction and exemptions, which results in decreasing the overall tax liability.…
Section 6 (3) of the Income Tax Act 1961 (“act”) states that a company would be considered a resident of India if it is incorporated in India or its place of effective management in that particular year is India.[1]Previously, the term Place of Effective Management (POEM) did not exist, it was brought forth in the…
According to Section 9 (1)(i) of the Income Tax Act of 1961, “all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India or through the transfer of a capital…
A number of infrastructure and energy related projects are carried out by the foreign companies particularly because it requires highly sophisticated technology and expertise. In order to fulfil such projects, these foreign firms enter into EPC contracts (Engineering, Procurement and Construction Contract). More number of energy and infrastructure companies are willing to enter into EPC…
Increased presence of cross-border economic activities have led to increase in tax challenges around the world. India is no exception. Normally, India applies the ‘resident rule’ for tax purposes. Which simply means that if an individual or corporation is a resident or is incorporated in India, its income is taxable in India. Additionally, the ‘source…
