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Tax

Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as : Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and s...
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Input Tax Credit

Input Tax Credit Provisions have been made for the smooth transition of  Input Tax Credit  available under VAT, Excise Duty or Service Tax to GST.  A registered dealer opting for  composition scheme  will not be eligible to carry forward ITC available in the previous regime. Here are some of the cases where ITC transition provisions will be applicable: 1. Closing balance of credit on Inputs: The closing balance of ITC as per the last return filed before GST can be taken as credit in the GST regime. The credit will be available only if the returns for the last 6-months i.e. from January 2017 to June 2017 were filed in the previous regime (i.e. VAT, Excise and Service Tax returns had been filed). Form TRAN 1  has to be filed by 27th December  2017 to carry forward the Input Tax Credit.  Also, TRAN 1 can be rectified only once. 2. Credit on Capital Goods: Before GST, only a part of input tax paid on Capital Goods could be taken as c...
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GST: A tax reform that’s paying off

Hindu Business Line – 30 June 2018 Revenue buoyancy and better compliance are among the positives of the tax regime since its rollout a year back One year is probably a good time to evaluate the performance of GST (Goods and Services Tax). At the same time, it is also too short a period for all the advantages of GST to manifest fully. Two advantages of GST have commonly touted: better tax compliance; and revenue buoyancy. The pleasant surprise is that in the short period, despite problems of return filing and global headwinds, the promise is translating into performance on both counts. Total registrations post-GST increased from around 65 lakh — representing Central excise, service tax and VAT registrants — to a whopping 110 lakh (without double counting), which represent a net gain of around 70 percent. Interestingly, an analysis in the ‘Economic Survey’ provides an answer to why this has happened. The bulk of the new registrants are in the B2B segment and smaller units are ...
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