Taxation Current Affairs - 2019

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GST Council approves Draft Central, State GST laws

The Goods and Services Tax (GST) Council has approved the draft Central GST (CGST) and State GST (SGST) laws along with Compensation Bill to bring the GST into implementation, country’s biggest indirect tax reform. The CGST and SGST laws contains total of 197 provisions and five schedules. They were approved at the seventh GST Council Read More…

Month:  Categories: Business, Economy & Banking

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Pradhan Mantri Garib Kalyan Yojana comes into effect

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) notified along with other provisions of Taxation Laws (Second Amendment) Act, 2016 came into effect from 17 December 2016. It will remain open until March 31, 2017. PMGKY is Union Government’s second income disclosure scheme (IDS) to allow tax evaders to come clean with unaccounted wealth. It provides Read More…

Month:  Categories: Government Schemes & Projects

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BRICS nations to share tax information automatically to eliminate tax evasion

The BRICS (Brazil, Russia, India, China and South Africa) countries have agreed  to  share tax information automatically as per their commitment to ensure the fairness of the international tax system. Decion in this regard was taken at the meeting of Heads of Revenue of BRICS Countries in Mumbai, Maharashtra. Key Facts They have reaffirmed their Read More…

Month:  Categories: Business, Economy & Banking

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Public Financial Management System to save interest costs of Government

The Public Financial Management System (PFMS) after implemented on full scale will help Union Government to save a significant amount on interest costs. It will allow the government to monitor and access the more than Rs.1 lakh crore of idle funds lying with it under various heads. Once government access these funds through PFMS, it Read More…

Month:  Categories: Governance & PoliticsGovernment Schemes & Projects

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Union Government introduces Taxation Laws (Second Amendment) Bill, 2016

The Union Government has introduced the Taxation Laws (Second Amendment) Bill, 2016 in the Parliament. The bill amends existing tax laws to impose a higher rate of tax and penalty in respect of undisclosed incomes. It proposes, Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY), an anti-poverty scheme. It seeks to Read More…

Month:  Categories: Business, Economy & Banking

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Income Tax Department to launch Project Insight in May 2017

The Income Tax department is planning to implement the first phase of ‘Project Insight’ from May 2017 to monitor high value transactions, with a view to curbing the circulation of black money. This project has been initiated for data mining, collection, collation and processing of such information for effective risk management with a view to widening and Read More…

Month:  Categories: Governance & Politics

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India and UK sign three Bilateral Advance Pricing Agreements  

The Central Board of Direct Taxes (CBDT) signed three Bilateral Advance Pricing Agreements (APAs) with the Competent Authority of United Kingdom (UK) to reduce tax litigation. Earlier both countries had exchanged mutual agreements amongst them under the Mutual Agreement Procedure (MAP) Article of the India-UK Double Taxation Avoidance Convention (DTAC). With this, CBDT so far Read More…

Month:  Categories: Governance & Politics

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