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Archive for April, 2016

Flipkart challenges Gujarat entry tax on online sale in HC

[Source: timesofindia.indiatimes.com] The Gujarat high court on Thursday issued notice to the advocate general and state authorities concerned over a petition filed by India’s largest online marketplace Flipkart Internet Pvt Ltd objecting to state government’s law levying entry tax on goods sold in Gujarat through online shopping. This happened after the state government made amendments […]

Is higher service tax fuelling black money in the system?

[Author: Latha Venkatesh, Executive Editor, CNBC-TV18; Source: www.moneycontrol.com] One criticism of bankers and money market dealers of the Reserve Bank’s monetary policy conduct in the past year has been the rising liquidity deficit in the interbank market. Since December 2015, banks have been borrowing Rs 1.5-2.5 lakh crore from RBI to meet their daily CRR […]

Gujarat Budget 2016-17–VAT Amendments

[By Shaleen Shah (Partner) with Kirit Rana (Manager-VAT), VNCA] Gujarat Budget 2016-17 was passed by the State Assembly on 30-Mar-2016. The gist of VAT amendments enacted in the budget read with relevant notifications is as follows – INCREASE IN TAX RATES W.E.F. 1-APR-2016: 1. New Entry No.49C in Sch-II: Luxury Cars & SUVs with price […]