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How Cryptocurrencies Are Taxed In India

July 14, 2022

[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking, legal. NFTs do not appear to have attracted the same

Featured·GST

Govt planning to launch lottery offer under the GST from 1 April

[Source: www.livemint.com] We had earlier shared you a news item (Economic Times) that India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups. It seems the government is planning to adopt the idea. The government is planning to launch lottery offer under the Goods and Services Tax

Only 329 startups can claim tax holiday under Startup India

[Source: cnbctv18.com] Exactly five years since the launch of the Startup India

New modus operandi by traders to evade VAT duty

The Gujarat commercial tax officials have unveiled a new modus operandi to

MSME new classification criteria and benefits of registration

July 27, 2020

Miscellanea·Startup India

Central Government has issued MSME Notification on 26-Jun-2020 laying down new criteria for classifying enterprises as micro, small and medium enterprises. Following are the composite criteria of investment and turnover for classification: Micro Enterprise: where the investment in plant and machinery or equipment does not exceed Rs.1 Cr and turnover does

7 changes in income tax laws that come into effect from Sept 1

August 30, 2019

Income Tax

[Source: ET Online; Author: Preeti Motiani] Income tax related changes announced in the Budget usually come into effect from April 1. However, since the full Budget for FY 2019-20 was presented in July this year after the general elections, there are certain tax changes that will come into effect from

Tax changes in 2018 that have affected your personal finances

December 21, 2018

Income Tax

[Source: economictimes.indiatimes.com; By Preeti Motiani, ET Online | Dec 19, 2018] As 2018 comes to an end, a quick run-down of the main tax changes implemented during the year would help us in our tax planning and saving efforts. Most tax changes are usually proposed in the Budget (presented in

The tax that no one saw coming: A rude shock builds up for builders across India

October 14, 2018

Income Tax

[Source: www.economictimes.com] Builders across the country are in for a rude shock. They could be soon saddled with a tax burden that few, or probably none, of them have accounted for. Developers, according to changes in the law that have gone unnoticed so far, will have to pay tax on

National E-way Bill System to be rolled out by 16-Jan

December 19, 2017

GST

GST Press Release, Dated 16.12.2017 The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National

Government ignored warnings over GST roll out – ET

December 18, 2017

GST

[Source: economictimes.indiatimes.com] The Indian government ignored several warnings from private companies that the complex technology required for a nationwide goods and services tax (GST) to work smoothly was not ready for launch, several people who worked on the project said. Weeks before the July 1 start of India’s biggest tax

Companies will have to declare job creation estimates to avail benefits under Startup India

May 16, 2017

Startup India

[Source: economictimes.indiatimes.com] Companies eyeing benefits under the Startup India programme will soon have to declare upfront how many jobs they will create in order to qualify as the government moves to make employment generation the guiding principle for all its major programmes. "We will soon notify the new definition for

Zoho fires the first salvo–launches GST ready accounting solution

April 21, 2017

GST·Startup India

[Source: inc42.com] “Accounting should not be tactical. Accounting should be strategic. It should not be isolated but connected.

Centre mulls hike in service tax rate if GST rollout is delayed

January 11, 2017

GST·Service Tax & CBEC

[Source: www.thehindubusinessline.com] The Centre could consider increasing the service tax rate in the coming Budget as a fallback option in case the rollout of the Goods and Services Tax (GST) is delayed beyond April 1. “There is some thinking of an increase in the service tax rate in case the

Equalisation Levy is going to create a huge problem for startups

January 2, 2017

GST·Income Tax·Service Tax & CBEC·Startup India

[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of

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News

How Cryptocurrencies Are Taxed In India

Govt planning to launch lottery offer under the GST from 1 April

Only 329 startups can claim tax holiday under Startup India

New modus operandi by traders to evade VAT duty

MSME new classification criteria and benefits of registration

7 changes in income tax laws that come into effect from Sept 1

Tax changes in 2018 that have affected your personal finances

The tax that no one saw coming: A rude shock builds up for builders across India

National E-way Bill System to be rolled out by 16-Jan

Government ignored warnings over GST roll out – ET

Companies will have to declare job creation estimates to avail benefits under Startup India

Zoho fires the first salvo–launches GST ready accounting solution

Centre mulls hike in service tax rate if GST rollout is delayed

Equalisation Levy is going to create a huge problem for startups

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