DDS & ASSOCIATES

GST Council has reduced rates on many items and services in the last round, says Goyal Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.  Goyal was speaking in the Lok Sabha after moving four bills seeking to amend the Goods and Services Tax (GST) laws for consideration and passage. The bills were Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.  His speech 45-minute speech was in-terrupted by Congress members who were in the Well raising anti-government slogans on various issues, including demanding setting up of a joint parliamentary committee to probe the Rafale jet fighter deal. The Minister said the "GST Council has reduced rates on many items and services in the last round. We want the consumer to be burdene...

The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha The government on Tuesday introduced four Bills in the Lok Sabha to amend the goods and services tax (GST) laws, to provide for simplified returns and raise a threshold for the composition scheme under the indirect tax system. A draft framework for the simplified return was put in the public domain recently.  Micro, small, and medium enterprises (MSMEs) that have annual turnaround of up to Rs 50 million will be able to file quarterly returns once the Bills are passed.  The Central GST (Amendment) Bill, the Integrated GST (Amendment) Bill, the GST (Compensation to States) Amendment Bill, and the Union Territory GST (Amendment) Bill are likely to be passed in the current session of Parliament. Also, those with annual turnover of up to Rs 15 million will be allowed to opt for the composition scheme. Now, the threshold is ...

-T department issued notices to 3,04,000 persons who had deposited cash of more than Rs 1 mn post demonetisation but had not filed their return of income till the due date As many as 209,000 'non-filers' filed income tax returns in last fiscal and paid taxes worth Rs 64.16 billion, Minister of State for Finance Shiv Pratap Shukla said on Tuesday.  In a written reply to a question in the Rajya Sabha, he said the I-T department issued notices to 3,04,000 persons who had deposited cash of more than Rs 1 million post demonetisation but had not filed their return of income till the due date.  "As a result, returns were filed by 2,09,000 of such identified non-filers who have paid self assessment tax of Rs 64.16 billion," Shukla said.  He said sustained non-intrusive campaign last fiscal led to 18 per cent jump in direct tax collection to Rs 10.03 trillion. Also, collection of personal advance tax and personal self-assessment tax grew 23.4 per cent and 29.9 per cent ...

GUJRERA: GUJRERA Authority fined one builder for advertising the project without having RERA registration. Erstwhile, there was no regulator for the Real Estate Sector but after the implementation of RERA Act, 2016 there is now the existence of RERA authorities which will keep a tab on every activity of the builders and will penalize them if they do not comply with the provisions mentioned therein. Further, u nder Section 3(1) of the RERA Act,2016, no Promoters or Project can advertise the project or sale the project until the project gets registered with RERA Authority. Department has implemented the law very strictly and now Builders or Promoters must follow the law and meet all compliances without any excuse. Lately, in Gujarat, Promoters of Jaldeep Kasa advertised a project on 24/03/2018 in one of the leading newspaper for sale of their project and in this regard a suo-moto complaint filed against the builder and asked why not to penalize for violation of the provisions ...

Own House is the first and last dream of every one. Government of India, with a vision of “Housing for all by 2022” launched Pradhan Mantri Awas Yojna (urban) –Housing for all” on 25 th June, 2015. In short there are huge need for housing in next decade and Housing Loan facilities will play a remarkable role for Owing Home and Housing Finance Business have a huge potentials in coming time. Following information will throw some lights on requirements and procedure of incorporating Housing Finance Company. What is a Housing Finance Company (HFC)? A Housing Finance Company is a company registered under the Companies Act, 1956 (1 of 1956) which primarily transacts or has as one of its principal objects, the transacting of the business of providing finance for housing, whether directly or indirectly. 2         Whether an HFC requires registration from NHB apart from Registrar of Companies? Yes. An HFC also requires registration with ...

The tax department today put up in public domain draft GST returns forms -- Sahaj and Sugam -- for seeking comments from stakeholders.  Besides, taxpayers who have no purchases, no output tax liability and no input tax credit to avail in any quarter of the financial year shall file one 'Nil' return for the entire quarter.  "In month one and two of the quarter, such taxpayer shall report NIL transaction by sending an SMS. Facility for filing quarterly return shall also be available by an SMS," the Central Board of Indirect Taxes and Customs (CBIC) said while unveiling the draft returns forms. Small taxpayers would be those who have a turnover up to Rs 5 crore in the last financial year and can file quarterly return with monthly payment of taxes on self-declaration basis.  The return form 'Sahaj' is for businesses which make supplies to only consumers (B2C). It includes details of outward supplies and inward supplies attracting reverse charge as well as s...