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19, May 2017, by : FnF Correspondent

There were no unpleasant surprises. The first day of crucial Srinagar meet of the Goods and Services Tax (GST) council produced some good news for the aam aadmi. The prices of most daily use items for common man, including cereals, sugar, tea, medicines, vegetables, eggs, milk and cell phones, are kept below a moderate 18 percent rate.Read News

14, May 2017, by : FnF Desk

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing websiteRead News

30, Mar 2017, by : FnF Correspondent

Come July 1 and leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax. Read News

30, Mar 2017, by : FnF Desk

The Lok Sabha cleared the four goods and services tax (GST) Bills, but not before a heated debate between the treasury benches and the Opposition over multiplicity of rates, ambit of the new tax system, nature of legislation, proposed anti-profiteering body and Parliament's right over the new tax system. Read News

29, Mar 2017, by : FnF Correspondent

Finance Minister Arun Jaitley has moved four GST (Goods and Services Tax) bills in Lok Sabha. Calling it a revolutionary step which would benefit all, Jaitley said both states and the Centre had pooled in their sovereignty into the GST council.Read News

17, Mar 2017, by : FnF Correspondent

The Goods and Services Tax (GST) Council on Thursday cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent. The ceiling for the cess on "sin” goods would be much higher.Read News

02, Feb 2017, by : FnF Desk

Finance Minister Arun Jaitley in Union Budget 2017 slashed the income tax rate for individuals in the lowest income tax slab to 5 per cent, a move which will also benefit individuals in higher tax brackets. But tax experts who were expecting a hike in Section 80C limit were a bit disappointed. Read News

01, Feb 2017, by : FnF Correspondent

The Finance Minister hailed both GST and demonetisation as 'tectonic changes' in the Indian economy. He also called merger of Railway Budget with General Budget a 'historic step'.Read News

16, Jan 2017, by : FnF Desk

Junk food and sugar-sweetened beverages may attract higher taxes in the upcoming budget. In an effort to curb the growing incidence of lifestyle diseases like diabetes and obesity, the government is mulling an additional fat tax on sugary beverages and packaged food high on salt and saturated fats.Read News

11, Jan 2017, by : FnF Correspondent

Imposing service charge on food and drinks at hotels is an unfair trade practice and consumers need not pay it, Consumer Affairs Minister Ram Vilas Paswan said today.Read News

Tax

To tax (from the Latin taxo; "I estimate", which in turn is from tango; "I touch") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid labour). A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government a payment exacted by leg... Read News

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