New Delhi: When the Goods and Services Tax (GST) came into effect on 1 July 2017, it replaced a maze of central and state indirect taxes with a single, streamlined system. Under the GST framework, goods and services fall into five main slabs—0%, 5%, 12%, 18%, and 28%. The 28% slab stands at the very […]
Introduction India’s Goods and Services Tax (GST), rolled out on 1 July 2017, replaced a patchwork of indirect taxes with a unified, multi-rate structure. Designed to categorize goods and services based on necessity, value addition, and affordability, GST features slabs ranging from 0% for essentials to 28% for luxury items. Nestled in the middle, the
New Delhi: When India rolled out the Goods and Services Tax (GST) on July 1, 2017, it replaced a patchwork of indirect taxes with a single nationwide system. To accommodate different economic priorities, the GST Council introduced multiple tax slabs. Among these, the 5% GST slab has emerged as a key category — designed to
The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, Rajasthan, has introduced major tax changes for India’s hospitality sector. The revised GST rates and compliance norms, effective from April 1, 2025, are aimed at simplifying tax structures, improving transparency, and boosting competitiveness for hotels and restaurants. Key Highlights Council Meeting Overview Chaired
The Foreign Exchange Management Act (FEMA), enacted on December 29, 1999, is the backbone of India’s foreign currency regulation. Replacing the outdated Foreign Exchange Regulation Act (FERA), FEMA was designed to modernise India’s approach to external trade and payments, aligning it with the country’s liberalised economy and global trade practices. A FEMA licence is mandatory
Understanding Tax Deducted at Source (TDS) on interest from securities is crucial for both individuals and businesses in India. Covered under Section 193 of the Income Tax Act, the provision mandates that anyone paying interest on securities to a resident must deduct tax at the source. From rules and exemptions to compliance requirements, Section 193
Tax Deducted at Source (TDS) plays a crucial role in India’s tax collection system, ensuring taxes are deducted at the time salaries are paid. Under Section 192 of the Income Tax Act, employers are required to deduct TDS from salaries if an employee’s projected annual income exceeds the prescribed exemption limits. This mechanism helps in
