VAT news tagged as "Professional tax"

India

India deadlock on GST rate

April 2nd, 2016

Negotiations for the implementation of the new Goods & Services regime in India remain in deadlock. The opposition Congress party remains adamant that the ruling BJP party must commit to a headline GST rate of below 20%. The reform of the existing plethora of VAT, Service Tax, CENVAT and other indirect taxes is seen as …


India

India GST progress

March 25th, 2016

The passage of the Indian Goods and Services Tax implementation bill has received a boost. The bill, the Constitution Amendment Bill, to replace VAT, CENVAT, Services Tax and many other indirect taxes had become blocked due to differences between the ruling BJP party and the opposition Congress party. However, changes in the political make-up of …


India

India GST reform threat

November 14th, 2015

Growing political uncertainty looks set to undermine the progress of the implementation of the new Indian Goods & Services Tax to replace the antiquated VAT regime. This will undermine India’s ambitions to match China’s rise as a manufacturing superpower. Prime Minster Modi’s BJP party has suffered a series of local election defeats which means it …


India

India lower house approves GST reform

May 6th, 2015

The lower house of the Indian Parliament, the Lok Sabha, today approved the Constitutional Amendment Bill to introduce a Goods & Services Tax (GST) Indian regime. GST will replace a myriad of consumptions taxes, including: VAT; CENVAT; Service Tax; and Professional Tax.  These are highly complex to comply with, and often overlap causing a large …


India

India VAT returns and payments improvements

February 2nd, 2014

A number of improvements to the Indian VAT compliance and administration procedures have been announced to help traders. India VAT is a state-level tax on the sale of goods.  These latest simplifications have come from the Delhi government. The changes include: The withdrawal of the length annual Audit Report filing A higher annual turnover threshold …


India

New Parliamentary report on plans for Indian GST

August 1st, 2013

Plans to introduce a Goods and Service Tax to replace Indian VAT, Service Tax and CENVAT took a step forward last week with the Parliamentary Standing Committee produced a report on the implementation plans. GST to bring improvements over Indian VAT The current Indian VAT regime is highly complex, with many conflicts and double taxation …


India

India Goods & Services Tax implementation delays

August 9th, 2012

The India Standing Committee reviewing the implementation Indian goods and services tax (GST) to replace the creaking Indian VAT system looks certain to conclude that the planned introduction date of April 2013 will now be missed. The complexities of reconciling the requirements of the numerous State governments and the administrative mechanism to manage the tax …