GST, touted to create a unified tax market will not only merge state borders but also diminish the importance of terms such as manufacture, services and sales. It is therefore important to envisage how the new tax regime impacts the services sector especially the financial services.
Over the past few weeks, there has been significant progress on the GST front. On 8 September 2016, India saw its biggest indirect taxes reform taking a giant leap, as the Constitution (One Hundred and First Amendment) Bill for GST received the Presidential assent. This has enabled the Government to introduce the GST legislation in … More How GST will impact the tech life of India?
As the GST dream continues to be elusive, I expect this Budget to be a good example of “showing action” in existing central laws. I am sure this will be aligned to the introduction of GST, probably advancing the introduction of changes, which otherwise could have waited.
The trend of online and mobile shopping has been changing our lives in a big way. With the use of websites and mobile apps, one can now buy almost everything from a pin to a plane from anywhere in the world. The greatest beneficiaries of e-Commerce have been the consumer products segment and some service … More Aggregator of Service – now aggregator of Service Tax
Current scenario The existing Indirect tax framework in India extends to the financial services (FS) sector. Since 2001, service tax has been made applicable on these services. The scope of the levy has been broadened over a period of time. Currently, all fee-based income is liable to tax. Interest, however, is excluded from the levy.