Long term capital gain changes in budget 2018

Honourable Finance Minister Arun Jaitley has proposed the few amendments in the Taxability of Long Term Capital Gain Taxes in case of Transfer of Shares or Units through the recently announced Financed Budget 2018. The long term capital gain changes are being proposed and suggested to rationalise the taxation of long term capital gains in all the classes of assets. Amid falling in the stock market index, top finance ministry official said that currently there were two concessions available to the investors reporting gains from investment exchange traded equity shares. Therefore, the government had decided to tap into the...

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Budget 2018- Highlights

Budget 2018 has been a major budget over the last three years of the existing government in power. This time the Honourable Finance Minister Mr Arun Jaitley has considerably taken care of each segment of the economy and fairly well budget was presented and proposed to the Nation. We will try to understand this Budget under various parts as given below: Budget 2018 Highlights:   Overview of Indian Economy (Major Considerations) Indian economy is now 2.5 trillion dollar economy in FY 2017-18. IMF has forecasted that India will grow at 7.4% next year. Exports are expected to grow at...

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GST Composition Scheme in India

Goods and Service Tax (GST) is new tax regime introduced in India which has replaced major indirect taxes. After GST implementation approximately 17 indirect taxes regime will be substituted under one tax regime.This new tax regime is expected to bring a better control mechanism for tracking and payment of indirect taxes.GST will apply to almost every assesse in business, thereby boosting revenues for the government. Implementing GST in larger organizations in India is much simpler as they have the required resources and expertise that can facilitate the compliance procedures and undertake a smoother transition under GST regime. On the...

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Why do lawyers need to be brought under GST compliance ambit

The complex nature of India’s GST – which has four tax brackets ranging from a 5% to 28% – is bound to attract thousands of lawsuits in a legal system already grappling with a backlog of more than 24 million cases. Even before the planned 1 July roll out, about 100,000 indirect tax appeals were clogging India’s judicial system at the end of March 2015, locking away some $23 billion in potential government revenue, according to a government report.   This article analyses the impact of new tax regime on the community which is critical for delivering justice from...

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