The Goods & Services Tax (GST) Council held a meeting on 20th September 2019 to decide on tax moderation, keeping in mind the revenue position and the need to boost sagging economic growth. The GST Council had its 37th meeting in Goa in the backdrop of economic growth hitting a six-year low of 5% for the first quarter of the current fiscal (April -… Continue reading GST Council and Corporate Tax
Tag: Tax Reform
‘Mauritius Leaks’ and Need for Tax Reforms
Context In July 2019, the International Consortium of International Journalists published over 200,000 confidential documents from the offices of Conyers Dill & Pearman, a Bermuda-based law firm that allegedly aids large Western businesses to set up letterbox companies in Mauritius aimed at making tax-motivated investments in Africa and Asia. The leak has reignited the debate on multinational tax avoidance and how businesses use tax-friendly… Continue reading ‘Mauritius Leaks’ and Need for Tax Reforms
All you need to know about GST
What is GST? Goods and Services Tax (GST) is a value-added tax at each stage of the supply of goods and services precisely on the amount of value addition achieved. It seeks to eliminate inefficiencies in the tax system that result in ‘tax on tax’, known as cascading of taxes. GST is a destination-based tax… Continue reading All you need to know about GST
Changes in the tax treaty with Mauritius
What is DTAA? Double Taxation Avoidance Agreement (DTAA) also referred as Tax Treaty is a bilateral economic agreement between two nations that aims to avoid or eliminate double taxation of the same income in two countries. Importance of this It is not unusual for a business or individual who is resident in one country… Continue reading Changes in the tax treaty with Mauritius
A taxing agenda
Summary: India’s income tax department recently released time series data for the period 2000-01 to 2014-15. This was an attempt to enhance transparency and encourage analysis which could provide insights for policymakers. This is also being seen as an attempt by the government to sensitize many on the need for the affluent to contribute more… Continue reading A taxing agenda
Two committees to ensure consistency in tax policies
The Union Government has constituted two new committees: Tax Policy Research Unit (TPRU) Tax Policy Council (TPC) Aim: To streamline the taxation policy and administration These committees have been constituted based on the recommendation of the Tax Administration Reform Commission (TARC) Tax Policy Research Unit The TPRU will be headed by Revenue Secretary It will carry… Continue reading Two committees to ensure consistency in tax policies
Arvind Subramanian Panel on GST Tax Rates
The Chief Economic Advisor Arvind Subramanian led panel submitted its report on Possible Tax rates under Goods and Services Tax (GST) to Finance Minister Arun Jaitley Union government had set up the committee under chairmanship of CEA Dr. Subramanian in June 2015 to arrive at GST rates by factoring in the economic growth rate, taxpayer… Continue reading Arvind Subramanian Panel on GST Tax Rates
Sort out the tax maze
Article Link Recent Panama leaks have exposed various loopholes in India’s tax regime. It is widely being assumed that tax havens are used only for illegal activities. However, tax havens are more likely to be used not just for illegal activity but even for legitimate businesses. People prefer tax haven for the sake of avoiding… Continue reading Sort out the tax maze
A Ringside View of the Proposed GST
Article Link If implemented, GST will be the single most important tax reform in the country since independence. However, it has been in the offing for a decade now and continues to figure as a top priority on the economic agenda of the government. What’s the issue now? Although the model GST has been the… Continue reading A Ringside View of the Proposed GST
