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November 16, 2017

The Importance of Using HSN Code Under GST

The amount of time we spend trying to improve our image in the eyes of outsiders is considerable and may not always be understood by everyone.  The implementation of GST in India is one such measure to boost our image to the eyes of the […]
November 16, 2017

New Exemption Limit for Agriculturists on Cash Transactions u/s269ST

Exemptions to many taxation and income laws have always included farmers, including section 40A(3), which disallows any cash transactions (i.e. not made by cheque/electronic/draft) above 10,000 for all business transactions.  However, rule 6DD of 40A(3), exempted agriculturists.  Recently an amendment, 269ST, was made during the […]
November 14, 2017

Relief For Home Buyers Under GST

Anybody who booked or made partial payments for their under construction properties before July 1st, 2017 should not face any increased costs under the new GST scheme.  Any builder demanding more money because of GST is in violation of profiteering u/s 171 of GST law […]
November 13, 2017

Late Penalty for Filing and Payment Delays u/s 234A and 234B Amended

The income tax department can charge penalties for persons who fail to file their return of income by the due date.  Under section 234A the assessee can be charged a late penalty of 1% interest for every month of delay in filing.  Furthermore, under section […]
November 13, 2017

Impact of GST on Textile Industry in India

Textile sector of India is one of the top contributors toward the development of the Indian economy, concerning GDP, employment, export promotion, etc. Known as one of the oldest manufacturing industry in the country and the second largest, after agriculture, the textile industry employs both […]
November 13, 2017

Reactions and Results of the 23rd GST Council Meeting

Everyone can relate to the instant relief found in a simple glass of water after having walked in the scorching mid-afternoon sun during summer.  With the conclusion of the latest GST council meeting, many taxpayers will breathe easier and sleep more soundly with the much-awaited […]
November 7, 2017

Impact of GST on Coal and its Consumers

GST is one of the biggest reforms in India that was implemented from the 1st of July, 2017.  Before the implementation, it was assumed that GST would bring a positive change to the entire country and reduce the corruption by eliminating the rotation of black […]
November 6, 2017

Impact of GST on Power Sector in India

India is the world’s third-largest producer and fourth-largest consumer of electricity. In the last couple of years, the power sector witnessed record capacity addition taking the installed generation capacity to more than 330 GW. Considering its role in developing the economy and in achieving universal […]
November 6, 2017

Advantages and Disadvantages of Demonetisation

It has been almost a year since government demonetised 500 and 1,000 rupees notes. It was a major decision which had its impact on all sections of the society. Now, everyone wants to know if it was a masterstroke by the government or a setback […]
November 2, 2017

Savings & Investment Planning for Children’s Higher Education

Becoming parents is a turning point in our lives. As their guardians, it is our duty to plan for their future and invest wisely so that they receive the best possible facilities that in turn will materialise as better opportunities in a competitive world. Such […]