Tax Experts Hope Goods and Services Tax Will Pep up GDP growth by 2%

Tax experts on Sunday said there will be a uniform andone-nation-one-tax in the form of Goods and Services Tax(GST) proposed from April 1. The experts guided CAs on GST during a regional tax conference held here jointly by the Nashik and Jalgaon branches of TheInstitute of Chartered Accountants of India (ICAI).
Bimal Jain, chairman, Indirect Tax Committee of PHD Chamber of Commerce, said, “The present indirect taxes in India have driven business to structure and model their supply chain and systems owning to multiplicity of taxes and costs involved therein. GST will be a big game changing reform for Indian economy by developing a common Indian market and reducing the cascading effect of taxes on the cost of goods and services.” tax consultancy firms in Delhi
He added, “GST has broad-based implications, affecting the entire organisation regardless of the size and nature of the business. There will be uniform tax structure across the country based on the one-tax-one-nation formula. Currently, the total taxes on supply of goods in the country are around 27%. But the standard tax rate of GST will be 18%.” Indirect taxation in India

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GST Could Trip Make in India For Smartphones

India’s success in making firms such as Samsung, Xiaomi, and Micromax to locally produce phones could become a cropper, once the Goods and Services Tax (GST) comes into effect, as the new expats taxation regime could neutralise the cost benefits to make these phones in India in taxation services for expatriates
Since the last two years, India has been able to attract 40 global smartphone makers in the country, after it tweaked norms that made cheaper to make phones in India and sell it to the billion strong mobile subscribers. At the same time, government has been able to scale investments in electronic manufacturing over ten-fold to Rs 1.24 lakh crore from Rs 11,000 crore two years ago.
“There is a near 10% tax arbitrage for manufacturing mobile phones in India in the current tax regime. However, once GST is implemented, it will be different. We hope that the Government will try and protect the arbitrage in some manner,” said Prateek Jain, Partner and National Leader – Indirect Tax at PwC India.
A IIMB Counterpoint report released in November 2016 estimates that 180 million mobile phones to be manufactured in India in 2016, which is nearly a 125% growth over the year-ago period. This has also helped in creating nearly 50000 jobs in expatriates taxation.

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How To Complete Tax Related Issues Before March 31, 2017

With hardly a fortnight left for the end of the financial year 2016-17, the March 31 deadline remains sacrosanct for several tax-related matters. Leaving things to the last minute has its own share of risks. So, keep a 2-4 days buffer to finish all tax-related tasks. 

 A taxpayer invests through a cheque on March 30 (or even on March 29), but the payment doesn't go through for some reason, say, wrong date or signature mismatch, and by the time the taxpayer rectifies the mistake, it's the new financial year (FY), i.e., 2017-18. Something may go wrong when it comes to online payments too if things are left to the last minute. 

Here are few tax-related matters to attend to now so that they can be wrapped up by March 31. 

Filing tax returns 
If you are one of those taxpayers who has not filed income tax returns (ITRs) in time, March 31 could be the last date for some of you, depending on the FY that you wish to file for. Archit Gupta, Founder & CEO, ClearTax.com, says, "In one financial year, you can file your IT returns for the previous two financial years. So, in FY 2016-17, you. 

Conclusion 
Investments made on ad-hoc basis have high probability of not giving the desired results. From the start of the next FY, prepare a plan in advance, taking care of your tax savings requirement and the goals to achieve. Unless you begin now, March 31, 2018 will not be any different from what it is this year. 

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Private Ltd or Public Ltd Which To Choose When Going For New Company Registration in India

Fortunately, the new rules and regulations are easier when it comes to start-up a new business in India. Also, there are hassle free new company registration service providers available in India who take care of A to Z of forming and registration of the company. In this post, we will touch upon various forms of new company registration In delhi presently available and which is best suited for your business.

To start with, below mentioned is explanation for new company registration in gurgaon that are done in India:

Sole Proprietorship:The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

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Two More Advance Pricing Agreements Signed By The CBDT

The Central Board of Direct Taxes (CBDT) has closed the year 2016 by entering into two more unilateral Advance Pricing Agreements (APAs) today. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance in chartered accountant firms in mumbai. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed in just four years. The two APAs signed today pertain to the Information Technology and Automobile sectors of the economy. The international transactions covered in these agreements include Software Development Services, IT enabled Services, Manufacturing and Business Support Services. With this, the total number of APAs entered into by the CBDT has reached 117. This includes 7 bilateral APAs and 110 Unilateral APAs. In the current financial year, a total of 53 APAs (4 bilateral APAs and 49 unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed in the near future tax consultant firms in delhi.

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Ease of Doing Business: Government Plans to Introduce New Integrated From For Company Registration

The government plans to introduce a new version of the integrated company incorporation gurgaon form in a measure aimed at enhancing ease of doing business that targets reduction in average number of days for incorporating a company to one to two days from more than four days at present. 

The new form, INC29, will have an option for entities to apply for director identification number or DIN and reservation of name through a single e-form in Internal auditor in India. 

"This new version of form INC29 will allow up to five directors to be appointed and greater flexibility in proposing a name for a company. Suggestions from the stakeholders are being taken," the government said in a press release. 

The reservation of a name, incorporation of company and appointment of directors of the proposed company can be filed in the integrated form. The government said the time taken for registration of a company has already been halved through measures introduced to enhance ease of doing business in company auditor in Delhi.

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Here's What You Need to Know To Save Taxes in 2017?

The tax saving season is here. Tax saving should be done throughout the year but many generally do it in the last two-three months. So, if you are planning tax savings for 2015/16, it will be helpful to know your options in service tax consultant in Delhi.

Investments against which you can claim tax deductions
All the following instruments are qualified for a deduction of up to Rs 1.5 lakh under Section 80C.

1)    Tax saving equity linked saving schemes: These are equity mutual funds which investment in stocks and related instruments. These funds have a lock-in period of three years. If you want to save tax as well as grow your money , tax saving mutual funds can a good option as equities have the potential of delivering inflation-beating returns in Internal auditor in India.

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Ordinance Likely To Amend Payment Of Wages.

A mid currency crunch, the government is mulling over bringing in an ordinance to amend the payment of wages Act for allowing business and industrial establishments to pay salaries through Cheques or by electronic modes.
“The government may bring an ordinance to amend Payment of Wage Act, 1936, to nudge employers of certain industries to make payment through electronic modes and cheques,” a source said Direct foreign investment in India.
The source further said, “The bill for the purpose was tabled in the Lok Sabha on December 15, 2016. It can be pushed for passage in the Budget session next year. Thus, instead of waiting for two more months, the government can issue the ordinance and later it will be passed in Parliament.” Standard practice is, government brings ordinance to amend laws for immediate implementation of new rules. An ordinance is valid for six months only. Government is required to get it passed in Parliament within that period in accounting outsourcing companies in India.
The Payment of Wages (Amendment) Bill, 2016, seeks to amend Section 6 of the principal Act to enable employers pay wages to their employees through cheques or by crediting it to their bank accounts electronically. The Bill was introduced by Labour Minister Bandaru Dattatreya amid din over demonetisation issue.
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