Amendments in indirect tax during 01.102015 to 30.04.2016 

I have been trying to keep the readers updated on the topics of indirect taxes which is a very important for a finance and tax professional. I have a recorded a video containing the changes by notifications issued by Government  as well as circulars issued by CBEC. So please for through this video to know about the changes. 

GST UPDATES

The following are the salient features of the proposed pan-India Goods and Services Tax regime that was approved by the Lok Sabha by way of an amendment to the Constitution:

1. GST, or Goods and Services Tax, will subsume central indirect taxes like excise duty, countervailing duty and service tax, as also state levies like value added tax, octroi and entry tax, luxury tax.

2. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

3. As a measure of support for the states, petroleum products, alcohol for human consumption and tobacco have been kept out of the purview of the GST.

4. It will have two components - Central GST levied by the Centre and State GST levied by the states.

5. However, only the Centre may levy and collect GST on supplies in the course of inter-state trade or commerce. The tax collected would be divided between the Centre and the states in a manner to be provided by parliament, on the recommendations of the GST Council.

7. The GST Council is to consist of the union finance minister as chairman, the union minister of state of finance and the finance minister of each state.

8. The bill proposes an additional tax not exceeding 1% on inter-state trade in goods, to be levied and collected by the Centre to compensate the states for two years, or as recommended by the GST Council, for losses resulting from implementing the GST.

9. Central Government has recently released the draft of GST law. Get a copy of draft from here. Click here... http://arpitguptaclasses.com/notice_files/file_1449248267.pdf

BASICS OF INCOME TAX (UPDATED BY FINANCE ACT 2015)

If anybody wants to know the very basic of Income tax then this attached video will be of great help. This video describes not only about the basic things but also about the basics of Law, for eg. How the law is created, who creates the law or what is the process of formation of law. These are the basic question which normally remained unanswered even after studying the law without understanding its basics.

COMPLETE TAX TREATMENT OF PROVIDENT FUND

In India crores of employees are registered under Provident Fund Scheme, so understanding PF scheme is definitely an area of interest. At the same time employee also wants to know about their tax liability as well as compliance if any required at the end of employee. So considering the importance of issue, I have prepared a video covering provisions of PF Act as well as Income tax Act 1961, to better understand the tax treatment of PF deposit and withdrawal. You can watch the video to get all details:-

Moreover the concept of PF becomes more important after amendments proposed by Finance Act 2016, which creates a stir in the entire nation on the issue of taxability of withdrawal from PF. Although later on after seeing strong objections from almost all sections of society, government has dropped the proposal to tax the PF withdrawal.

People who wants to know everything about excise, service tax and want to be expert in this field should start from basics in order to strength their foundation. Only then they can grow faster as well as grow big. From this perspective, go through this video and get the basics at your PC. 

CA-Final IDT Video Lecture-1 by CA Arpit Gupta (Nov/Dec 2016)

Before amendment by finance act 2015, there was a lot of confusion in the interpretation of Sec. 9(1)(i) which provides for income deemed to accrued or arise in India that too specially in case of non-residents. But the point of confusion was brought to an end by making amendments in budget 2015. So go through this video to know the entire issue as well as amendment to curb the mal-practices involved.

CA-Final Direct Tax Amendment in Sec. 9(1)(i) by CA Arpit Gupta