BayofBasics

People call this ITC : Input Tax Credit

Central Indirect Taxes & Levies Central Excise Duty Additional Excise Duties Excise Duty levied under the Medicinal Preparations (Excise Duties) Act, 1955 Service Tax Additional Customs Duty (CVD) Special Additional Duty of Customs Central Surcharge and Cess State Indirect Taxes & Levies VAT / Sales Tax Entertainment tax (other than the tax levied by local bodies) Central Sales Tax Octroi and Entry Tax Purchase Tax Luxury Tax Taxes on Lottery Betting and Gambling State Cesses and Surcharges

GST India – Goods & Service Tax  Goods and Service Tax is being glorified as a system of taxation by which economy will take an upward swing and further it will ease the trade and industry with respect to the indirect tax system of the country. “Only one” indirect tax has to be paid by the trade and industry and all the other indirect taxes will be subsumed in GST. What is GST? GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, GST has become a global standard. The propo...

The government has  made it mandatory to link existing Aadhaar numbers with PAN  of taxpayers with effect from July 1, 2017. The revenue department has stated that “every person who has been allotted PAN as on July 1, 2017, and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the principal director general of income tax (systems) or DGIT (systems)”. Here’s how to link your Aadhaar number with PAN: Where to link Aadhaar with PAN? The linking can be done through the Income Tax department’s e-filing website  www.incometaxindiaefiling.gov.in . There is no need to login or be registered on the site. This facility can be used by anyone to link their Aadhaar with PAN. The linking can also be done through SMS. To link go to  www.incometaxindiaefiling.gov.in  and click on the link on the left pane:  Link Aadhaar . Provide the PAN and ...

Motorola has launched the Moto C Plus in India for Rs. 6,999. The smartphone will sell exclusively on Flipkart. It runs on The MediaTek MT6737 SoC coupled with 2GB RAM. Specifications, price and availability Thickness: 10mm Weight: 162 grams Processor: 64-bit MT6737 with up to 1.3GHz quad-core CPU GPU: Mali T720 OS: Android 7.0, Nougat Display: 5-inch 720p display Storage: 16GB, microSD card support up to 32GB RAM: 2GB Rear camera: 8MP with flash Front camera: 2MP with flash Battery: 4000mAh Dual SIM: Yes Dedicated microSD card slot: Yes Bluetooth 4.2: Yes 4G VoLTE: Yes Connectivity: Micro USB, 3.5mm, headphone jack Price: Rs. 6,999 Availability: Flipkart Exclusive: Limited period sale opens 12 noon, 20th June 2017 Flash sale is again on 22nd June

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