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FAQs on Goods and Services Tax (GST)

Working example of IGST Model

Question 1.What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid ...

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How to link large value transactions to a valid PAN

Submit response to non PAN Transactions - High value transactions

The Income Tax Department has been receiving information about large value transactions through Annual Information Return (AIR) without a valid PAN. In order to bring tax evaders under the tax net, the Income Tax department has sent  letters request for linking of large value transactions to a valid PAN. These ...

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IT Department to setup new CMCPC along with Project Insight

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Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of ...

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How to repatriate fund by NRI after property sale

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Among the many apprehensions that NRIs’ have about investing in property in India, one is about the ways and means of repatriating funds back to their country abroad, after the sale of a property. Any NRI investor, while investing in property in India, should ideally chalk out the process from ...

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All you need know about draft GST Act, 2016

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What is GST? Why is there a need for this bill? The Goods and Services Tax bill, touted to be India’s biggest tax reform, will simplify the current system of taxation. The bill will convert the country into a unified market by replacing all indirect taxes with one tax. Quite ...

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