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The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's $3.5 trillion economy, but its implementation has received criticism.
The Goods and Services Tax (GST) is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It replaces all indirect taxes levied on goods and services by the Indian Central and state governments.
The tax is usually accompanied by a number of service taxes, e.g., water tax, drainage tax, conservancy (sanitation) tax, lighting tax, all using the same tax base. The rate structure is flat on rural (panchayat) properties, but in the urban (municipal) areas it is mildly progressive with about 80% of assessments falling in the first two slabs.
Section 61 of the Internal Revenue Code (IRC 61, 26 U.S.C. § 61) defines "gross income," the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that "[e]xcept as otherwise provided in this subtitle, gross income means all income from whatever source derived
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel.
GENEVA (Reuters) - The head of the World Health Organization said on social media platform X on Thursday he had been discharged from a hospital in Rio de Janeiro after being admitted overnight.
Fast food gets a bad rap for being unhealthy, but there are healthy fast food options at chains like McDonald’s, Pizza Hut, and Sonic. Dietitians explain.
The taxpayers asserted three arguments: (1) $4,467.00 is not includable in gross income under Internal Revenue Code section 61; [2] (2) Even if the money was gross income, it was due and owing in the year the piano was purchased, 1957, and by 1964 the statute of limitations provided by 26 U.S.C. Sec. 6501 [3] had elapsed; and (3) If the money ...
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