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In 2010, like the Federal Estate Tax, the generation-skipping transfer tax was briefly repealed. In that year, the GST tax rate was effectively zero. [9] However, the law that created increased exemptions and the ultimate repeal of the GST tax expired on December 31, 2010. [10] In 2016, the exemption was $5.45 million per person.
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
The Rajya Sabha passed these Bills on 6 April 2017 which were then enacted as Acts on 12 April 2017. Thereafter, State Legislatures of different States have passed respective State Goods and Services Tax Bills. After the enactment of various GST laws, Goods and Services Tax was launched all over India with effect from 1 July 2017. [18]
The rate of service tax was increased to 12% by Finance Act, 2006 w.e.f 18.4.2006. Finance Act, 2007 has imposed a new secondary and higher education cess of one per cent on the service tax w.e.f 11.5.2007, increasing the total education cess to three per cent and a total levy of 12.36 per cent.
The cost of printing new banknotes rose to ₹79.65 billion in 2016–17 and ₹49.12 billion in 2017–18. [67] This resulted in a decline in the dividend paid to the government from ₹658.76 billion in 2015–16 to ₹306.59 billion in 2016–17 and ₹500 billion in 2017–18.
With effect from 1 April 2017, the Income-tax Act, 1961 has introduced the General Anti-avoidance Rules. The intent of the bringing the said rules is to curb the ill-practices of the tax payers & tax practitioners assisting the tax payers in avoiding the tax where the tax impact of the arrangement or the transactions is more than INR Three ...
Law and crime Crime in Peru A 22-year-old student is found dead inside the National University of San Marcos, of Lima, and the most important and oldest of Peru. Everything seems to indicate that he had been killed. Authorities have identified a possible suspect, who is also a student at the university. (La República) (ATV) (América Televisión) Health and environment Regulation of chemicals ...
The Gazette of India is a public journal and an authorised legal document of the Government of India. [1] It is published weekly by the Directorate of Printing Department of Publication, a subordinate office of the Ministry of Housing and Urban Affairs and printed by the Government of India Press.