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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 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.
India has abolished multiple taxes with passage of time and imposed new ones. A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
Two Indiana parents are in custody after allegedly leaving their 2-year-old daughter in a closet overnight with a space heater turned all the way up.
The end of the year means preparing for the one ahead and the National Association of Realtors is already predicting the hottest housing markets for 2025.. The NAR released The Top 10 Housing Hot ...
World Trade Organization members failed to agree on reforms to revive a broken trade dispute settlement system during the last General Council meeting before U.S. President-elect Donald Trump ...
Section 2 of the Act amended Clause (2) of article 276 of the Constitution to increase the ceiling of tax on professions, trades, callings and employments from ₹ 250 (equivalent to ₹ 2,900 or US$34 in 2023) per person per annum to ₹ 2500 per person per annum. The 60th Amendment also omitted the proviso to clause (2) of article 276.
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