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The Goods and Services Tax (GST) is a value added tax that will replace all indirect taxes levied on goods and services by the Government, both Central and States, once it is implemented. GST or Goods and Services Tax is considered as major Tax reform policy in India which will be implemented from January 2016 if passed in next Parliament session.

Goods and Services Tax (Compensation to States) Act, 2017 was enacted to levy Compensation cess for providing compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax with effect from the date from which the provisions of the Central Goods and Services Tax (CGST).

Every person who is liable to pay tax in accordance with the provisions and fails to pay such tax shall pay interest on default amount. Further, a taxable person who makes an undue or excess claim of input tax credit shall pay interest on such undue or excess claims.

STOCK #MARKET #TIPS 9June:: GST Bill is hanging since so long and finally there are some news coming in positive way. In coming couple of quarters, GST is expected to get green signal as BJP could be able to find majority in Rajya Sabha this time.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Since, we have already entered into a new financial year, i.e. FY 2021-22, let's walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Since, we have already entered into a new financial year, i.e. FY 2021-22, let's walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year.