RBI Governor Shaktikanta Das Addresses Media On Emergency Rate Cut

Reserve Bank of India Governor, Shaktikanta Das addressing a press conference announced that the Monetary Policy Committee (MPC) met ahead of time and voted for an emergency rate cut of 75 basis point, effectively taking the repo rate to 4.4% from the earlier 5.15%.

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Small Businesses should use mobile apps for filing GST - 9 reasons Why..

GST and Taxation for MSMEs: GST accounting applications have helped in the transition of many small businesses and entrepreneurs in an easier and cost-effective manner to a new indirect tax system and also making them organised in terms of their bookkeeping. GST and Taxation for MSMEs: Since the launch of July 2017, Goods & Service Tax (GST) has been the most important factor for government and businesses with many changes being introduced recently. GST for Indian economy has been an evolving process and has brought advantages for small businesses in many ways by reducing complexities of inter-state taxation, digitization of MSMEs and an online portal for registration, filing and compliance purpose to make indirect taxation convenient and simple in India. There are about 13 million GST payers, out of which, 6-7 million are B2B, and 5-6 million are B2C. India’s MSME sector contributes about 8 per cent of India’s GDP, 45 per cent of the manufacturing output, 40 per cent of the ...

Here's All You Need To Know About Indian Digital Tax

The Covid-19 outbreak has compelled businesses to transcend from traditional to digital models of work. With business models evolving on account of mass digitization, the complexities from a regulatory and taxation standpoint have only amplified. The advent and access to technology have enabled businesses to carry on business-as-usual with minimal physical presence. Unsurprisingly, India has the second-largest online users in the world, with over 560 million internet users, and hence, from the viewpoint of its tax revenue base, digital businesses could not be overlooked. However, as is the case in other jurisdictions, Indian tax laws were suited for conventional business models such as brick and mortar stores and thus in dire need of an overhaul. Recent Amendments To ensure that value created digitally is appropriately taxed; two significant amendments were introduced in Indian taxation laws in the recent past – The “Equalization Levy” – a tax aimed at foreign digital...

5 income tax relaxations that you need to know

In order to enhance liquidity in the hands of taxpayers, FM announced a reduction in the rate of tax deducted at source (TDS) for non-salaried specified payments made to residents by 25%. The coronavirus crisis has impacted lives severely. Several employees have been fired and many have witnessed salary reduction. In order to offer some relief to taxpayers amid such situation, Finance Minister Nirmala Sitharaman recently announced a slew of direct tax measures. FM said in her press conference, "We think this measure will release liquidity of Rs 50,000 crore who otherwise would have paid the tax." 5 Income Tax relaxations that you need to know: 1. TDS rate cut: In order to enhance liquidity in the hands of taxpayers, FM announced a reduction in the rate of tax deducted at source (TDS) for non-salaried specified payments made to residents by 25%. 2. TCS rate cut: In order to provide more funds at the disposal of the taxpayers, the rates of Tax Collection at ...

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