Day: April 14, 2022

GST Council Constitution

By Shabana Rubani
According to Article 279A, it is on the part of the president to give the order to constitute the council of GST within the 60 days from the 12th September 2016 which is already notified by the Government. Following are the designated personnel, who will form the GST Council together:-…
Read More

Luxury Tax Rates

By Shabana Rubani
Tax rates that hotels incur: Restaurants with a turnover of less than Rs 50 lakh will be imposed a tax rate of 5 per cent. Non-ac restaurants will have a tax imposition of 12%. AC restaurants will incur 18% tax. Five-star restaurants will have to impose a luxury tax of…
Read More

Wealth Tax

By Shabana Rubani
India’s tax system involves many different types of taxes and one of them is wealth tax (a.k.a. net worth tax, capital tax or equity tax). The government abolished wealth tax as announced in the budget 2015. In its stead, the government decided to increase the surcharge levied on the ‘super rich’ class…
Read More

Gift Tax

By Shabana Rubani
As per the law, as it stands today which was amended in 2017, gifts received by any person by any person or persons are taxed in the hands of the recipient under the head ‘Income from other sources’ at normal tax rates. SAAAR Wealth Advisors
Read More

Cancellation of GST

By admin
The GST Regime mandates every person/business with an annual turnover of Rs. 40 lakhs* (Rs 10 lakhs for North Eastern states) or more, to register as a normal taxable person. Likewise, a person making inter-state transactions of taxable goods/services is also required to be registered under GST. In a similar…
Read More