Category Archives: Start Ups and SMEs

The ‘Start up India’ Initiative

India is the fastest growing and Third Largest Startup Ecosystem Globally as per NASSCOM status report 2014 and is set to become a multi billion dollar industry. Hence, it was imperative to develop a conducive environment for inflow of funds coupled with ensuring ease... read more

How Start-ups stand to gain from Budget 2016

The Finance Minister, in his budget speech, has proposed many incentives to encourage entrepreneurship in India. Some of the tax measures which will be beneficial for new start-ups are as follows- 1. Optional lower tax rate for newly setup manufacturing companies: In... read more

Budget 2016 Highlights for Corporates

—- New manufacturing companies incorporated on or after March 1, 2016 have been provided with an option either to adopt a reduced corporate tax of 27.55% (where the income exceeds Rs 1 crore but does not exceed Rs 10 crore) or 28.84% (where income exceeds Rs 10... read more

Basic Concepts of Central Sales Tax

Central Sales Tax (CST) is a tax on sales of goods levied by the Central Government of India. CST is applicable only in the case of inter-state sales and not on sales made within the state or import/export of sales. Inter-state sale is when a sale or purchase... read more

Budget Highlights 2016‐17 for International Taxation

1. Increase in Surcharge Surcharge is increased from 12% to 15% in case of non‐resident individuals 2. Exemption in respect of certain activity related to diamond trading in “Special Notified Zone”. ‐Exemption u/s 9(1)(i) to Foreign Mining Companies through or from... read more

Changes in Direct Taxes made by Budget FY 2016 – 2017

1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of... read more

What products are covered in the GST scheme?

GST is applicable on the supply of goods or services. It will apply to all taxable supplies of goods or services (as against manufacture, sale or provision of Service) made for a consideration except – Exempted goods or services – there will be a common list for CGST... read more

How will GST be implemented in India ?

According to the GST bill, there will be a dual GST model and the taxes will be levied on each kind of transaction. SGST – State GST, levied and collected by the State Govt. CGST – Central GST , levied and collected by the Central Govt. IGST – Integrated GST,... read more

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