Income Tax Collection Rises 30% in June Quarter.

The Tax department is hopeful of meeting the revenue assortment target for twelvemonth 2016-17, a prime official aforesaid on Tuesday. 

Indirect tax assortment rose regarding thirty.8 per cent throughout april-june to RS one, 99, 970 crore, against Rsone, 52,740 large integer within the corresponding amount a year past, 
The collection up to June indicates that twenty five.7 per cent of the annual budget target of indirect taxes has been achieved within the 1st 3 months of the yr. Chartered accountant in Delhi. 
 
We have done fine to date. assortment within the June quarter from central excise customs and serve tax place along square measure thirty per cent a lot of from the year-ago amount. Central board of excise and customs chairman Najib sovereign on the sidelines of an occurrence here.

GST Bill: Green Light for One Nation One Tax.

After being subject to months of haggling and histrionics, the goods & services tax GST finally had its historic day in the rajya sabha with the passage of the bill to amend the constitution paving the way for what is popularly referred to as the concept of one nation one tax.

Barring the AIADMK which staged a walkout on the plea that it violated federalism all others, including congress voted for the bill.

Led by the former finance minister P. Chidambaram. The congress supported by members of some parties made a valiant effort to extract an assurance from finance minister Arun jaitely that as and when he would introduce the subsequent legislation to operationalize the GST it would be as finance rather than money bills. This was to ensure that they would also be voted in the rajya sabha.

     The constitutional amendment will enable both centre and the states to simultaneously levy the            GST, which will subsume all indirect taxes currently levied including excise duties and service tax.      It will be levied on consumption rather than production.