Publications - 2019
Tax Bulletin - December 2019 - 19th Edition
Maharashtra witnessed one of the most nail-biting election saga with no dearth of drama and theatrics. Now, that we finally have a Government in Maha Vikas Aghadi, here’s hoping that State functions smoothly and democratically.
Read MoreTax Bulletin - November 2019 - 18th Edition
We at VK&S take this opportunity to convey our belated wishes for Diwali and hope that
you had a safe and sparkling Diwali!!!
While amidst festivities businesses were busy finalizing their Income Tax Audit Reports,
it is now time to gear up and finalize the GST Audit for the maiden year i.e. FY 2017-
2018. We urge everyone to expedite the data collation and have the GST Audit Reports
filed in a timely manner by the revised due date viz. November 30, 2019.
Tax Bulletin - October 2019 - 17th Edition
While ‘Howdy Modi’ managed to grab all the limelight in news and media, September 2019 also witnessed a surge of key announcements by the Finance Ministry. In order to deal with the slowdown of economic growth, the Ministry announced that it will lower the corporate tax rate to 22% from 30% for companies that don’t seek exemptions whereas the companies which do seek exemptions can expect a rate cut from 35% to 25%. Along with tax cut, the Ministry also urged banks to increase public lending and help steer the stagnant economy.
Read MoreTax Bulletin - September 2019 - 16th Edition
The country witnessed a record filing of more than 49 Lakh Income Tax Returns on August 31, 2019 which was the due date for filing of the said returns, With that the corporates now need to gear up to meet the timeline for finalization of their books and filing of returns.
Read MoreTax Bulletin - August 2019 - 15th Edition
Pursuant to the presentation of the Union Budget, the Finance Bill, 2019 has been passed by both the houses of the Parliament and will be implemented as soon as the Hon’ble President’s assent is received. Amongst the various changes, levy of interest only on net cash GST liability are the most awaited amendments by trade and industry.
Read MoreTax Bulletin - July 2019 - 14th Edition
June 2019 brought a huge relief for taxpayers with Smt. Niramala Sitharaman headed GST Council extending the deadline for GST Annual Return and Audit which now needs to be filed by August 31, 2019. Not just that, the Council also addressed long pending trade issues and clarified GST implications on disputed matters like post sale discounts and penal interest.
Read MoreTax Bulletin - 13th Edition - June 2019
The 13th edition of our Tax Bulletin marks the 1 st Anniversary of our endeavour to develop a routine of periodic updates summarizing the key tax developments. In the past year, through our Bulletin, we attempted to bring all the important tax updates to our clients’ knowledge and managed to spread considerable awareness amongst trade and businesses. This year as well, we hope to provide timely updates to our clientele and have accordingly revamped the format for a more summarized reading.
Read MoreTax Bulletin - 12th Edition - May 2019
The past month was dominated by the Lok Sabha election surge accompanied by major political theatricals with GST playing a vital role in it. While, on the one hand, the Opposition is demonizing the present GST structure with promises of a better GST 2.0 version, on the other hand, the Ruling party has managed to gain support from trade and businesses who understand that, with time, GST is settling and that the tax reform was more than a vote bank inducing exercise.
Read MoreTax Bulletin - 11th Edition - April 2019
As we move ahead of FY 2018-2019, a quick recap of the past year would indicate that while on the one hand the Indian Government introduced various assessee friendly measures (GST rate reductions, extension of Audit deadlines, increasing tax thresholds, introducing trade facilitation norms, to name a few), on the other hand the tax administration grew stringent with increased instances of demand confirmations and penalty infliction.
Read MoreTax Bulletin - 10th Edition - March 2019
February 2019 was a month which saw a dreadful act of terrorism reciprocated by an act of bravery by the Indian Armed Forces. While war is certainly not good for any nation, we salute our Jawans and extend our condolences to the families of all the Martyrs!
Read MoreTax Bulletin - 9th Edition - February 2019
The Interim Budget 2019 presented on February 1, 2019 saw Finance Minister announcing key relaxations and increase in thresholds under the Direct Tax regime. The proposed changes are set to provide much needed relief to the middle class and the agricultural sector.
Read MoreTax Bulletin - 8th Edition - January 2019
As we enter the first month of 2019, team VK&S takes this opportunity to wish you a very Happy New Year! We hope to continue providing quality service and nurture our relationship with timely delivery of our advice.
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