Service Tax Exemption

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

Currently, core educational services are exempted from GST but Edtech products such as online courses and classes fall under the 18% GST slab.

Gratuity: An employee is eligible for gratuity payment after completing 5 years of continuous service with one employer.

GST council may look at raising the lowest tax slab to 8 per cent, from 5 per cent and prune the exemption list in the regime

GST Council Meeting 2021: In the previous GST Council meeting, the tax was exempted on the import of Amphotericin B, a medicine used for the treatment of black fungus infection.

GST Council Meeting Key Takeaways: Finance Minister announced that the integrated goods and services tax (IGST) is exempted on free COVID-related essential items till August 31, 2021.

Educational services provider have called upon the Finance Minister to move educational services to 0 per cent goods and services tax (GST) slab from currently under the 'exempt' category of GST,

For 'Make in India', there may be investment-linked income tax exemptions under Section 35AD of the Income Tax Act and other indirect tax benefits.

At present while individual income upto Rs 2.5 lakh per annum is exempt from tax, a 5 per cent tax is levied for income between Rs 2.5 lakh and Rs 5 lakh.

GST Council decided to exempt long term lease on industrial plots to facilitate setting up of industrial parks.

In the interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum

The sources said that there were neither chances of a hike above 10 per cent nor of an increase in exemption limit above Rs 1 lakh.

Ficci also urged the government to provide interest subsidy on loans provided to the healthcare sector

There is a huge expectation from the new Finance Minister of an increase in the basic exemption limit from Rs 2.50 lakh to Rs 5 lakh

Lenders of JIL asked NBCC in its meeting on Friday to withdraw some of its clauses, including that of exemption from a tax liability

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

Currently, core educational services are exempted from GST but Edtech products such as online courses and classes fall under the 18% GST slab.

Gratuity: An employee is eligible for gratuity payment after completing 5 years of continuous service with one employer.

GST council may look at raising the lowest tax slab to 8 per cent, from 5 per cent and prune the exemption list in the regime

GST Council Meeting 2021: In the previous GST Council meeting, the tax was exempted on the import of Amphotericin B, a medicine used for the treatment of black fungus infection.

GST Council Meeting Key Takeaways: Finance Minister announced that the integrated goods and services tax (IGST) is exempted on free COVID-related essential items till August 31, 2021.

Educational services provider have called upon the Finance Minister to move educational services to 0 per cent goods and services tax (GST) slab from currently under the 'exempt' category of GST,

For 'Make in India', there may be investment-linked income tax exemptions under Section 35AD of the Income Tax Act and other indirect tax benefits.

At present while individual income upto Rs 2.5 lakh per annum is exempt from tax, a 5 per cent tax is levied for income between Rs 2.5 lakh and Rs 5 lakh.

GST Council decided to exempt long term lease on industrial plots to facilitate setting up of industrial parks.

In the interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum

The sources said that there were neither chances of a hike above 10 per cent nor of an increase in exemption limit above Rs 1 lakh.

Ficci also urged the government to provide interest subsidy on loans provided to the healthcare sector

There is a huge expectation from the new Finance Minister of an increase in the basic exemption limit from Rs 2.50 lakh to Rs 5 lakh

Lenders of JIL asked NBCC in its meeting on Friday to withdraw some of its clauses, including that of exemption from a tax liability