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Company conversion to LLP a transfer, taxable: I-T Appellate Tribunal

Monday, December 3, 2018, 9:39 AM

A new tax ruling threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganise themselves and attract foreign investors. This involved converting closely held companies into limited liability partnerships (LLPs) a structure that was introduced a decade ago. The new ruling would force many companies to change tack. "This decision will have far-reaching implications," said senior chartered accountant Dilip Lakhani.
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GST likely to have 3-rate structure in future: Bibek Debroy

Saturday, October 27, 2018, 7:39 PM

The current four-slab GST rate structure is likely to be reduced to three as the process of rationalising India's new indirect tax regime proceeds further, the Prime Minister's Economic Advisory Council (PMEAC) Chairman Bibek Debroy said on Friday. In his address at the launch of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder.
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GST credits taken by tech companies under taxman's lens

Thursday, July 5, 2018, 9:59 AM

The indirect tax department is scrutinising capital expenditure incurred by information technology (IT) and information technology enabled services (ITeS) companies, suspecting they may have evaded Goods and Services Tax (GST) liabilities. Preliminary investigations by the indirect tax department found that many companies had increased their capital expenditure after GST was rolled out on July 1, 2017.

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