On October 6, 2017, the Goods and Services Tax Council recommended changes to ease the burden of GST compliance on small and medium businesses.
The Goods and Services Tax (GST) Council in India has proposed a four-tier GST rate structure of 5%, 12%, 18% and 28%.
On August 3, 2016, the upper house of India's parliament passed the country's Goods and Services Tax Bill, paving the way for the implementation of GST in India.
Effective from the 1 June 2015, the Service Tax will be applied at a rate of 14%, an increase from the current 12.36%. Here is some information on the increase.
One of the budget’s key aims is to promote “minimum government and maximum governance to improve the ease of doing business”
Effective from October 1, 2014, the service portion of some works contracts will be subject to more tax based on a new valuation formula
A new form for tax audits includes revisions and additional requirements to Forms 3CA, 3CB, and 3CD
Interest charged on late service tax payments will be increased from 18% up to 30%, depending on the length of the delay
There is increased likelihood that the 2014/15 budget will introduce plans to implement Goods & Services Tax (GST)