Those who deposited cash of Rs 2 lakh and more in their accounts during the demonetisation drive will have to make a declaration in their income tax returns for the fiscal year that’s just ended, as a follow up to the government’s efforts to eliminate black money through the note-swap exercise.
With the new GST bill, it is expected that the smartphone prices can go up by 7- 8%. This is going to affect consumers in different ways and the prices will go up depending on the rate of GST.While the new GST rates are not announced yet, but this matter already is a concern for most of the handset makers. It is expected that the GST law may result at the end of concessions currently being offered by different states. But on a positive side, it is expected that it will lead to significant improvement in online sales of the mobile phones.
The GST enrollment process for the existing taxpayers registered under VAT has commenced for migrating into the GST portal. Now, the GST enrollment for service tax assessee will start from 9th January 2017, and it will be completed by 31st January 2017. Reportedly, the number of assessee registered under service tax law is more than 1 million, and these assessee will have to enroll themselves by the end of the month.