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Economic Times (India) 09/21/2019 06:52
An exemption-free tax rate of 22% — 25.17% including cesses and surcharge — sounds attractive, but an analysis of the tax liability of firms listed in Sensex suggests more than half have reason to stick to the existing tax regime.Budget data shows the average effective tax rate (ETR) — taxes as a percentage of pretax profits — for roughly 8.4 lakh firms that filed returns for 2017-18 was just over 29%.
Economic Times (India) 09/21/2019 02:24
The GST Council, in its 37th meeting held at Goa, has come up with various proposals to simplify and strengthen the tax filing system and one such decision is aimed at ensuring taxpayers file their GSTR 1 in time.“In order to nudge taxpayers to timely file their statement of outward supplies, imposition of restrictions on availment of input tax credit by the recipients in cases where details of outward supplies are not furnished by the suppliers in the statement under section 37 of the CGST Act, 2017,” a statement said. This means when taxpayers do not file a GSTR 1, they would not be able to claim input tax credit.According to Archit Gupta, Founder and CEO – ClearTax, there will be restrictions on ITC claim for those who fail to submit GST.
Economic Times (India) 09/21/2019 01:53
NEW DELHI: The aviation regulator on Friday told IndiGo Airlines to fly its planes with 15-22% seats unoccupied while operating on the Delhi-Istanbul route on strong headwind days. The budget airline’s 186-seater Airbus A320 Neos should have up to 157 passengers on board and the 222-seater A321s no more than 173 flyers on such days.Directorate General of Civil Aviation chief Arun Kumar’s directive came after passengers on many of IndiGo’s Delhi-Istanbul flights in recent days had discovered after reaching their destination that their baggage hadn’t taken off from Delhi. In its defence, the airline had said that due to strong headwinds, the Delhi-Istanbul flying time had been over seven hours in the past few weeks, which is close to the maxi.

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