Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST is charged by the government in slabs. The present slabs being 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017. GST is levied on all types of goods and services except petroleum products, alcoholic drinks, and electricity, on which the taxes are levied by the state governments. It is divided into two parts namely, State Goods and Services Tax (SGST) collected by state governments and Central Goods and Services Tax (CGST) collected by the central government. The share of both governments is equal to GST. For example, if 5% GST is being charged on a product the SGST (2.5%) and CGST (2.5%) will be equal. There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state. The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but the manufacturer is refunded back on further levels. It is a destination-based tax, it is collected by the state in which the said good or service is consumed rather than to that state in which the good or service was manufactured.

The annual GSTR 4 return filing will get activated once the taxpayer has finished filing of all the quarters of CMP-08 of the given financial year”

While hearing the case between Ritu Bajaj and Assistant Commissioner of Income Tax, Delhi bench of Income Tax Appellate Tribunal (ITAT), while following a circular issued by the Central Board of Direct Taxes (CBDT), held that a family can possess up to 1450 gms gold jewellery.

The Constitution bench of the Supreme Court has upheld the Constitutional Validity of Section 139AA of the Income Tax Act, 1961 which mandated quoting of Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns and making application for allotment of PAN.

While rejecting a plea of a House wife who claimed that the income earned from the sale of shares is capital gain, the Bombay High Court held that such income is assessable as business income since she moved as per stock market trend and was selling shares at first available opportunity.

The Income Tax Appellate Tribunal (ITAT) Mumbai bench has held that no tax relief under section 54 can be granted to the assessee for the sale of an old property if the new property was purchased in the name of his wife and daughter.