AMENDMENT IN ITC REVERSAL DISCLOSURE OF 180 DAYS TO ALIGN THE SUB-SECTIONS WITH RETURN FILING STATUS: [ 2ND AND 3RD PROVISO TO SEC 16 (2)] → Second and third provisos to of Sec 16(2) of the CGST Act are being amended to align the said sub-section with the return filing system provided in the said…
Types The Organisation for Economic Co-operation and Development (OECD) publishes an analysis of the tax systems of member countries. As part of such analysis, OECD has developed a definition and system of classification of internal taxes,[12] generally followed below. In addition, many countries impose taxes (tariffs) on the import of goods. Income Income tax Main…
History The first known system of taxation was in Ancient Egypt around 3000–2800 BC, in the First Dynasty of the Old Kingdom of Egypt.[3] The earliest and most widespread forms of taxation were the corvée and the tithe. The corvée was forced labor provided to the state by peasants too poor to pay other forms…
Lets Know about Tax a little, Shall we ! A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.[1] Tax…