The GST Constitutional Amendment Bill paves the way for a pan-India Tax regime and a unified market across the Country, ending the multiplicity of Central and State Taxes. Because it seeks to amend the Constitutional, it needs two-thirds of both houses to vote in its favour. Key features of the bill as passed by the Lok Sabha is given as under.
Serial no. 12 of Notification No.26/2012 as applicable w.e.f. 08.05.2013 stating that limits lower service tax to only to those houses that costs under Rs.1 crore and have carpet area less than 2000 square feet.
THE following is a Question raised by the Member of Parliament Sugumar K in the Lok Sabha -
6123. SHRISUGUMAR K.:
Will the Minister of FINANCE be pleased to state:
(a) Whether the Government has brought/proposes to bring takeaway eating joints and the restaurants rendering home services under the tax net;
(b) If so, the details thereof;
(c) Whether various associations of restaurants and hotels have requested the Government not to bring the takeaway eating joints and restaurants rendering home services under the tax ambit; and
(d) if so, the details thereof and action taken thereon?
Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%.
Finance Bill 2013 has been passed by Lok Sabha on 30.04.2013 .After Few amendments in the original Finance Bill 2013. You may download complete text of Finance Bill 2013 as passed by lok Sabha after amendments.
tax 'N' accounts people
Tarun Kumar Gupta
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