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Showing posts with the label ICAI

GST Challenges and My views

I felt there is need to review the GST process in the GST website due to various issues cropping up. The issues can be segregated into Legal and Technical. Legal being the issues which require the GST Council to recommend and the Govt to act. The Technical issues being the ones which needs the change to be approved by the respective process owners. Though this looks very simple, the issue is that most of the issues we face today are both Legal as well as Technical. I will be updating my blogs by taking up 1 issue at a time along with my views and workarounds. Lets discuss the issues one by one. 1. The Site : gst.gov.in Lots and lots of efforts have gone in creating this application. (The front end what we get to see is the webpage). However due to high traffic the site is slow at times. We, the taxpayers & Professionals use the site for variety of reasons viz a. New Registrations b. Checking the Status of the Application c. Filing of returns d. Check

History of Income Tax in India

When we look at the Income tax history in India, we realise how progressive we were long back even before the british. There are references found in the works of Manu Smirthi and Arthasastra apart from our own Thirukural. As we stand today we have an Act of 1961 which has in origins from 1860. To have a better perspective we need to know about a British Statesman by name, Henry Addington, 1st Viscount Sidmouth who was the Prime Minister from 1801 to 1804. The tax was initially levied on Land which was used for agriculture and the collection was in kind. Income tax was thought to be a government instruction into the private matters. To overcome this in 1707, when the Kingdom of Great Britain came into being, a Window tax, wherein the tax was collected basis the number of Windows a property had was introduced.                                              In 1798, Income tax was levied by William Pitt the younger who was the then PM of United Kingdom (youngest prime minister at th