BigBucks Consultancy Services Private Limited

31/12/2020

Happy Birthday!!!

09/11/2016

Complete Analysis of Government's Decision to Ban Rs. 1,000 & Rs. 500 notes!!!

27/09/2016

Maharashtra Government has come up with PTEC Amnesty scheme which should be availed before 30.09.2016!!!
It is applicable to all CA's , Doctors, Lawyers, Architects & all other Professionals & Businessmen!!!

We, at BigBucks will help you avail this scheme!!

Contact on 9975675550!!!

Hurry up! Last 4 Days remaining!!!

15/09/2016

Ganapati Bappa Moraya!!!

30/07/2016

इन्कम टॅक्स रिटर्न भरण्याच्या मुदतीत 5 दिवसांनी वाढ http://goo.gl/UKx5qk

नवी दिल्ली : इन्कम टॅक्स रिटर्न भरण्याची मुदत 5 ऑगस्टपर्यंत वाढवण्यात आली आह

22/05/2016

Thank you friends! WE are committed and WE WILL deliver you all Latest feed on Tax, Finance & Business!!

01/05/2016

"A to Z Changes in MVAT, PT w.e.f. 01.04.2016!!!"

a) Exemption from Levy of Sugarcane Purchase Tax for the year 2015-16 to the Sugar Factories which export sugar as per Government policy.

b) Amnesty scheme for Profession Tax enrollment holder: Tax liability and penalty will be restricted to previous three years.

c) Amnesty for tax administered by Sales Tax:
For dues upto 31st March, 2005 subject to full tax payment, the interest and penalty shall be waived and
For disputed dues from 1st April, 2005 to 31st March, 2012 subject to full tax payment, and 25% interest payment under VAT Act, balance dues will be waived.

d) Exemption of VAT on Warping and Sizing of Yarn for promoting the Textile

e) Turnover limit for composition to retailers under the MVAT Act increased from Rs.50 Lakh to Rs. 1 Crore.

f) VAT on the Mammography machines used for detection of breast cancers , VAT on sterile water for injections reduced from 12.5% to 5.5%.

g) Bakery Industry, the turnover of tax free goods is excluded for computing the turnover for composition.

h) VAT on Retrofit kit fitted to vehicles for physically handicapped exempted.

i) VAT on LED Tubes reduced from 12.5% to 5.5%.

j) VAT on Pyrolysis Oil reduced from 12.5% to 5.5%.

k) Profession Tax exemption to the armed personnel of CRPF and BSF.

l) Exemption from late fee to the Government aided educational institution for e-filing of Professional Tax returns.

m) VAT on Steel Wire Mesh, Barbed Wire and Chain links reduced from 5% to 5.5%.

n) VAT on Pencil Box, Stapler pins, Dusters, Gum and Gum-sticks used by student reduced from 12.5% to 5.5%.

o) VAT exempted on the Bamboo Products excluding Bamboo furniture.

p) Amnesty scheme under Industrial Policy 2013 for closed and un-revivable units to be implemented afresh.

q) Logistic Hubs will be established to promote the Logistic Industry and Levy of CST will be exempted on the interstate sales effected from the Logistic Hubs.

r) VAT rate increased from 5% to 5.5%, excluding declared goods.

s) Motor Vehicle Tax enhanced on two wheelers and three wheelers owned by individual. Tax to be based on engine capacity – upto 99cc – 8%, 100cc to 299cc – 9%, 300cc and above – 10%. Institutional and Imported Vehicles to be subjected to double the rate of tax.

t) The VAT composition tax rate 8% to hotels and restaurants having turnover of sales Rs. 3 Crore and more.

u) Levy of Entry Tax on Marble and Granite slabs.

v) Increase in Lottery Tax on the draws of Lotteries.

w) VAT tax on Coconut hair oil sold in pack upto 500 ml enhanced to 12.5%.

x) Establishment of Advance Ruling Authority for speedy disposal of disputed questions under Sales Tax Laws.

y) Implementations of SAP based Computer system in Sales Tax Department. Input Tax Ledger to be made available to the tax payer.

z) Pilot Project will be started by Sales Tax Department for implementation of Digital Billing system.

30/04/2016

“Our WEL-COME mat is out,
Just like before,
But Now, we have a different door as the

BigBucks Consultancy Services Pvt. Ltd. (Aurangabad Branch)

is moving into its new office and requests the
pleasure of your company
on the occasion of its Opening Ceremony!!!"

04/03/2016

What is the GST Bill? What does it mean to you and me?

The Good and Services Tax is the biggest indirect tax reform since 1947. This will be levied on manufacture sale and consumption of goods and services.
In the words of the Finance Minister Arun Jaitley, the GST bill will lead to the economic integration of India.
The main function of the GST is to transform India into a uniform market by breaking the current fiscal barrier between states. Thus the GST will facilitate a uniform tax levied on goods and services across the country.

Currently, the indirect tax system in India is complicated with overlapping taxes levied by the Centre and the State separately.

Framework of the GST will replace indirect taxes
The GST will have a 'dual' structure, which means it will have two components- the Central GST and the State GST. They will both have separate powers to legislate and administer their respective taxes. Thus equally empowering both.
Taxes such as excise duty, service, central sales tax, VAT ( value added tax), entry tax or octroi will all be subsumed by the GST under a single umbrella.
With passing of the GST bill, we can expect a climate of improved tax compliance.
Thus, the GST will basically have only three kinds of taxes, Central, State and another called the integrated GST to tackle inter-state transactions.
When is the proposed GST set to start functioning and what are the hurdles?
The GST regime is intended to be functional from 1st April, 2016.
The first mention of the bill was in 2009 when the previous UPA government opened a discussion on it. They were successful in introducing the bill but failed to get it passed.
On 17th December 2014, the NDA government made slight changes to it and redefined it in the Lok Sabha. The bill got cleared on May 6th this year.
However the current challenge facing the bill is that it needs two-third majority of both houses and 50 percent of the state assemblies will have to ratify it.
The bill is now stuck in the Rajya Sabha, because the current government does not hold a majority here.
The role of the opposition
The Congress demands for reforms in key areas of the GST has been stalling the process of passing the bill.
Three main concerns of the Congress over the bill are:
-one per cent additional tax as goods move across states
-the constitutional cap of 18 per cent and an independent dispute redressal mechanism.
-the party has maintained that the government was ignoring the concerns raised by the party on the legislation.
They want the Bill to be referred to a Select Committee for review.

The impact and relevance of the GST bill
According to Finance Minister Arun Jaitlety the GST will be instrumental in helping the GDP of India to grow by 2 percent.
The GST also offers a solution to the multinationals as it breaks down the indirect tax structure into one single tax payable by the companies.
Although the states have feared loss of fiscal powers, the Constitutional amendment bill has promised to solve this by giving compensation packages for three years for any kind of revenue loss.
The bill has proposed to have GST council wherein all union and state minister in charge of finance will be on a equal footing. It will also have a Dispute Settlement authority to mitigate the tensions between the centre and state smoothly.
One main contention for the state in the GST is the inclusion of petroleum products. The current consensus on this is that the states will continue to levy sales tax/VAT on these with the exception of imports and inter-state trade.
With the Modi government walking that extra mile to get consensus on implementation of the GST, we have to hold our breaths till it is functional by the proposed deadline of April 1st 2016.

13/01/2016

30/10/2015

Sillod Branch Opening Ceremony!!!

21/10/2015

Second Branch Of BigBucks (after Aurangabad) is getting operational on the auspicious day of Dussera - 22.10.2015!!!