The First Discussion Paper on Goods and Service Tax (GST) in India envisages a Dual GST structure with defined functions and responsibilities of the Centre and States with the objective of an overall harmonious structure of rates.
1. Continuation of Exemption of Agricultural Income under the New Code Section 10 read with Entry in Sl. No. 1 of the Sixth Schedule of the Direct Taxes Code Bill, 2010 (hereinafter ‘DTC’) exempts Agricultural Income from Income Tax. The Discussion Paper on the Direct Taxes Code explains the rationale for the exemption and I […]