In this post, we will explore how the TDS Provisions under Maharashtra VAT (Value Added Tax) act affects employers and contractors. While a seemingly small provision of MVAT Works Contracts, non-compliance can mean significant penalties and interest.
Maharashtra government replaced manual data entry and VAT & CST filing with New MVAT automation from financial year 2016-17. Here are changes in new process.
The Indian taxation system for goods and services is defined by a cascading, distorted tax structure which leads to misallocation of resources, hampering productivity and slower economic growth. To remove this hurdle, a unified and a simple tax system like GST (Goods and Service Tax) is needed to unite the nation.
Goods and Services Tax, or GST, is a common transactional tax type globally. In this whitepaper, we will explore the concept of GST as it applies around the world, then delve into the specifics of how GST relates to India.