Tax professionals are urging companies to prepare quickly for the July 1 roll-out of India’s goods and services tax regime, even though recently finalized GST rules leave big questions unanswered. State-level finance ministers charged with developing rules for the new tax regime released rate brackets May 18-19 for a full list of goods, and finalized seven of the nine draft rules. Rajat Mohan, Director- Indirect Taxation shares his views on for India’s Final Goods Tax Rules Leave Big Questions Unanswered Bloomberg BNA.

The Central Board of Direct Taxes (CBDT) on Thursday released the draft Income Computation and Disclosure Standard (ICDS) on real estate transactions for public consultation. The proposed ICDS will be applicable for determination of income from all forms of transactions in real estate, including land and buildings. Vikas Gupta, Partner – Assurance with inputs from Shalu Kedia, Manager contributed an article and quotes for following publications:

1. BloombergQuint – Article on Analysing The Draft Income Disclosure Standards For Real Estate
2. Indian Express
3. Hindu Business Line
4. Financial Express