Any officer or director of business who knows about each other business status, a legally acknowledged business partner, the employer and the employee, individual who has a 25% share in the business, a third person who controls a business directly or indirectly, members of the same family, one of them directly or indirectly controls the other and so on is regarded as related person.
GST, a unified tax regime for indirect taxes. This is perhaps the biggest tax reform in the regime of indirect taxes as it succeeds a number of indirect taxes that are applicable under the current regime.
The taxation framework in India is about to experience a radical shift once the GST (Goods and Services Tax) system takes over.
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