- Delhi HC quashes assessment order passed pursuant to ITAT’s remand in case of Nokia India (‘assessee’) for AY 2007-08, holds that the order was barred by limitation u/s. 153(2A) [which prescribes time-limit for framing assessment pursuant to ITAT order setting aside or cancelling assessment]. [TS-425-HC-2017(DEL)]
- SC allows Revenue’s appeal and sets-aside Punjab & Haryana HC ruling. Rules that enhanced compensation along with interest thereon received by assessee-HUF pursuant to HC’s interim order in pending appeals relating to land acquisition matter, taxable in the year of receipt;
- CBEC notifies changes in GST rates and exemptions in respect of various commodities, including 5% on cereals, pulses and flours put up in unit container and bearing registered brand name or bearing brand name on which actionable claim or enforceable right in court of law is available.
- Collections under the GST dropped marginally to Rs 90,669 crore for August from therevised figure of Rs 94,063 crore for July.
- GST Network (GSTN) has tweaked some of the features on its portal over the past month to make the system more robust and allow glitch-free tax payment facility to almost 35 lakh assessees, CEO Prakash Kumar said on Sunday. Of the total 87.33 lakh registered businesses on the GSTN, which manages the IT infrastructure of the new tax regime, 68 lakh.
- GST e-way Bill and Returns & Burden of Proof & Evidentiary Law with Discussion on recent Update under Income Tax (OTHERS) Date: From: 04-10-2017 – To: 04-10-2017 POU Name: North Campus Study Circle of NIRC Event Venue: ART OF CURRY, OPP-FUN CINEMA, NETAJI SUBHASH PLACE,DELHI-34. City: DELHI …
- The Goods and Services Tax (GST) Council has put in place an elaborate framework for division of taxpayers between the state and central tax authorities, in a move aimed at bringing clarity and effectiveness in the administration of the new indirect tax regime. The guidelines for the division of the taxpayer base between the Centre and states will…
- In view of difficulties of online filing, the industry body suggested that “the due dates for filing GSTR-1, GSTR-2 and GSTR-3 should be deferred for another month or two” Industry chamber CII today sought extension of time by two months for filing of GST returns in view of difficulties being faced by businesses. The GST Council has already exten.
- This article discusses in detail “whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?” Query : Sir, i have done mistake..
FAQ on GST:
Query: How should the assessee disclose the details of inward supplies on which he wishes to avail input tax credit?
Answer: In Form GSTR-2, against each inward supply at invoice level, the assessee has to state whether he is fully eligible, partially eligible or not eligible for availing credit on such inward supply. Further, in case invoice level details cannot be mentioned, the assessee can specify the quantum of ineligible input tax credit on inward supplies, which are relatable to non-taxable supplies or for purpose other than business
- Banks have started the process of scanning account details of directors disqualified by the MCA to analyze their links with shell companies and check whether they diverted funds.
- RBI has notified the amendments to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as per the existing norms.
- RBI/2017-18/66DBR.No.FSD.BC.89/24.01.040/2017-18 September 25, 2017 All Scheduled Commercial Banks(excluding RRBs) Dear Sir/ Madam, Amendments to Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 Considering the suggestions and queries received from SEBI, banks and other stakeholders, Reserve Bank …
- Ahead of the monetary policy review by the Reserve Bank of India early next month, the Finance Ministry is hoping for a further cut in key rates to boost domestic demand. “Inflation has picked up in the last one month but all the analyses we had done was based factoring in a rise in inflation. The medium-term inflation target is kept at 4 pe…
- The Central Government has notified the Customs and Central Excise Duties Drawback Rules, 2017 to replace the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 which shall be effective from 1.10.2017.
- SEBI allowed Stock brokers to submit monthly data on their clients’ funds to the exchanges within three trading days after the month-end. Currently, brokers need to submit this data by the next trading day.
- Prime Minister constituted a five member Economic Advisory Council (EAC) headed by Niti Aayog member Bibek Debroy, at a time when concerns are being raised over the declining growth in India.
- Return of input service distributer for August: 27.09.2017
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