*Important GST Points Related To Medicine Company as Per FAQ*
1. *Clearance of physician samples distributed free of cost*, the ITC availed on the said samples has to be reversed in view of the provisions under Section 17(5)(h) of the CGST Act, 2017. No tax is payable on clearance of physician samples distributed free of cost as the value of supply is zero and no credit has been availed.
2. *Procedure for movement of time expired medicines from the retail outlets to the manufacturer for destruction*- In such cases, the manufacturer may issue a credit note within the time specified in sub-section (2) of section 34 of the CGST Act, 2017 subject to the condition that the person returning the expired medicines reduces his ITC. Subsequently, when the time expired goods are destroyed, the manufacturer has to reverse his ITC on account of goods being destroyed. But Where the *goods are returned after the time limit* specified in section 34(2) of the CGST Act, 2017, the registered person returning the goods shall issue a tax invoice, as it is a supply within the meaning of Section 7 of the CGST Act, 2017.
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📺 *Updates*
➡1. Benefit arising on one time settlement of loans isn’t remission of liability; out of ambit of sec. 41(1)
Commissioner of Income-tax-9, Mumbai v. Graham Firth Steel Products (I) Ltd.
➡2. Threshold limit for registration is applicable for casual taxable person making inter-State supply of handicraft goods
NOTIFICATION New Delhi, the 15th September, 2017 No. 32/2017 – Central Tax
NOTIFICATION New Delhi, the 15th September, 2017
Notification No. 32/2017 – Central Tax
➡3. Govt. exempts job workers from obtaining GST registration for making inter-State supplies.
NOTIFICATION No. 8/2017–Integrated Tax.
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*Income-Tax Dept. to launch Jurisdiction-Free Assessment from October*
Sep 15, 2017 01:11 AM IST
*The assessment of taxpayers is set to become jurisdiction-free.* Coming October, the income tax (I-T) department will launch a pilot project of the new system in Mumbai and Delhi to identify the loopholes. *The project will then cover 100 cities in the first phase of implementation.*
*The system envisages allocation of a particular taxpayer’s profile to any officer across the country via a special software.* In the existing system, taxpayers are assessed in the specific region where they are based.
The move aims to curb corruption in the department along with harassment faced by the assessees. “This is a first-of-its-kind initiative. Under this, *neither the assessee nor the tax officer would know the other’s identity,*” said a senior I-T official close to the development.
*The system would be equipped to deal with all kinds of tax-related matters, including filing of returns, scrutiny cases, and others, he added.*
The system is expected to dissolve the main 18 tax regions in the country, which account for all direct tax collection.
Recently, Prime Minister Narendra Modi highlighted several defects in existing tax laws and directed the I-T department to build a new system for taxpayers.
*In the new system, if the tax department launches scrutiny against a person in Delhi, the software will provide the related correspondence and generate a unique identification number. This number, or code, would be randomly assigned to an assessing officer (AO) based in say, Mumbai or Guwahati or anywhere else. The AO will not be able to identify the person against whom the scrutiny has been launched.* The investigation will be pursued based on the case details and the relevant documents pertaining to the matter.
The new system would also do away with the AOs’ discretionary powers to call for additional documents, records, and most importantly, ask the taxpayer to appear in person.
Under the pilot project, the additional documents, if required, will be sought through the system, which will automatically send a request to the assessee for submission of the same.
The jurisdiction-free assessment system aims to minimise interaction between the taxpayer and the tax officer, ensuring a transparent and no-harassment culture. “The e-communication is expected increase voluntarily participation, and give more comfort to the assessee,” added the officer.
The first experiment would be done on scrutiny cases through an ‘e-proceeding’ system — an internet-based paperless communication system for tax dealings. The I-T department is working on similar modules.
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#Economy:Country's current account deficit in the first quarter ended June has widened sharply to 2.4% of the GDP, from 0.1% a year ago and 0.6% in the fourth quarter. In absolute terms, CAD, which is the difference between imports and exports, was at $14.3 billion in the first quarter of 2017-18 as against $0.4 billion in year ago period and $3.4 billion in the fourth quarter of 2016-17. The rise in CAD was on account of high trade deficit at $41.2 billion, “brought about by a larger increase in merchandise imports relative to exports. On the positive side, net foreign direct investment in the country doubled to $7.2 billion in the first quarter from its year ago level. Net portfolio investment too recorded substantial inflow of $12.5 billion in Q1 of 2017-18, primarily in the debt segment, as compared with $2.1 billion in the year ago quarter.
#Finance:As many as 162 companies that have claimed GST transitional credit of over Rs 1 crore are under the scanner of tax authorities who would verify whether the claims are eligible. In the transitional credit form TRAN-1 filed by taxpayers along with their maiden returns for July, businesses have claimed credit of over Rs 65,000 crore for excise, service tax or VAT paid before the GST was rolled out from July 1. The possibility of claiming ineligible credit due to mistake or confusion cannot be ruled out. It is desired that the claims of ITC credit of more than Rs 1 crore may be verified in a time-bound manner," CBEC said.To ensure that only eligible credit is carried forward in the GST regime, the CBEC has asked field offices to match the credit claimed with closing balance in returns filed under the earlier law. They would also check if the credit is eligible under the GST laws.
#Govt is planning to link the driving licence with the Aadhar card.
#India may be moving towards a uniform petroleum tax. States have given their nod to capping VAT on natural gas at 5%. Further they have agreed to lower VAT on other petroleum products, including petrol and diesel, which are used by the manufacturers as input.
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OBLIGATION TO COMPLY WITH THE INDIAN ACCOUNTING STANDARDS (IND AS) AND RULE 4 OF COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015- PAYMENT BANKS, SMALL FINANCE BANKS WHICH ARE SUBSIDIARIES OF CORPORATES
General Circular No. 10/2017
dated 13th September 2017
issued by MCA
This Ministry vide notification no. GSR 365(E), dated 30.03.2016 notified Companies (Indian Accounting Standards) Amendment Rules, 2016 inter-alia amending Companies (Indian Accounting Standards) Rules,2015.Some stakeholders have sought clarifications with regard to implementation of Ind AS wherein the holding company has Payment Banks or Small Finance Banks as its subsidiaries.
2. The matter has been examined and it is hereby clarified that the holding company if it is covered by the corporate sector roadmap for implementation of Ind AS, shall follow the corporate sector roadmap and if the company has got payment bank or small finance bank as its subsidiary then subsidiary company shall follow the banking sector roadmap prescribed vide RBI circular DBR.BP.BC.No.76/21.07.001/2015-16 dated 11th February, 2016 on "Implementation of Indian Accounting Standards (Ind AS)" read with circular DBR.NBD.No.25/16.13.218/2016-17 dated 6th October, 2016 on "Operating Guidelines for Payments Banks". However, the Payment Banks or Small Finance Banks shall provide the Ind AS financial data to its holding company for the purpose of consolidation.
3. This issues with the approval of competent authority.
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In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.
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The searches could start as early as next week and would focus on checking if any company was deliberately avoiding to come under GST umbrella or if there is a genuine problem, said the official. Tax officers would conduct physical verification of premises in several areas and check the GST certificates in cases where they have been issued.
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The move comes about a week after a meeting of senior tax officials with Prime Minister Narendra Modi and finance minister Arun Jaitley in New Delhi.
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"As you know that the government is working towards increasing the tax base," the official said. "So we recently received directions that new registrations under GST have to be increased. In that regard we will conduct surveys across the country to find out the eligible businesses that have still not registered with us. So our officers will be soon on field to get this moving."
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Industry insiders said many companies and businessmen, especially in some unorganised sectors, are deliberately avoiding to come under GST because they fear tax sleuths would go after their past unpaid taxes.
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Experts welcomed the government's push to increase tax base but said it should not lead to harassment of people with genuine issues. "I don't see anything wrong with searches as it's obvious that the government wants to expand the GST base and they want to come hard on people who are evading taxes," said Pratik Jain, national leader -indirect tax, at PwC India.
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"But there should be some guidance by the GST Council in the form of a circular or instruction to ensure that there is no harassment at the ground level and officers differentiate between people evading taxes and genuine problems a company may be facing," he said.
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Under the current push, tax officers would visit premises of several businesses, especially in the industrial areas. In some way, officers have already started doing this. ET had first reported on July 8 that about 200 senior IAS, IRS and IFS officers have been asked to check if essential commodities are available across cities and small towns and if any noticeable price trends are visible.
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These officials are going around in local markets from Vadodara in Gujarat and Mayurbhanj in Odisha to Rajouri in Jammu & Kashmir and Krishnagiri in Tamil Nadu to check whether GST is being implemented as intended. In one such incident, a cloth retailer in the National Capital Region was reportedly fined Rs 20,000 for selling shirts without paying GST on that.
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"Such fines are required; there has to be some fear if anyone is breaking the law," said a second tax officer aware of the development. "Some people have also found loopholes and are staying out of GST net," the officer said.
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The tax department's renewed push comes weeks after the Haryana excise and taxation department asked its tax officers to conduct searches on companies in the state.
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In a circular issued on August 10, the department mentioned eight points that tax officers have to follow along with a timeline for each process.
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Job-Workers making Inter-State Supply of Services to a registered person are Exempted from GST Registration [Read Notification]
Read more at: http://www.taxscan.in/job-workers-making-inter-state-supply-services-registered-person-exempted-gst-registration/11136/
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CBDT to launch Jurisdiction Free Assessment from October
Read more at: http://www.taxscan.in/cbdt-launch-jurisdiction-free-assessment-october/11141/
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TDS not applicable to Foreign Agency Commission paid outside India for Promotion of Export Sales outside India: ITAT [Read Order]
Read more at: http://www.taxscan.in/tds-not-applicable-foreign-agency-commission-paid-outside-india-promotion-export-sales-outside-india-itat/11143/
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Income from Compulsory Acquisition of Agricultural Land is ‘Agricultural Income’, Capital Gain Tax cannot Attract: ITAT Kolkata [Read Order]
Read more at: http://www.taxscan.in/income-compulsory-acquisition-agricultural-land-agricultural-income-capital-gain-tax-cannot-attract-itat-kolkata/11124/
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CBEC Notifies Exemption to Persons making Inter-State Supply of Handicraft Goods having below 20 lakh Turnover from GST Registration [Read Notification]
Read more at: http://www.taxscan.in/cbec-notifies-exemption-persons-making-inter-state-supply-handicraft-goods-20-lakh-turnover-gst-registration-read-notification/11128/
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# *GST*: CBEC notifies the extension of the time limit for filing of GSTR-1, GSTR-2 and GSTR-3 – Noti.No.30/2017-CT, dt.11-09-2017 and also notifies extension of time limit for filing of GSTR-6 by ISD – Noti.No.31/2017-CT, dt.11-09-2017. .
# *GST*: Tax officials are planning searches & surveys across the Country to widen base under the GST.
# *GST*: MoF notifies the exemption for goods imported for organising FIFA under 17, world cup, 2017 – Noti.No.75/2017-Customs-Tariff, dt.13.09.2017.
# *CBDT & MCA* have teamed up to share data and information on companies to keep a check on activities of shell companies and curb money laundering.
# *IT* raids at premises of seven big onion traders in Lasalgaon and surrounding areas in Nashik district, one of the largest onion markets.
# *IT*: Tax amnesty schemes - Whether the appeal before CIT(A) would be terms as pending where the higher appellate authority set aside the order and restore the same before CIT(A) - Held Yes - Ravjibhai k. Sutaria HUF Vs Pr.CIT (2017 (9) TMI 741 - Gujarat HC).
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CBDT amends the report on computation of book profits for Ind AS compliant companies. So Revised Form 29B has been issued.
Extended Due date for e-filing GST TRAN-1 is 31.10.17 & it can be revised once. [Press Release Ministry of Finance of 08.09.2017].
Delhi High Court has granted interim relief for an exporter, to import goods without payment of the integrated goods and services tax (IGST) to the extent allowed by advance authorizations received by him prior to July 1, when GST was enforced.
SEBI has asked stock exchanges and clearing corporations to prepare a framework for appointing of third-party vendors. The market regulator has directed the so called market infrastructure institutions to not outsource core and critical operations such as trading information, infrastructure and surveillance.
DGFT has issued Trade Notice stating that "Contact@DGFT" service as single point contact for all foreign trade related issues has been established. Contact@DGFT system has been activated at the DGFT website (www.dgft.gov.in) as a single point contact for resolving all foreign trade related issues.
ICAI Membership and COP Fee for the year 2017-18 is payable on or before 30.09.2017. ICAI revised fee with effect from 01.04. 2017. Also GST @ 18% will be applicable on or after 01.07. 2017. Fee can be paid online. http://www.icai.org/new_post.html?post_id=550
For all Members holding Certificate of Practice For Members age of 60 years and above but not holding Certificate of Practice
Associate Membership Fee Rs.1500/- Associate Membership Fee Rs.1100/-
Fellow Membership Fee Rs.3000/-
Fellow Membership Fee Rs.2300/-
Certificate of Practice Fee:
As an Associate Member
As Fellow Member
Rs.3000/-
Rs.4000/-
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*GST- Goods Transport Agency*
✓Background of levying tax on the services of Goods✓
*Transport Agency*
The levy of ServiceTax on Road Transportation Service has always been a contentious issue. The Finance Act, 1997 had levied Service Tax on Goods Transport Operators w.e.f. 16-11-1997 which was subsequently withdrawn after nation-wide strike. Thereafter by the Finance (No. 2) Act, 2004 Service
Tax was imposed on Transport of Goods by Road service
rendered by a goods transport agency with effect from 10-09-2004. However, the levy was deferred until further notice again in view of transporters’ strike. The Government thereafter constituted a Committee to deal with the issue and after taking into account the recommendations of the Committee,Notification Nos. 32 to 35/2004 – ST all dated 03-12-2004 were issued, levying tax on Transport of Goods by Road with effect from 01-01-2005.
The legal position prevailing under Service Tax is being continued under the GST regime. The services of transportation of goods by road (except services of GTA)
continue to be exempt even under the GST regime. In so far as the services of GTA is concerned, if the services (of Goods Transportation) are provided (by the GTA) to specified classes of persons, the tax liability falls on such recipients under the reverse charge mechanism. The following discussion will clarify theposition.
*Transportation of Goods by Road*
In terms of Notification no. 12/2017-Central Tax (Rate) dated 28.06.2017 (sr.no.18), the following services are exempt from GST
*Services by way of transportation of goods (Heading 9965):*
(a) by road except the services of:
(i) a goods transportation agency;
(ii) a courier agency;
(b) by inland waterways.
Thus, it is to be seen that mere transportation of goods by road, unless it is a service rendered by a goods transportation
agency, is exempt from GST.
*Who is a GTA – Goods Transport Agency?*
As per Section 65B (26) of the Finance Act, 1994; “Goods
Transport Agency means any person who provides service in relation to transport of goods by road and issues consignment
note, by whatever name called”. Therefore, in the Service Tax regime, issuance of Consignment Note (C/N) was integral and mandatory requirement before any road transporter could be brought within the ambit of GTA.
*Position under GST*
Under GST laws, the definition of Goods Transport Agency is
provided in clause (ze) of notification no.12/2017-Central Tax (Rate) dated 28.06.2017.
(ze) “goods transport agency” means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called;
Thus, it can be seen that issuance of a consignment note is
the sine-qua-non for a supplierof service to be considered as
a Goods Transport Agency. If such a consignment note is not issued by the transporter, the service provider will not come within the ambit of goods transport agency. If a consignment note is issued, it indicates that the lien on the goods has been transferred (to the transporter) and the transporter becomes
responsible for the goods till its safe delivery to the consignee.
It is only the services of such GTA, who assumes agency functions, that is being brought into the GST net. Individual truck/tempo operators who do not issue any consignment note are not covered within the meaning of the term GTA. As a corollary, the services provided by such individual transporters who do not issue a consignment note will be covered by the entry at s.no.18 of notification no.12/2017-Central Tax (Rate), which is exempt ) from GST.
*What is a consignment note*
Consignment Note is neither defined in the Act nor in the
notification no.12/2017-Central Tax (Rate). Guidance can be taken from the meaning ascribed to the term under the Explanation
to Rule 4B of Service Tax Rules, 1994. In terms of the said
rule, consignment note means a document, issued by a goods transport agency against the receipt of goods for the purpose of transport of goods by road in a goods carriage, which is
serially numbered, and contains the name of the consignor and
consignee,registration number of the goods carriage in which the goods are transported, details of the goods transported,
details of the place of origin and destination, person liable for
paying service tax whether consignor, consignee or the goods transport agency.
*Charge of GST on services provided by GTA*
In terms of notification no. 11/2017-Central Tax (Rate) dated 28.06.2017 as amended by notification no. 20/2017- Central tax (Rate) dated 22.08.2017 , sr.no. 9 and sr. no. 11, (i) Services of
goods transport agency (GTA) in relation to transportation
of goods (including used household goods for personal use) (Heading 9965 &9967 respectively) attracts GST @2.5% or 6%
CGST. Identical rate would be applicable for SGST also, taking
the effective rate to 5% or 12%.
However, the rate of 5% is subject
to the condition that credit of input tax charged on goods or
services used in supplying the service has not been taken. The Explanation to the notification further clarifies that it shall
mean that,- (a) credit of input tax charged on goods or services used exclusively in supplying such service has not been taken; and (b) credit of input tax charged on goods or services used partly for supplying such service and partly for effecting other supplies eligible for input tax credits, is reversed as if supply of such service is an exempt supply and attracts provisions of sub-section (2) of section 17 of the Central Goods and Services Tax Act, 2017 and the rules made there under.
GST @ 6% CGST (12% cumulative) is subject to the condition that
the goods transport agency opting to pay central tax @ 6% under this entry shall, thenceforth, be liable to pay central tax @ 6% on all the services of GTA supplied by it. Further, there is no restriction on the GTA from taking ITC if this option is availed.
Thus, where the GTA is not eligible to take ITC for the supplies effected by it and the liability under GST is discharged under reverse charge basis, the recipient of GTA service discharging the tax liability is entitled to take Input Tax Credit (ITC) of the amount of tax paid under reverse charge, provided it is used in the course or furtherance of business at his end. Further the recipient would be eligible for ITC of the GST paid by GTA on forward charge basis.
Notification no. 11/2017-Central Tax (Rate), sr.no.11, (ii) also provides that supporting services in transport other than those mentioned in (i) (Heading 9967) would attractGST @9% CGST. Identical rate would be applicable for SGST also, taking the effective rate to 18%.
Similar rate has been prescribed for services falling under heading 9965 in terms of notification no. 11/2017-Central Tax (Rate), sr.no. 9 (v).
*Person Liable to Pay GST on GTA services*
The liability to pay GST devolves on the recipientsfor supply of services by a goods transport agency (GTA)who has not paid central tax at the rate of 6%, in respect of transportation of
goods by road(in terms of notification no. 13/2017-Central Tax (Rate) dated 28.06.2017 (sr.no.1) as amended by notification no. 22/2017-Central Tax (Rate) dated 22.08.2017, if the recipients (located in the taxable territory)belong to the following category:
(a) Any factory registered under or governed by the Factories Act, 1948(63 of 1948); or
(b) any society registered under the Societies Registration Act, 1860 (21 of 1860) or under any other law for the time being in
force in any part of India; or
(c) any co-operative society established by or under any law; or
(d) any person registered under the Central Goods and Services
Tax Act or the Integrated Goods and Services Tax Act or
the State Goods and Services Tax Act or theUnion Territory
Goods and Services Tax Act; or
(e) any body corporate established, by or under any law; or
(f) any partnership firm whether registered or not under any law including association of persons; or
(g) any casual taxable person.
Thus in cases where services of GTA are availed by the above
categories of persons in the taxable territory the GTA supplier
has the option to pay tax (and avail ITC) @12% (6% CGST + 6% SGST);and if the GTA does not avail this option, the liability to
pay GST will fall on the recipients. In all other cases where the recipients do not fall in the categories mentioned above, the
liability will be on the supplierof GTA services.
*GTA services specifically exempt*
In terms of notification no.12/2017-Central Tax (Rate) dated
28.06.2017 (sr.no.21), the following services provided by a GTA
(Heading 9965 or 9967) is exempt from payment of tax:
Services provided by a goods transport agency, by way of
transport in a goods carriage of:
(a) agricultural produce;
(b) goods, where consideration charged for the transportation
of goods on a consignment transported in a single carriage does not exceed one thousand five hundred rupees;
(c) goods, where consideration charged for transportation
of all such goods for a single consignee does not exceed rupees seven hundred and fifty;
(d) milk, salt and food grain including flour, pulses and rice;
(e) organic manure;
(f) newspaper or magazines registered with the Registrar of
Newspapers;
(g) relief materials meant for victims of natural or man-made
disasters, calamities, accidents or mishap; or
(h) defence or military equipments.
Similarly, the following services received by the GTA (Heading
9966 or 9973) is also exempt in terms of notification no.12/2017-Central Tax (Rate) dated 28.06.2017 (sr.no.22)
*Services by way of giving on hire :*
(b) to a goods transport agency, a means of transportation of
goods.
Thus, if the GTA hires a means of transportation of goods, no GST is payable on such transactions.
*Significance of the term ‘in relation to’ in the definition of GTA*
The use of the phrase ‘in relation to’ has extended the scope of the definition of GTA. It includes not only the actual transportation of goods, but any intermediate/ ancillary service provided in relation to such transportation, like loading/unloading, packing/unpacking, trans-shipment, temporary warehousing, etc. If these services are not provided as independent activities but are the means for successful provision of GTA Service, then they are also covered under GTA.
*Conclusion*!
The above discussion shows that not all transport of goods by
road is by a GTA. To qualify as services of GTA, the GTA should be necessarily issuing a consignment note. Only services provided by a GTA are taxable under GST. Services of transportation of goods by a person other than GTA are exempt. Moreover,
in cases where the service of GTA is availed by the specified categories of persons in the taxable territory, the recipients who
avail such services are the ones liable to pay GST and not the
supplier of services unless the GTA opts for collecting and paying taxes @ 12% (6% CGST + 6% SGST). In all other cases where GTA service is availed by persons other than those specified, the GTA service supplieris the person liable to pay GST. The GTA service supplieris not entitled to take ITC on input services availed by him if tax is being charged @ 5% (2.5% CGST + 2.5% SGST). In case the GTA service supplierhires any means of transport to provide his output service, no GST is payable on such inputs.
In a nutshell, the GST law continues the provisions prevailing under the Service Tax regime. The law recognises that pure transportation of goods services are mostly provided by persons in the unorganised sector and hence has specifically excluded such operators from the tax net. In respect of those who provide agency services in transport, the liability is cast on the recipients in most of the cases or unless option to pay under forward charge has been exercised by the GTA.
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📺 *Updates*
➡1. No denial of sec. 35 (2AB) relief due to delay in filing of approval report by prescribed authority to I-T dept.
Commissioner of Income-tax, Vadodara-2 v. Sun Pharmaceutical Industries Ltd.*
➡2. Malaysian Association of Company Secretaries to adopt Indian Secretarial Standards to develop its own standards
➡3. HC allows exporters to import without payment of IGST to extent of Advance authorization licenses
Narendra Plastic (P.) Ltd. v. Union of India
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AO is bound to Pass Draft Order before passing a Final Assessment Order after the Remand Proceedings: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/ao-bound-pass-draft-order-passing-final-assessment-order-remand-proceedings-delhi-hc/11112/
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#Economy:India and Japan signed 15 MoUs, which dealt with wide-ranging issues such as bilateral relations, defence and security cooperation, and supporting each other for a permanent seat in the United Nations’ expanded Security Council. While no figure was released on how much Japanese companies planned to invest in India, some sources said it would be around Rs 5 lakh crore, including the flagship bullet train project. One of the more import MoUs was on civil aviation cooperation and open skies. They said the growing bilateral relations between the two countries could play a stabilising role in South Asia. This is important as both India and Japan are trying to counter China’s growing influence in the region.
#Finance:The I-T dept and the Ministry of Corporate Affairs have signed a pact to regularly share data, including PAN and audit reports of firms, to crack down on shell companies. The pact aims at curbing the menace of money laundering, black money, and misuse of corporate structure by shell companies. Under the pact, tax authorities will now relay audit reports of corporate entities and specific information from their I-T returns, along with PAN data, to the MCA. Besides, financial statements filed by corporate entities with the Registrar of Companies, returns of allotment of shares, and statements of financial transactions received from banks will now be shared between the two departments.
#The assessment of taxpayers is set to become jurisdiction-free. Come October, the I-Tax dept will launch a pilot project of the new system in Mumbai and Delhi to identify the loopholes. The project will then cover 100 cities in the first phase of implementation. The system envisages allocation of a particular taxpayer’s profile to any officer across the country via a special software. In the existing system, taxpayers are assessed in the specific region where they are based.The move aims to curb corruption in the department along with harassment faced by the assessees. This is a first-of-its-kind initiative. Under this, neither the assessee nor the tax officer would know the identity. The system would be equipped to deal with all kinds of tax-related matters, including filing of returns, scrutiny cases, and others.
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Income Tax Dept is working on a new system of jurisdiction-free assessment, where a taxpayer would be assessed by a taxman based in any part of the country as part of measures to reduce instances of corruption and harassment.
Ministry of corporate affairs (MCA) and Central Board of Direct Taxes (CBDT) have teamed up to share data and information on companies to keep a check on activities of shell companies and curb money laundering.
GST: For ITC claim of more than Rs 1 cr in TRAN-1, closing balance of ITC in ST, VAT returns etc & eligibility of such claim under GST being verified.
In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.
Compounding assessee to file GSTR-4 for July-September by 18 October. No GSTR-4A for inward supplies & no Inward supplies details in GSTR-4 for this quarter.
Finance ministry on Wednesday issued an official circular to begin the process of drafting the Union Budget for 2018-19.The Budget is likely to be presented on February 1, 2018.
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GST News.*
*👉🏻GST transitional claims of over Rs 1 crore to be scrutinised.*
(As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST — have been claimed as transitional credit by taxpayers, prompting the apex indirect taxes body CBEC to order a scrutiny of all cases above Rs 1 crore. )
👇🏻 👇🏻 👇🏻
https://goo.gl/fEt4bL
*👉🏻Tax officials may go for searches, surveys to widen base under GST.*
(In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country,)
👇🏻 👇🏻 👇🏻
https://goo.gl/6FXctu
*GST Notifications.*
*👉🏻GST Registration exemption to casual taxable person supplying handicraft goods.*
(Notification No. 32/2017-Central Tax, Dated.15-09-2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/t1qYAF
*👉🏻CBEC Notifies section 51 of the CGST Act, 2017 for TDS.*
(Notification No. 33/2017-Central Tax, Dated.15-09-2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/ViXaXo
*👉🏻CBEC notifies rules for filing Revised GST TRAN-1.*
(Notification No. 34/2017-Central Tax, Dated.15-09-2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/dSX6uN
*👉🏻Due date for Payment of GST & file Form GSTR 3B for Aug-Dec 2017 notified.*
(Notification No. 35/2017-Central Tax, Dated.15-09-2017)
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https://goo.gl/7rg6zB
