"10 February 2017" Archive

Indirect tax collections upto January 2017 shows positive growth

During January 2017, the net indirect tax grew at the rate of 9% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.1%, 26.3% and 9.4% respectively during the month of January 2017, compared to the corresponding month last year....

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Posted Under: Excise Duty |

CBDT requests Monthly report on Paperless Assessment

F.No. 225/267/2015 ITA-II (10/02/2017)

As you are aware, the assessment proceedings in all cases selected under scrutiny are now to be conducted through e-mail based communications unless the taxpayer concerned himself desires to opt out of the Paperless Assessment Scheme....

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CBDT requests report on quality assessment orders

F.No. 225/92/2017/ITA.II (10/02/2017)

As a mechanism to monitor quality of scrutiny assessment orders, it was laid down in para 4 of Instruction No. 4 of 2016 of CBDT dated 13.07.2016 that Pr. CCsIT/CCIT(Central)/Pr. CCIT(International-tax)/CCIT(Exemptions)/DsGIT(Inv.) would submit a report containing details of at least 25 quality assessment orders from their respective char...

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Indian Institutes of Management Bill, 2017 introduced in Lok Sabha

THE INDIAN INSTITUTES OF MANAGEMENT BILL, 2017 is A BILL to declare certain Institutes of management to be institutions of national importance with a view to empower these instituions to attain standards of global excellence in management, management research and allied areas of knowledge and to provide for certain other matters connecte...

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Posted Under: Excise Duty |

GST: Revisional powers of chief commissioner or commissioner

A new concept of revisionary power of Chief Commissioner or Commissioner has been proposed in the GST Law as compared to the provisions prevalent in present indirect taxation. ...

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Posted Under: Excise Duty |

Direct Tax Collections for January, 2017 show Growth of 10.79%

Direct tax collections up to January 2017 show a consistent growth trend. The collection net of refunds stands at Rs. 5.82 lakh crore which is 10.79% more than the net collections for the corresponding period last year...

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Posted Under: Excise Duty |

GST- Simplified Meaning

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. ...

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Posted Under: Excise Duty |

PPT on Key Direct Tax Proposal in Union Budget 2017

Direct tax proposal - highlights:- Personal Taxation, Corporate Taxation, Penal Provisions, Capital Gain Taxation, Cash Proposal to reduce Cash Transactions and promote Digital Economy, Tax Deduction At Source (TDS), Business Taxation...

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Posted Under: Excise Duty |

Budget 2017-18 : Economic reforms and indirect taxes

The tax proposals, both direct and indirect, are aimed at the following major reform areas: 1. Measures for Promoting Affordable Housing and Real Estate Sector 2. Measures for Stimulating Growth 3. Promoting Digital Economy 4.Transparency in Electoral Funding 5. Ease of Doing Business...

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Posted Under: Excise Duty |

Demystifying supply as per revised model gst law

Article 366(12A) of the Constitutional (101st Amendment) Act, 2016 defines the Goods and Services tax (GST) as "a tax on supply of goods or services or both, except supply of alcoholic liquor for human consumption". The term 'supply' is, however, not defined in the Constitution....

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Posted Under: Excise Duty |
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