Service of transporting goods plays a very vital role in trade channels, being a huge part of economy it bears the straight impact over the business and trade. Taxing the transportation service whether provided in water by means of vessel, by road, by train or by a courier agencies has always been a contentious issue especially taxation of transportation by road.
Clause 2 of the GST draft ITC rules, read with section 16 of CGST Act, 2017, deals with such transactions. The rule requires to furnish the details of such supply and the amount of input tax credit availed of in form GSTR-2, in the following month of such transaction. It requires this shall be added to the output tax liability.The rule also provides such reversed amount is available for re-credit once the payment for the supplies are made.
Not a day passes without reference to fictitious accounts opened for diverting funds either for income tax purposes or laundering of funds. Interestingly, many of these accounts carry the solemn auditor’s fairness opinion on the financial statements. It was a meeting of Chartered Accountants, some of them must be leading, judging by the Toyotas, Hondas or BMWs parked at the gate of the conference. I was in attendance there. Sophisticatedly called “Transfer Pricing” one of the speakers made salient features of various ways of assessing the cost involved between two countries experts’ services, expert fees, boarding, lodging etc. and also casually concluded by mentioning some money to be paid to the tax authority to get the cases cleared. Wow! Since long our Chartered Accountants have become commission agents, a remark jokingly or seriously made by a government official
Notification No. 35/2017 – Central TaxSeeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017.
Every registered person who has submitted a declaration electronically in FORM GST TRAN-1 within the time period specified in rule 117, rule 118, rule 119 and rule 120 may revise such declaration once and submit the revised declaration in FORM GST TRAN-l electronically on the common portal within the time period specified in the said rules or such further period as may be extended by the Commissioner in this behalf.
entral Government hereby appoints the 18th day of September, 2017 as the date on which the provisions of sub-section (1) of section 51 of the said Act shall come into force with respect to persons specified under clauses (a) and (b) of sub-section (1) of section 51 of the said Act and the persons specified below under clause (d) of sub-section (1) of section 51 of the said Act, namely:-
Seeks to granting exemption to a casual taxable person making taxable supplies of handicraft goods from the requirement to obtain registration vide Notification No. 32/2017- Central Tax
Where reassessment proceedings were initiated on the directions from JCIT or CIT and AO had not carried out any independent exercise to examine fresh material to come to a conclusion that the assessment warrants reopening on account of escapement of income, the reassessment was bad in law.
Ministry of Finance releases India’s ‘External Debt: A Status Report 2016-17’;India’s External Debt stock stood at US$ 471.9 billion at end-March 2017, decreasing by US$ 13.1 billion (2.7 per cent) over the level at end-March 2016.
The appeal module of ITBA was rolled out in the month of June 2015 enabling the CsIT(Appeals) to function in a computerized environment. To dispose appeals in ITBA, it was imperative to upload appeals on ITBA Module and for the same an excel utility was made available to CIT(A) to upload the pending appeals in the appeals module.
