"01 October 2017" Archive

GST- Only teething troubles require redressal: FICCI

It is understandable that in the course of implementation of such a radical policy change, there will be teething troubles and unanticipated problems. This does not mean that the policy changes should be rejected....

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ICAI representations to CBDT & Contribution to GST Implementation

ICAI’s Contribution to GST Implementation - An Update- Despite teething and procedural issues and system glitches in the GST implementation, the biggest economic reform is having an impact in business....

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CBI arrests Senior Tax Assistant for accepting a bribe of Rs.30,000

The Central Bureau of Investigation has arrested a Senior Tax Assistant, Income Tax Office, MVP Colony, Visakhapatnam for demanding and accepting a bribe of Rs.30,000/- from the complainant. CBI registered a case U/s. 120-B of IPC and Sec. 7 & 13(2) r/w 13(1)(d) of PC Act, 1988 against the accused on the allegations of demanding [&hel...

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Exemption from payment of GST

Under Section 11 of the CGST Act,2017 the Central or the State Governments are empowered to grant exemptions from tax, subject to the following conditions: (i) Exemption should be in public interest...

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Footpath Gyan: The Role of Footpaths & Pedestrian Crossings in a Nation’s fight against Corruption

As children our experience with rules is from the guidance both by word and action from elders. At school, teachers lay down the rules and oversee their implementation. Most of these rules were social, safety oriented or simply for the convenience of the elders....

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Facility of furnishing Letter of Undertaking extended to more exporters

To facilitate exports under GST, it has been decided to allow exporters the facility of furnishing Letter of Undertaking in place of a bond. This facility of furnishing Letter of Undertaking, in place of a bond, is allowed to exporters for exporting goods or services or both....

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A to Z of Composition Scheme under GST

Given the plethora of complicated compliances and annoying IT infrastructure, a great savior for small manufacturers, traders and restaurants comes through section 10 of CGST Act. The basic objective of such composition scheme is to bring simplicity and reduce compliance cost for small tax payers....

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OECD releases IT-tools to support exchange of tax information policies

OECD has released updated and new IT-tools and guidance to support the technical implementation of the exchange of tax information under the Common Reporting Standard (CRS), on Country-by-Country (CbC) Reporting and in relation to tax rulings (ETR). In relation to CbC Reporting pursuant to BEPS Action 13, the updated CbC XML Schema and Us...

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