The inception of the Goods and Service Tax has been gratified to be a watershed in the history of indirect tax reforms in India. The present GST regime seeks to rationalize the cascading effect of various indirect taxes through a uniform taxation system, which shall be fixed by the GST Council consisting of the finance ministers of various states and the union.
As we near the end of the Financial Year 2017-18, I would once again like to reiterate our need to focus on the recovery of arrears. In my review meeting on the status of recovery of arrears, I note that as on 31st January, 2018, there is a total of Rs 11,450 crores of clearly recoverable arrears
The GST tax act is the largest ever fiscal legislation that subsumes and unifies all the erstwhile indirect taxes into one common and unified tax. It would terminate multiple taxes all around the country and would create an equal level playing field for all the stakeholders throughout the country.
This march ending is going to be very crucial because of changeover from old taxation system to GST regime. Apart from the normal year end practice few additional things will have to be kept in mind while filing the last returns and closing books of accounts.
CBEC has issued Circular No 5/2018-Customs dated 23-02-2018 which provided for an alternative mechanism with officer interface to resolve invoice mismatch cases. In the said circular, it was provided that the mechanism would be available for the shipping bills filed till 31.12.2017.
Amendments to Foreign Trade Policy 2015-20 – Extension to Integrated Goods and Service Tax (IGST) and compensation Cess exemption under EOU scheme till 01.10.2018
References have been received in Head Office for furnishing guidelines on belated refund of contributions received by EPFO owing to wrong coverage, voluntary or erroneous deposits etc.
It has come to the notice of Head Office that payment of pension has been stopped in some cases by the field offices due to the reason of non submission of Digital Jeevan Praman.
