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.
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.
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 […]
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.
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.
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 User Guide […]
On account of implementation of GST w.e.f. 1st July, 2017, there may be instances where the retail sale price of a pre-packaged commodity is required to be changed.
FM: Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration; Government is committed to widen the tax base by encouraging and incentivising the new tax payers; Number of tax payers increased significantly from 4.72 crore in financial year 2012-13 to 6.26 crore during the Financial Year 2016-17;
Extension of time for Review by Review Committees of Chief Commissioners or Commissioners of Customs, Central Excise and Service Tax under Section 129D (3) of the Customs Act, 1962 and Section 35E (3) of the Central Excise Act, 1944 and Section 86 (3) of the Finance Act, 1994regd.
IGST Exemption on Supply of services associated with transit cargo to Nepal and Bhutan (landlocked countries) vide Notification No. 31/2017- Integrated Tax (Rate)
