NRI’s would now have to disclose details of residency in foreign country. Tax Identification numbers allotted to them. With this, through exchange of information Government would keep a track on Evasion. Additional disclosure on assets held abroad. This isnt a welcome move since NRI’s would be reluctant to share the same with GOI.
Just heard of an Insensitive statement from Revenue Secretary that GSTN faced issued because of mentality of Tax payer to rush at the Last moment. With all due respect, i feel you knew of this mentality but still you couldn’t develop a strong and robust IT system which could take the load of such huge Data, such last minute rush.
Exporters and Suppliers to SEZ units are under a confused state right. With unsettled Law and continous amendments is adding to the confusing. In this article we are trying to clear the air by providing detail list of documents required to be submitted along with a LUT/ BOND
Transitions Provisions are covered under section 140 of the Integrated Goods and Service Tax (IGST ) Act 2017. Transitions provisions are most important from the point of view of Every Tax-payer. Transitions provision would not only impact the Input tax credit of the assesse but would also be an important mechanism for smooth transition of Business from current Indirect Tax regime to GST.
On 15th August, 2017 India completed 70 years of Independence and entered 71th year. One the biggest landmark in taxation restructuring as far as Indirect Tax is concerned, happened just about 45 days ago on 1st of July, 2017 with the implementation of GST. GST unlike other taxation regime would be system driven and system […]
