The government is doing all that it can to implement GST (Goods & Services Tax) with effect from July 1, 2017. As we move towards a new era of taxation, it becomes imperative to understand the plight of Input Tax Credit on unsold stocks held by us on the day immediately preceding the appointed day.
With the implementation of the GST w.e.f. (the notified date), GSTIN would be used for purposes of (i) credit flow of IGST on import of goods, and (ii) refund or rebate of IGST related to export of goods.
Before the advent of the National Mission for Clean Ganga (NMCG), Ganga, the most revered and national river of India, was facing the challenge to its existence due to discharge of increasing quantities of sewage, trade effluents and other pollutants on account of rapid urbanization and industrialization.
One of the major objectives of Government of India and the Reserve Bank of India is achieving durable inflation. Inflation in India had reached 10-11 percent in 2008 and remained elevated for several years. Over the past 3 years, inflation has come down from 9.4 percent in 2013 to 5.9 percent in 2014 to 4.9 percent in 2015 to a projected value of 4.7 percent in 2017.
Newly inserted Article 246A(1) in the Constitution of India (‘the Constitution’), effective from 16-09-2016 gives concurrent power to the Centre and the State to levy GST on the supply of goods and services, subject to clause (2) which gives exclusive power to the Centre to levy GST on the inter-state supply of goods and services.
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhar / Enrolment ID of Aadhar application form, for a) making an application for allotment of Permanent Account Number and b) filing of return of income with effect from 1st July, 2017.
The critical importance of obtaining better outcomes from government expenditure is highlighted by the following. According to India’s Public Finance Statistics (latest data is for 2015-16), India’s total government expenditure at all levels (on cash accounting basis) at all levels was ₹38 trillion, (equivalent to 27.9 percent of GDP). In the same year, revenue receipts and tax revenue at all levels were ₹28.4 trillion (equivalent to 20.9 percent of GDP), and ₹24.2 trillion (equivalent to 17.8 percent of GDP).
When the Assessing Officer has not accepted the consent of the assessee in toto then the said consent cannot be applied as a Doctrine of estoppels against the assessee and the assessee has a legal right to challenge the assessment order before the appellate authority.
The following Act of the Gujarat Legislature, having been assented to by the Governor on the 9th June, 2017 is hereby published for general information.
The only submission made by the learned counsel for the petitioners is that the sale of tobacco would not attract the provisions of the enactment. He further submits that as per Rule 2.3.4 of the Food Safety and Standards (Prohibition and Restrictions on Sales) Regulations Act, 2011, tobacco shall not be used as ingredients in […]
