We have seen many financial scams during the last few years from Satyam, Saradha, Kingfisher (Mr. Vijay Mallya), NSEL to PNB where public money running into thousands of crores of rupees has been involved. There may be many such scams which still hidden in dark room. These scams have shattered the faith of investors, citizens & other stake holders.
Trial Phase period for generation of e-way bill has been extended:- In view of difficulties faced by the trade in generating e-way bill due to initial technical glitches, it has been decided by the Govt. to extend the trial phase for generation of e-way bill, both for inter and intra- state movement of goods. It shall be made compulsory from a date to be announced. (Source: Twitter Message 1st February 2018 from GST@GOI).
CBEC amended Composition Rates for Manufacturers & easing norms for Traders — Manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier. -Traders opting for composition scheme would now have to pay the tax at 1 per cent on their turnover of taxable supplies. So far, they were paying GST on total turnover.
GST Returns –Due date for filing specified returns extended- Notification Nos. 59-63/2017 –Central Tax, all dated 15-11-2017 have been issued for this purpose.
Notification No. 54/2017 –Central Tax, 30-10-2017 and Notification Nos. 52-53/2017-Central Tax, both dated 28-10-2017 and Notification Nos. 41-44/2017-Central Tax, all dated 13-10-2017 have been issued for this purpose.
In case of state, there is one, critical issue that one has to declare the pending C forms. The turnover of the Forms that is pending and the tax that is applicable. payable on the differential tax because they would have paid tax on concessional rate. Similar for F form and H form, so they have to declare the tax pending on such form and pendency is from this April, 2015– June, 2017.
Certain provisions of CGST and IGST Act have already come into force and CGST Rules for Registration and Composition Levy have been notified, w.e.f. 22nd June 2017.Certain notifications have been issued specifying territorial jurisdiction of Principal Chief Commissioners, Principal Commissioners, Chief Commissioners and Commissioners, and granting exemption from registration suppliers where tax is fully payable by the recipient w.e.f. 22nd June 2017.
Rule – making has gained momentum and CBEC has released several draft rules like draft accounts & records rules, draft assessment & audit rules, draft appeals & revision rules, draft advance rulings rules and draft-way bill rules.
Outcome of GST Council Meeting held on 04th March, 2017–The GST council cleared C-GST and I-GST bills.-Draft SGST law will be circulated among states in the next few days.-1st July, 2017 appeared to be the likely roll out date for GST- Union Finance Minister
Now as the deadline of 50 days is over, through this new write up, an effort has been made to highlight the gains and losses(both monetary and non monetary) on the so called surgical strike of Government on black money, as well as reasons of not getting desired results & some suggestions to take some effective steps if Govt is indeed serious to curb this menace of black money from our economy .
