The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018. The circular deals with calculation of ITC to lapse, impact of lapse of ITC on exports, input services and capital goods and also deals with situations of fabrics where tax rate on inputs is not higher than outward supplies like cotton and silk. The major highlights of the Circular are as under
Note on Simplified Returns and Return formats has been published on 30th July 2018. This write up is an attempt comprehend the underlying concepts of new regime of GST returns.
While the restoration of refund of fabric covered by notification 5/2017 as amended by notification 20/2018 is a welcome step, the move to declare death knell for unutilized credit is completely unwarranted.
The article analyses 46 amendments proposed and posted at GST Council website for which suggestions/feedback and comments have been invited till 15-07-2018.
1. E-Way Bill Rules notified vide Rule 138 through Notification 27/2017 dated 30-08-2017., 2. The date of implementation has not been spelt. And it shall be notified later., 3. Exemption from E Way Bill,
In this article an attempt has been made to peep into scope of some important direct tax proposals contained in Budget 2017 as under
Notification No. 1/ 2015 – Income Tax S.O. 14(E).—In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 718(E), dated the 31st March, 2010 (No. 21/2010, dated the 31st
During Income tax proceedings, often statement of a person is used to catch hold of prospective tax evading assessees. But, it is trite that the statement of such a person cannot be allowed to be used against the assessee without even providing an opportunity of cross examining such person.
Stand alone AIR Information is not sufficient to hold that cash deposits constitute income. Cash deposits in bank account may or may not be Income. Hence when the treatment of the amount as Income is itself doubt , it definitely can not constitute Income escaping assessment and, therefore, it shall be too far fetched to hold that AIR Information constitutes Reason to believe that Income has escaped assessment.
Finance Bill 2016 comprised 12 Chapters, 238 Clauses and 15 Schedules spread over 221 pages. It brought in Krishi Kalyan Cess, Infrastructure Cess, Equalization Levy, The Income Declaration Scheme, Direct and Indirect Tax Dispute Resolution Schemes and amendments previous Finance Acts ranging from Finance Act 2001 to 2015 . The Journey of Change did not end here and In Lok Sabha 47 further amendments were brought in Finance Bill on 29-04-2016 including insertion of 3 more clauses there by increasing total clauses to 241.
