As you are already aware about the Press Release by the Director General of Income Tax (Investigation) – Karnataka & Goa, wherein fraudulent income tax refund scam busted in Bangalore- a case of tax professional abetting tax evasion. In this connection, we wish to present before you the following facts on the ongoings:
With less than a week to go before the India’s Union Budget for the financial year 2018-19, there is lot of debating between pundits from various schools of thought. Given the past three budgets in the reign of Prime Minister Narendra Modi, the tax laws and the corresponding regulations have been rationalised, resolving many ignored/ untouched issues. Various reforms have been brought in to promote the growth of the Indian economy and showcase India as an investor friendly country and laws have been brought to curb corruption.
CBEC has issued 9 UTGST Tax Rate Notification, 10 Integrated Tax (Rate) Notification and 9 Central Tax (Rate) Notifications which in total amount to 27 Notifications to give effect to Changes in GST Rate and its related Provisions as recommended by 25th GST Council Meeting on 18.01.2018. List of Such notifications is as follows :- […]
The following are the major changes recommended by the GST Council in its 25th meeting held on 18th January, 2018, ahead of Union Budget– 2018 which shall be presented on 1st February, 2018.
Petitioner requests to extend the time period for filing of GST Tran-1 because his application was not entertained on the last date i.e. 27.12.2017 and he has filed his complete application for necessary transactional credit.
FATCA stands for the Foreign Account Tax Compliance Act. It is a United States legislation which was primarily enacted to prevent tax evasion by US taxpayers using non-US financial institutions and offshore investment instruments.
With the conclusion of the 25th GST Council meet on January 18, 2018, the gist of the key takeaways from the meeting are as under: Policy Changes 1. Late fee payable by any registered person for failure to furnish following returns has been reduced to Rs. 50/- per day [and Rs. 20/- per day in case of Nil return] from Rs. 200/- per day:
UIDAI has all my data including biometrics, bank account, PAN, etc. Will they be used to track my activities? Why am I being asked to verify and link my mobile numbers with Aadhaar?
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018 i.e, from tomorrow and from the 1st February the implementation of nationwide e-way Bill system for interstate supply will be done on a compulsory basis. Therefore, the Sankrant will come on Consignor, Consignee and transporter.
The E-way Bill will be rolled out across the country from 1st February after which there will not be any need for separate transit pass from each state through which the vehicle is to pass as the E-way Bill or GST Bill will be valid throughout India for movement of goods, the GSTN informed today. […]
