In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme.
The Central Board of Direct Taxes vide notification No.2/2017 dated 6th January,2017 has once again amended Rule 114E (reporting in AIR ) casting reporting obligations on the banks and post offices for reporting of cash deposits in the bank accounts and post office accounts prior to the demontisation period.
As an endeavour to see early light of GST, CBEC, has created a separate tab, titled: MIGRATION TO GST, on the CBEC website: www.cbec.gov.in. The roll out of GST is scheduled from April 1, 2017. The taxes of Central Excise and Service Tax would be subsumed in the GST.
All existing Central Excise and Service Tax assessees will be migrated to GST starting 7th January 2017. To migrate to GST, assessees would be provided a Provisional ID and Password by CBEC.
Every Central Excise / Service Tax assessec having a valid PAN shall be granted registration under GST regime on a provisional basis. For such assessees, GSTN shall generate provisional IDs and communicate the same to the assessees through CBEC for migration to the GST regime.
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 .
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
Section 31 of proposed Model GST Act states that credit or debit notes will be raised by the supplier who has supplied such goods and / or services.
8th two days meeting of GST Council concluded on 4th January 2017 but the contentious issue of tax administration remained un-resolved. Next meet scheduled on Wednesday – 11th Jan 17 to deliberate the same.
Since now the demonitization is finally settled down, the next hot issue shall be the implementation of GST until and unless the BIP government comes out with something new.
