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GST Council is all set to review the implementation of the Goods and Services Tax on 5th August Jammu and Kashmir Assembly passes a resolution for implementing Goods and Services Tax CGST and IGST notifications issued by the Central Government GST Return filing relaxed for July-August 2017 GST Council approves rules for Advance Ruling, Appeals and Revisions, Assessment and audit, Anti-profiteering and funds settlement The next GST Council meet is scheduled on June 30th GST Council to finalise draft GST Rules and related Forms for Advance Ruling, Appeals and Revision, Assessment and Audit, E-Way Bill & Anti-Profiteering and Fitment/adjustment of GST Rates GSTN Window to open again on June 25 GST Council revises rates for 66 items; raised threshold limit for Composition Scheme to Rs 75 lakh from Rs 50 lakh Next Council meeting is scheduled for June 18; to finalise taxation of lotteries and e-way bills GST Transition Rules released, along with formats for transitions and draft amendment to CENVAT Credit Rules for transfer of CENVAT Credit GST Council's next meeting is scheduled for June 11 GST Council clears the pending Rules Delhi Assembly passes State GST Bill in a special session GST Council finalizes GST rates and exemptions for services GST Council clears 7 GST Rules along with relevant forms and formats The Council finalizes tax rates for most items and also rate of Compensation Cess on various goods GST rate on services and list of exemptions to be decided today Registration on GSTN Portal to be reopened for 15 days from 1st June, 2017 Goa Assembly passes State GST Bill; CM Manohar Parrikar expresses hope that the state would not incur any major losses under GST Process to enroll taxpayers on GSTN Portal, which was suspended on 30th April is to begin again in a few weeks Gujarat Assembly passes state GST Bill in a special one day session UP Cabinet approves implementation of GST and the same will be passed in the Assembly in the session commencing from May 15 GST Council's rate fitment committee to begin discussion on GST rates of goods and services, starting 4th May Uttarakhand Assembly passes GST Bill Jharkhand State Assembly has passed the State GST Bill Bihar Legislative Assembly adopts the Goods and Services Tax (GST) bill along with the Bihar taxation (Amendment) Bill Rajasthan releases The Rajasthan Goods and Services Tax Bill, 2017 CBEC releases draft GST Rules on Accounts and Records, Advance Rulings and Appeals and Revision The Telangana Legislature introduces Telangana State Goods and Services Bill 2017 during a special session of the Legislative Assembly held on Sunday, 16th April 2017 CBEC issues draft rules on Electronic Way (e-way) Bill for goods worth Rs. 50,000 and above in transit The CGST, IGST, UTGST and GST (Compensation to States) Acts receives President's assent GST Council approved five amended rules for the Goods and Services Tax regime GST Rates for major commodities and services to be decided in the next meeting in Srinagar on May 18-19 GST Bills passed in Lok Sabha Government lists GST Bills in today's agenda in the Lok Sabha CBEC to be renamed as Central Board of Indirect Taxes and Customs (CBIC) GST rates yet to be decided as government continues to analyse product categorisation under GST regime Next GST council meeting scheduled on March 31, 2017 at New Delhi 12th Council meeting approved UTGST and SGST draft bills on 16th March, 2017 The Council has approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts in 11th Council meeting GST Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill CBEC launches GST app to facilitate smooth transition to new indirect tax regime GST Roll-out deferred to July 1, 2017 Valid PAN mandatory for service tax and excise duty taxpayers before migrating to the new GST set-up GSTN revises the schedule for migrating taxpayers' enrolment The portal www.gst.gov.in has been rolled out, GSTN Software almost ready Puducherry to lead the process of migration to the GST system Registrant's migration to GST for service tax will be from January 1, 2017 till January 31, 2017 New registrations under GST to start from April 2017

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What's New

Principal Commissioner Of Income Tax & Ors. Vs Ppc Business And Products Pvt. Ltd. & Ors.
High Court Of Delhi, Jul 17, 2017

1. These appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (‘the Act’) arise out of similar set of facts involving similar questions of law and are accordingly disposed of by this common judgment. 2...

Commissioner Of Income Tax & Anr. Vs Bhushan Steels And Strips Ltd. & Anr.
High Court Of Delhi, Jul 13, 2017

1. The following common question arises in these batch of nine appeals arising from orders of the Income Tax Appellate Tribunal (“ITAT”) hereafter: “Whether the ITAT was correct in law in holding that the amount received by the assessee by way of exemption of sales tax payments was not a trading receipt but was a capital receipt, hence not liable to tax?” 2...

J K Mittal & Company Vs. Union Of India & Ors.
High Court Of Delhi, Jul 18, 2017

ORDER CM APPL. No. 25008/2017 (Exemption) in W.P.(C) 6017/2017 1. Allowed, subject to all just exceptions. CM APPL. No. 25011/2017 in W.P.(C) 5709/2017 2. For the reasons stated therein, the application is allowed. The amended writ petition is taken on record...

M/s. Ricoh (i) Ltd. Vs. C.c.e., Delhi
Cestat New Delhi, Jul 18, 2017

1. This appeal is directed against the impugned order dated 11.06.2012 passed by the Commissioner (Appeals), Central Excise, New Delhi. 2. Brief facts of the case are that during the course of audit of records in premises of the appellant, the service tax officers observed that the appellant did not pay service tax on the gross value received by it in respect of billing services provided to M/s...

Expert's Speak

This article summarises that at the time of set off and carry forward of losses or depreciation, one needs to consider various aspects such as the nature of business (whether an industrial undertaking or a spec.... More

Treatment of loss of ordinary business v/s Specified business
Mayur Desai, Director, M&A Tax, PwC India

This article provides brief comparison of provisions relating to cross border restructuring between the Companies Act, 1956 vis-a-vis Companies Act, 2013. It also highlights some of the areas where clarificatio.... More

Cross Border Restructuring - Indian Companies Act, 2013
Rekha Bagry, Partner and Manjit Bhimajiani, Associate Director, M&A Tax, PwC India

This article is about section 50CA which has been recently introduced by the government as part of various economic and policy reforms in order to promote transparency in conduct of business in India. The provi.... More

Section 50CA: Impact on M&A transactions
Ajay MR - Director, M&A Tax, PwC India

Issues Relating to Transition and Input Tax Credits in the GST Re...

The Government has incorporated detailed transition provisions in the GST Laws which cover various aspects of transition for all categories of dealers ranging from manufacturers to works contractors to service .... More

Issues Relating to Transition and Input Tax Credits in the GST Re
Monika Arora and Pankaj Grover,

Valuation of Intra-Company supplies- Definiteness expected or wil...

A complete clarity on valuation of such supplies will enable the businesses to plan the branch requirements and make transfers in a way that would not cause a very challenging issue to the working capital.... More

Valuation of Intra-Company supplies- Definiteness expected or wil
L Sayee Mohan, Senior Director,

The Government has finalised four-slab structure for taxation of goods and services under the proposed GST framework. Below is a glimpse of the winners and losers under GST.... More

GST Rates & Impact
Anjlika Chopra and Nilesh Sutar,

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