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Government extends GST Return filing date to August 28 from its original deadline of August 20 Filing of GST returns begins tomorrow; facility open till August 20 GST Council to meet on August 5 to decide on anti-profiteering mechanism Government forms panel for setting GST Anti-Profiteering Authority 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

Commissioner Of Income Tax Vs Tara Sinha
High Court Of Delhi, Aug 11, 2017

1. The Respondent Assessee - Mrs. Tara Sinha (hereafter ‘Assessee'), was working as the President of M/s Tara Sinha McCann Erickson Pvt. Ltd. (‘TSME’), an advertising agency. She also held 51% shares of the said company, and McCann Erickson Worldwide Inc...

Aryan Arcade Ltd. Vs Commissioner Of Income Tax
High Court Of Gujarat, Aug 10, 2017

Where AO after examining the issue accepted the assessee's claim for deduction u/s 24(b) of the Act even with respect to interest paid on debentures which were utilised for repayment of past loans used for the purpose of construction of the building, theview of AO was certainly plausible, particularly, in view of clarification issued by CBDT, it was, not open for Commissioner to take such order in revision

Cce, Indore Vs. M/s. Virgo Softech Ltd.
Cestat New Delhi, Aug 14, 2017

1. These three appeals are by Revenue against common impugned order dated 27/08/2013 of Commissioner of Central Excise, Indore. The respondents are engaged in preparing SOC - VRC (smart card) for vehicle registration by the Road Transport Authorities, Government of Maharashtra...

Satish Kumar Contractor Ltd. Vs. Cce & St, Panchkula
Cestat Chandigarh, Aug 11, 2017

1. The appellants are in appeal against the impugned order. 2. The brief facts of the case are that the M/s Satish Kumar Contractor, Ltd. are holding Service Tax Registration number for providing construction services. During the audit of their record, the Service Tax Authorities noticed that they had shown expenses on inward freight amounting to Rs...

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, 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

The major corporate houses in India are family driven and needs smooth succession of wealth and management of the business to future generations. With enhanced size of business and involvement of multiple nucle.... More

Succession Planning Through Trust
Bhavin Vora - 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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