India’s first post Goods and Services Tax (GST) budget is probably on 01/02/2018. The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said. The Budget presentation was advanced by a month to ensure that proposals … Continue reading “First budget post GST is probable on February 1”

Securities and Exchange Board of India (SEBI) penalized singleton of Rs. 30 Lakh for violating AIF norms pertaining to alternative investment fund. The sponsor’s initial contribution before June 29, 2015 was Rs 5 crore in India Growth Opportunities Fund (IGOF), however, after June 30, 2015, it was reduced to Rs 3.13 crore. Since, the money … Continue reading “SEBI penalized 2 singleton for violating the AIF norms”

Searches were conducted at over 25 locations in Delhi and the National Capital Region by Income Tax Department. These locations are believed to be in connection with its tax evasion probe into the Panama Papers leak cases. The department had recovered about Rs 4 crore cash and jewelry during the ongoing searches in Delhi, Ghaziabad … Continue reading “Several Locations raided by Income Tax Department in Delhi NCR”

The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilizes and the need to assess the extent of taxes due takes notoriety. The government is also working on making the new tax system more user-friendly and … Continue reading “Matching of GST Invoices, returns to start soon”

The Central Board of Direct Taxes (CBDT) has issued a notification on fraudulent cases where a taxpayer has filed a revised income tax return (ITR) post demonetization and directed them to slap “higher tax rate” in instances where black money is detected. The idea behind the CBDT directive is that the legal provision for filing … Continue reading “CBDT issues notification on Fraudulently revised ITR after Demonetization”

The government constituted a 6 member panel on Wednesday for redrafting the Income Tax Law in sync with the economic needs of the country. The panel includes Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia … Continue reading “Income tax law to be redrafted by new constituted 6 member panel”

The Union cabinet on Wednesday approved the setting up of the 15th Finance Commission, which will decide on the distribution of tax proceeds among Centre, States. and local bodies in the post-goods and services tax (GST) era. A finance commission is set up in every 5 years. The government allocated Rs10 crore in the 2017-18 … Continue reading “15th Finance Commission to be set up by the Cabinet”

The Central Board of Excise and Customs (CBEC) has written to Fast-Moving Consumer Goods (FMCG) companies to pronto revise the maximum retail price (MRP) on all products with respect to the latest reductions in Goods and Services Tax (GST) rates. The benefit of reduction in the GST rate has to be passed on by the suppliers … Continue reading “CBEC Advised FMCG to pronto revise MRP of Products”

Goods and Services Tax Network (GSTN) will be launching a facility for businesses to make changes to their August and September GSTR-3B return forms beginning November 20, 2017. Besides, technology major has deployed 30 resident engineers all over the country to coordinate between state commissioners and GSTN. The taxpayers were allowed to make changes on … Continue reading “GSTR-3B can be edited for August, September from November 20”

With time government is trying to provide relief to consumers by slashing Goods and Services Tax (GST) rates. It is therefore inevitable to understand or have a brief about anti-profiteering rules under GST. The substructure of anti-profiteering in the GST rules is to reassure that any reduction in GST rate and associated with input tax … Continue reading “Rules of Anti-profiteering under GST by Next Month”

The Union Cabinet has approved National Anti-Profiteering Authority (NAA) under Goods and Services Tax (GST). The main objective behind the same is to make sure that the benefits of reduction in the GST rate are passed on to consumer and not just engulfed by the businesses. The endowment of Authority will be headed by a … Continue reading “National Anti-profiteering Authority approved by Union Cabinet”

Filing Goods and Service Tax Returns-1 (GSTR-1) GSTR-1 to be filed by the taxpayer with annual aggregate turnover up to Rs. 1.5 Crore by following dates: Period Date July- September 31ST December 2017 October-December 15th February 2017 January – March 30th April 2017   GSTR-1 to be filed by the taxpayer with annual aggregate turnover more than … Continue reading “Revised late filing penalty and last date to file GSTR-3B and GSTR-1”

In September, Central Board of Direct Taxes (CBDT) directs corporates and professionals to drop the proposal to submit their tax payment estimate for next 2 quarters in advance. CBDT came up with a draft notification directing companies with annual income of Rs. 1 Crore and professionals with Rs. 50 Lakh income per annum to report … Continue reading “CBDT may drop plan to look corporate taxes in advance”

The 23rd meeting of Goods and Services Tax (GST) Council has made certain amendments in the date on November 10, 2017. They are as under: 1.  All restaurants will charge GST at 5% without any Input Tax Credit (ITC). 2. GST on outdoor catering will be charged at 18% with ITC. 3. Restaurants in Hotel … Continue reading “Changes made after 23rd GST Council Meeting in Guwahati”

The 23rd Goods and Services Tax (GST) Council Meeting held in Guwahati on November 9-10, 2017. The meeting sops for digital payment and relief for traders under composition scheme is also expected. Bringing Real estate under GST might also feature on the agenda. As per an official, tax rates on 80% of 227 items falling … Continue reading “23rd GST Council Meeting on November 9 & 10, 2017”