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I-T- Demand notice issued mechanically merits being quashed, where passed in ignorance of assessment order giving clean chit to assessee: HCIndia discovers Lithium Resources in Mandya and Yadgiri districts of KarnatakaI-T- No disallowance under section 36(1)(iii) can be made if funds are available with the assessee, which are sufficient to meet the investment: ITATIndia's installed Nuclear Power Capacity to triple by 2031-32: MoSI-T- Penalty rightly quashed where assessment order proposing penalty is itself quashed: ITATGoyal sets USD 50 bn target for footwear industry to achieve by 2030I-T- Where public trust claims deduction under Chapter VIA & due to absence of separate provision in ITR for Section 80GGA at time of filing it, then claim being clubbed u/s 80G is valid: ITATIndian-origin German citizen nabbed with 6 kg of cocaine at IGI AirportIndia to remain steadfast in commitment to nurturing adolescents' talents: Health SecyAI-based SearchGPT to compete with Google: OpenAII-T- Assessee's acceptance of the cash in the form of SBNs, assessee being an Urban Cooperative Bank, which is not being covered by the RBI Circular, cannot be considered as unexplained for addition U/s. 68 of the Act: ITATDelhi liquor scam: United Spirits CEO summonedVAT - burden of proof lies with Department to verify & approve refunds to ultimate taxpayers: HCBiden to attend QUAD meeting to be held in New Delhi this yearST - Appellant is entitled to avail CENVAT Credit on re-insurance of motor vehicles and credit availed by it during relevant period from April, 2011 to March, 2012 on this score were all admissible credit: CESTATChinese youth furious over appeal to raise retirement ageST - As there is no positive act established against appellant with regard to suppression of facts, the period being transitional period, invocation of extended period was set aside: CESTATUS & allies allege North Korean hackers of stealing military secretsCus - Assessee-company is not liable to pay interest on deferential Customs duty arising out of the final assessment of bills of entry: CESTATMexican drug lords arrested in USCX - Cenvat credit of input services as per Rule 6(5) of CCR 2004, is allowed, even if such services are partly used for exempted businesses: CESTATNew Income tax Code to be developed internally by CBDT, says Revenue SecretaryCus - Department has not established any positive act on the part of appellant in regard to suppression of facts with intent to evade Customs duty, no grounds found for invocation of extended period, demand of CVD along with interest and imposition of penalties cannot sustain: CESTATKejriwal to remain in judicial custody till Aug 8CX - Refund of pre-deposit is governed by Section 35FF of Central Excise Act, 1944 and rate of interest is governed by statutory provisions and notifications issued in this regard, appellants are entitled for payment of interest as per provisions of Section 35FF and at the rate prescribed therein: CESTAT
 
GST - Presentation before Empowered Committee - Industry voices against dual administration

By TIOL News Service

NEW DELHI, AUG 30, 2016: WHILE making presentation before the Empowered Committee on GST today, CII President Dr Naushad Forbes said that the GST Law should provide for seamless movement of goods without any rigid administrative requirements that will delay transit and add to costs. There should be a foolproof mechanism of movement of goods between states and a single registration process, and industry should not be subjected to dual administration of assessment and audit, both by Centre and States. There should be a sense of trust and faith in the industry while framing simple and easy to follow legislation, with a confidence that industry shall be an equal partner with the Government in taking this great initiative forward together, he added.

Addressing the Empowered Committee, Mr Chandrajit Banerjee, Director General, CII, reiterated that “GST is a game-changer for India. We hope that the standard tax rate would be kept at a reasonable level of 18% which would greatly contribute to growth, employment and incomes, and boost Indian industry's global competitiveness.”

“GST would help in the endeavor of 'One India, One Common Market' and contribute greatly to the ease of doing business in the country. India can also become more globally competitive with the introduction of GST through reduced expenditure on transport and logistics as well as removal of cascading taxes and multiple levies. We expect that GST would add at least 1 percentage point to the GDP growth rate," said Dr Naushad Forbes.


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: Good suggestion of Single Audit- need to push it

Suggestion of Single Audit, if accepted, will become most welcome step for industry. Industry will use the manpower for other growth purposes instead of fighting years together against routine,incorrect, flimsy audit objections.
There should be provision for single audit under SGST,CGST & IGST Act/Rules and auditor may give report to respective department. Regards, M. K. Tarle - L&T- E&A

Posted by R K Kishnani
 

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