SIGN IN SUBSCRIBE

News Update

US Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Sourav Ganguly goes to Police against cyberbullyingYadav calls for development of sustainable, Inclusive low-carbon transport systemsFed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCus - Import of Areca Nuts - Department did not follow procedure laid down by CBEC for verification or testing/re-testing, to establish true origin of goods; Nuts imported from Sri Lanka otherwise meet requirements for duty-free import under Notfn No 26/2000-Cus: CESTATCAQM announces revised GRAP schedule for Delhi-NCRChina to be on top of agenda at Quad meeting: White HouseCus - No proper evidence is found towards Customs Officer's involvement in fraud, the allegation that appellant has actively colluded with Customs officials cannot legally sustain, penalty imposed on appellant also cannot sustain: CESTATIndia's position is of a 'Vishwa Bandhu' in global world order: CDS Gen Anil ChauhanST - The contracts being composite in nature and demand having been raised under Construction of Residential Complex Services, demand of service tax cannot sustain for the period after 01.07.2010 also: CESTATGovt organises 'FAME's Success in Transforming India's EV Landscape: From Vision to Reality'Death toll rises to 21 in second wave of blasts in Lebanon - it was Walkie-Talkie after pagerI-T - Miscellaneous income such as commission, discount charges, sale of wastages and diesel sales are to be treated as income derived from industrial undertaking: HCGermany halts exports of weapons to IsraelI-T - If any statute has been enacted, there cannot be insertion of any word beyond the contents of the statute: HCI-T - Contributions to PF/ESI paid before the due date u/s 139(1) of the Act are allowable as deduction: ITATBaltimore Bridge collapse: US seeks USD 100 mn compensation from Singapore-based ship ownerI-T - No license is granted under Income tax Act to misuse presumptive scheme of taxation and camouflage undisclosed income from unexplained sources under guise of turnover/gross receipt: ITATI-T - If no return of income is filed by tax-payer, then appeal can only be admitted by CIT (A) only when tax-payer has paid advance tax which was payable by him: ITATFaux cybercrime platforms busted in global operations; 51 arrested by EuropolI-T - Dismissal of assessee's appeal in limine by CIT(A), without going into merits of issues, solely due to non-appearance of assessee, is unsustainable, being in direct contravention of Section 250(6): ITATI-T - CIT(A) has powers co-terminus with those of the AO and is permitted under law to make own inquiry or direct AO to inquire into the matter, in case of assessee's absence : ITATIMF pauses Mission to Moscow after Kyiv protestsCabinet okays National Centre of Excellence for Animation, Visual Effects & GamingCabinet accepts recommendations of High-Level Committee on Simultaneous ElectionsCabinet gave approval for CHANDRAYAAN-4 MissionIncome tax collections till Sept 15 up by 16%After Moon and Mars, India sights science goals on VenusCabinet approves Pradhan Mantri Janjatiya Unnat Gram AbhiyanISRO to develop launch reusable vehicle with high payloadJapan, France to ink military pact by year-endFM holds 2nd review meeting on Capex for Ministry of RailwaysCyber fraud - posing as CBI officer - Railway staffer loses Rs 9 lakhGlobal Renewable Energy Meet: Investment commitments of Rs 32.45 lakh Cr poured: JoshiProvisional Attachment - Precaution, Persecution, Penury?Dak Ghar Niryat Kendra expands export services with automated IGST Refund facilityThe Delay Dynamics
 
GST Council shifts focus on anti-evasion measures; Tax rates reduced on 29 goods & 53 Services

By TIOL News Service

NEW DELHI, JAN 18, 2018: ALTHOUGH it was a day-long fatigue-causing deliberation for the GST Council Members but a major chunk of time was consumed by the various presentations made by different Committee members, including Infosys chief Nandan Nilekani. Mr Nilekani made a detailed presentation in simplification of the GST return. Though nothing was decided by the Council but broad consensus was achieved in terms of continuing the present GSTR-3B and uploading of sale invoices. In his press briefing the Union Finance Minister, Mr Arun Jaitley, hinted that if the invoice-matching objective is achieved by such uploading, there would be changes in the business processes in the coming months.

On the tariff front, Mr Jaitley said that various Committees like the Sarna Committee on the Handicrafts items and other recommendations of the Fitment Committee, the Council decided to reduce the tax rate from 28 % on 29 goods and 53 Services. He admitted that although it may marginally impact the revenue collections but it would help certain sectors which employ a large number of persons. The new tax rates would be applicable from Jan 25, 2018. This means all the relevant Notifications would be issued before this.

For the first time Mr Jaitley expressed disappointment with the Composition Scheme taxpayers (about 17 lakh registered paid only about Rs 307 Crore) and the Council received several legislative changes to tighten the screw on such taxpayers. And one of the changes might be the extension of Section 9(4) of the CGST Act to such taxpayers. However, all such amendments would be discussed by the Council at its next meeting through video conferencing.

To overcome the dip in the revenue collections, since huge amount of money is parked in the IGST head, it was decided today that out of the total sum, about Rs 35000 Crore would provisionally be divided between the Centre and the States and a final view may be taken later.

To further address the issue of a dip in the revenue mop-up the FM said that the emphasis so far has been on voluntary compliance with no anti-evasion measure. But now, with the introduction of e-Way Bill, anti-evasion apparatus is being put in place. As many as 15 States today confirmed that they would be making e-Way Bill mandatory for even Intra-State movement of goods from Feb 1, 2018.

See PDF


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST