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GST - Withdrawal of discount by supplier does not amount to profiteering - Flipkart cannot be held accountable for contravention of Section 171 of CGST Act: NAPAI-T - Consolidation of appeals being heard expeditiously by different benches of ITAT and also without giving a notice to assessee is a vitiated decision: HCWhether "One Tax"concept is being diluted (See 'TOG INSIGHT' 'on 'Taxongo.com')28th GST Council meeting decisions - an overviewCX - CENVAT -Phrase 'for personal consumption' appearing in clause (C) of Rule 2(l) of CCR, 2004 is not linked to clause (A) and (B)- Rent-a-cab service is a part of limb (B) and stands excluded from definition of Input service: CESTATAchieving targeted Cargo Release Time cannot be business as usualI-T - Non-prosecution of disallowances by taxpayer in appeal, should not be used against him as ground for invoking penal proceedings: ITATGST - Major relief granted to Services in IT, Education, Agri, Banking & Food Processing sectorsGST - Many transactions in Schedule III to constitute ' No Supply'Naidu appoints Prof Raj Kumar of BHU as Vice-Chancellor of Panjab UnivNew GST Return to work on 'upload, lock & pay' basis; NIL returns through SMSGST Registration - Part B of REG-26 not filled - Do it before Aug 31GST Council approves proposed amendments in laws; No interest to be paid if ITC is reversed on failure to make payment within 180 days + exemption to IT services in case of Related Parties + to define expression 'renting of immovable property' + extends exemption upto Sept 2019 on outward transportation by air or sea + RCM to apply on DSA services to banks or NBFCsGST Council reduces tax rates on as many as 87 items + 5% IGST on Pool price of imported urea by Govt + exemption from CESS to coal rejects + water supplied for public purposes + 5% tax rate on marine enginesGST Council takes slew of decisions to reduce tax rates & simplify compliance normsGSTN to link all tolls & nakkas through RAFD for smooth movement of goods + SOP to be issued to overcome e-Way Bill related penalty + Migration window without interest to remain open till Aug-endGST Council to meet again on Aug 4, 2018 + to focus on issues relating to only MSME Sector + also to discuss possible sops for digital paymentsGST Council hikes exemption limit from Rs 10 lakhs to Rs 20 lakhs in States like HP, Uttaranchal, Assam, Arunachal & two more + also allows multiple registration within a State if taxpayer wishes so + simplifies cancellation of registrationGST - Council decides to make it quarterly return but monthly payment upto Rs 5 Crore turnover - Relief for 93% taxpayers + approves 10% of turnover or upto Rs 5 lakh worth of services by Composition dealers + suspends RCM upto September 2019GST Council decides 28% tax to apply only on actual hotel tariff of Rs 7500 rather than declared tariffGST Council grants relief to textile sector - ITC refund to be granted but after July 27, 2018GST Council exempts many items such as statutes of god, rakhi, brooms & many others + tax rate on handloom items lowered from 12% to 5% + rate on ethanol down to 5% + many items moved from 28% to 18% slabGST Council approves New two-page GSTR + facility of revision of GSTR + quarterly return for composition dealers but monthly tax payment + exemption to sanitary napkins + 5% tax rate on shoes up to Rs 1000 + many items like TV upto 25 inch + Fridge & other electronic items from 28% to 18% slab + powers to share IGST and CESS collected before 5 years
Taxidniaonline.com - Kelkar Committee Final Report

FINAL REPORT ON DIRECT TAXES

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Table of Content and Preface
Chapter 1 - Reactions to Consultation Paper : Our Response
Chapter 2 - Approach to Tax Reform
Chapter 3 - Reform to Tax Administration
Chapter 4 - Personal Income Tax Reform
Chapter 5 - Corporate Tax Reform
Chapter 6 - Taxation of Capital Gains
Chapter 7 - Treatment of Other Entities
Chapter 8 - Other Taxes
Chapter 9 - Impact of the Recommendations
(Table of Chapter 9)
Summary and Recommendations

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