Budget 2024 Updates

India successfully tests two ballistic missilesKhalistani activists polluting Canada: Canadian MP Chandra AryaUK Foreign Minister David Lammy meets PM ModiRs 1.72 lakh crore allocated for capital acquisition for defenceI-T- Re-assessment - additions quashed as assessee given fresh opportunity to adduce evidence; nevertheless, assessee failed to participate in hearing despite multiple notices - costs of Rs 40000/- imposed on assessee: HCVaishnaw hails Rs 2.62 lakh crore capex for RailwaysCX - Final product is copper cathodes and not sulphuric acid, which is a by-product - Oxygen gas captively consumed in manufacture of sulphuric acid is entitled to exemption in terms of notification 67/95-CE: HCElectric Mobility Promotion Scheme, 2024 notified to promote green mobilityGST - Same input and output supplies though attracting different tax rates at different points of time - Since para 3.2 of Circular 135 has been struck down as ultra vires, refund to be extended: HCBIS sanctions 82 projects to faculty members of various prominent institutionsGST - Demand confirmed since petitioner failed to file a reply - Petitioner can be given one opportunity to explain subject to they depositing 25% of disputed tax from its Electronic Cash register: HCBihar passes bill to curb paper leaks with Rs one crore fine & 10-yr jailGST - Petitioner's assertion that the ITC available in GSTR-2A exceeds that availed of in GSTR-3B was not considered - Matter remanded; bank attachment lifted: HC380-feet asteroid to fly past earth at 29K Kmph tomorrow: NASAGST - Legitimate trade and commerce by every supplier should be allowed to be carried on subject to payment of tax and statutory compliance - Registration to be revived: HCPax plane crashes with 23 onboard at Kathmandu airport; 18 killedGST - Petitioner unaware of SCNs and the orders passed - Subject to petitioner depositing 25% of disputed tax, matter remanded: HCINDIA bloc boycotts Parliament; says Budget is discriminatoryTaxonomy is not about taxesBudget for Vikasit BharatWill the Old Tax Regime be Consigned to A Margadarshak Role?July 21 (Sunday) was hottest day on earth since Ice Age: Scientists

MESSAGE BOARD

   

July vs September - GST Council needs to avail Constitutional space for better preparedness?


Tax Soldiers

Going by the feedback from the trade, industry and even the department, there is a sense of nervousness regarding preparedness for GST. It is logical also. The reasons are manifold. Last minute changes in the rules, formats, reverse charge under Section 9(4), business verticals, e-way bills have added more confusion and apprehensions. I wished, so much of complications could have been avoided , atleast in the initial phase. Many fear a like situation that arised after demonetisation.
Apart from, all almost everybody is sceptical about the ability of GSTN to handle all this.
The other side of the issue is that whether postponement will solve all such issues? It may solve some issues like creating more awareness, opening facilitation centres, readying the administrative machinery, but the apprehensions about the capability of GSTN can be redressed only when the GSTN switch is on. Further, the complexities and quantum of compliance may not go well with micro and medium enterprises. Peak rate of GST (28%) has also provoked some class of manufacturers.
However, when we have travelled so long, after so much of deliberations, we all should contribute positively. All the stake holders should work like ‘Tax soldiers’ facing all the odd situations, atleast in the initial phase, albeit backed by a well planned ‘war room’. Let’s hope for the best.

R.C.Prasad

R C Prasad 09/06/2017

 

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