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Budget 2024 Updates

Rs 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 BharatI-T- Re-assessment invalidated where AO fails to record reasons for re-opening assessment & omits to apply mind before issing notice: ITATWill the Old Tax Regime be Consigned to A Margadarshak Role?I-T - Merely because there were rates differential amongst purchases from different vendors, it cannot be sole reason to infer over-invoicing / inflation of purchases: ITATJuly 21 (Sunday) was hottest day on earth since Ice Age: ScientistsGSTAT to deal with Anti-Profiteering casesRajasthan gets new industrial park in Union BudgetDepartment of Posts releases beta version of DIGIPIN for public commentsGovt issues Guidelines for 'Incentives to DISCOMs'Republicans at pain as Harris takes over Biden’s campaign fundsTN Chief Minister to boycott NITI Aayog Saturday meeting as TN gets nothing from Budget

MESSAGE BOARD

   

GST Let Down by GSTN


GST let down by GSTN

Sir

Fully agree with concerns expressed in your article. In June 17 I had responded by e-mail from US to Shri Sunil Achutan of your group when he wanted to know when I am sending new article. I am reproducing the said e-mail message wherein similar concerns have been shown by me

//Quote- copy of my e-mail dated 13.06.2017 //

Dear Sunil

Nice to see your warm message. Yes there are many issues which needs to be highlighted from operations and implementation point of view as can be seen by me since I was in operations many years at ground level. But I may not be able to contribute immediately as I am out of India on my two months visit to my son's place in US. 

Although I am in touch with GST development on day to day basis and getting more worried about SME, Traders, small businessman as to how they will able to follow the complex provisions and enormous compliances from day one. Taking speed of 100 km per hour  from the word  go is difficult even for high-tech car engines whereas Govt expects all taxabe persons to run at the speed of 1000 km per hour from the day one without having even basic infrastructure like Computers /PC and Internet access with more than 90% of traders situated in villages. Even big corporate are struggling to get themselves ready for 1st July forget about others. Hope Govt wisdom will prevail over many such things. 

No doubt reforms are essential for India  as I am witnessing in US how the tax and other systems are transparent efficient fully automated and  high  level of law abiding attitude of each one here and we must learn from them. 

Launching GST from 1.7.2017 will be disastrous for current Govt and there will be definite mess across India unless IT network is fully tested and made live at least for  six months prior to launch of GST and certain provisions are made simple. 

I am a small person and I wish I am proved wrong. 

Thanks and regards 

Khurjekar

jaimini_khurjekar jaimini_khurjekar 09/09/2017

 

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