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India’s manufacturing PMI marginally down to 57.5 in AugustKGST - As is trite law, a suit filed prior has to be adjudicated so as to bar a suit filed subsequently & that doctrine of res judicata is inapplicable without a previous adjudication: HCSC sets up Judge-headed panel to sort out protesting farmers’ grievancesGST - Adjournment was granted for two weeks but the proper officer passed the orders before the period was over - Orders set aside and matter remanded: HCPM to be on official tour to Singapore & Brunei between Sept 3 to 5GST - Shipping bill can be considered as an application for refund of IGST in terms of rule 96: HCGST - Petitioner is permitted to pay amounts assessed in 24 equal monthly instalments together with interest - Recovery proceedings to be kept in abeyance: HCGST - S.80 - Instalment facility granted to pay defaulted tax - If petitioner commits any default in payment of even a single instalment, it is open to respondents to proceed for recovery: HCGST - Allegation is that petitioner availed ITC in contravention of s.16 - Petitioner submits that they paid output tax without utilising ITC in question - Matter remanded: HCCBDT issues transfer order of 17 Addl / JCITsPMLA - Statement given by accused, while under custody in PMLA case to investigating officers of ED incriminating oneself in another money laundering case would be inadmissible in evidence: SC (See 'TIOLCorplaws')CBDT promotes 6 IRS officers as CCITThe making of an 'Input Service Distributor'President Murmu unwraps new Insignia and flag of Supreme Court of IndiaCBIC amends Sea Cargo Manifest & Transshipment Regulations‘Kavach’ system to be deployed in mission mode: Rail MantriI-T - Re-assessment cannot be commenced when there is no failure on assessee's part to make full and true disclosure of material facts during original assessment: HCHeavy rains in AP & Telangana; 26 NDRF teams deployedMoS unveils New Single Unified Pension Form for Senior CitizensGST mop-up in August month rises to Rs 1.75 lakh crorePresident Murmu says Culture of adjournment needs to be amended for speedier justiceIndia Post Payments Bank providing financial inclusion to remote areas17 killed in Russian copter crashI-T - Amount paid by assessee for obtaining mining rights in e-auctions, can be countenanced as income of assessee: HCOMCs hike LPC cylinders cost by Rs 39

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GST Bill half-passed but FM needs to guard against serious fault lines!


Flying blind about GST

Often clients, while consulting about Service Tax or Central Excise matters ask, "will this problem be addressed when GST is implemented?". Alas, we professionals are at a loss to reply to such questions. We still do not have the foggiest idea about what the draft GST law would look like. We do not know whether the Central and State Governments are ready at all with the draft law. Without waiting for passage of Constitution Amendment Bill in the Rajya Sabha, the Governments must put in the public domain the text of draft GST law, so that citizens who ultimately bear the incidence of tax, the Trade and professionals alike can put forth their concerns and suggestions for consideration of the Government. GST implemented in haste without due consultation with the stakeholders might turnout to be the biggest blunder of the Central Government in Indpendent India.

Gururaj B N 08/05/2015

 

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

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