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Showing posts from September, 2017

Finance Ministry advises Tax Payers to Confirm Identities of Income Tax Search Authorities

<p>The Finance Ministry has advised Tax Payers to Confirm Identities of Income Tax Search Authorities. The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law. However, instances have been brought to the notice of department wherein, certain unscrupulous […]</p>

Income-Tax Dept. to launch Jurisdiction-Free Assessment from October

Sep 15, 2017 01:11 AM IST
*The assessment of taxpayers is set to become jurisdiction-free.* Coming October, the income tax (I-T) department will launch a pilot project of the new system in Mumbai and Delhi to identify the loopholes. *The project will then cover 100 cities in the first phase of implementation.*
*The system envisages allocation of a particular taxpayer's profile to any officer across the country via a special software.* In the existing system, taxpayers are assessed in the specific region where they are based.
The move aims to curb corruption in the department along with harassment faced by the assessees. "This is a first-of-its-kind initiative. Under this, *neither the assessee nor the tax officer would know the other's identity,*" said a senior I-T official close to the development.
*The system would be equipped to deal with all kinds of tax-related matters, including filing of returns, scrutiny cases, and others, he added.*
The system is expected to diss…

Delhi HC Allows Import of Goods without payment of IGST to the extent of Advance Authorization obtained before GST Rollout

In a significant ruling,
Justices S Muralidhar and Prathba M Singh have granted an interim relief to the petitioners to import goods without payment of Integrated Goods and Services Tax (IGST) to the extent of advance authorization scrip obtained by them prior to July 1st.
The order would be a major relief to the exporters who are under a threat of losing working capital on a daily basis due to the payment of IGST post implementation of the Goods and Services Tax (GST).
The petitioner, in the instant case was granted with Advance Authorization as per the Foreign Trade Policy 2015 – 2020.In terms with the FTP, the Advance Authorization licence is issued to a manufacturer exporter or merchant exporter having past export performance in at least two preceding financial years. The petitioners were aggrieved with the Notification No. 26/2017-Customs dated 29th June 2017, issued by the Government post GST regime, wherein an additional levy of IGST was made for imports made after 1 st July 2017…

Gstr 3B

*URGENT PLEASE NOTE*
LAST DATE FOR SUBMITTING 
GSTR 3B and PAYMENT OF TAXES
FOR AUGUST 2017 IS
*20th SEP 2017*
*i.e. 10 DAYS FROM TODAY*
You are advised to take necessary action for timely compliance and avoid applicable penalties.
CA YASHU GOEL