SIGN IN SUBSCRIBE

News Update

US Nurse convicted of killing 17 patients - 700 yrs of jail-term awardedGST - Payment of pre-deposit through Form GST DRC-03 instead of the prescribed Form APL-01 - Petitioner attributes it to technical glitches - Respondent is the proper authority to decide the question of fact: HC2nd Session of India-Nigeria Joint Trade Committee held in AbujaGST - Since SCN is bereft of any details and suffers from infirmities that go to the root of the cause, SCN is quashed and set aside: HC1717 candidates to contest elections in phase 4 of Lok Sabha ElectionsGST - Once Appellate Authority comes to the conclusion that SCN was issued by an officer who was not competent; reply was also considered by an incompetent authority and the Competent Authority had not applied its independent mind, Appellate Authority could not have assumed original jurisdiction and proceeded further with the matter: HC7th India-Indonesia Joint Defence Cooperation Committee meeting held in New DelhiGST - Neither the Show Cause Notice nor the order spell out the reasons for retrospective cancellation of registration, therefore, the same cannot be sustained: HCMining sector registers record production in FY 2023-24GST - If the proper officer was of the view that the reply is unclear and unsatisfactory, he could have sought further details by providing such opportunity - Having failed to do so, order cannot be sustained - Matter remanded: HCAnother quake of 6.0 magnitude rocks Philippines; No damage reported so farI-T - Initial burden of proof rested on assessee to substantiate his claim of having incurred expenditure on improvement of property: ITATTrade ban: Israel hits back against Turkey with counter-measuresI-T - Agricultural income can be treated by ITO as undisclosed income in absence of any substantial / corroborative material to prove same: ITATCanada arrests three persons in alleged killing of Sikh separatistI-T - Income from sale of property has to be classified & characterised only in manner of computation as per section 45(2): ITATCus - When there is nothing on record to show that appellant had connived with other three persons to import AA batteries under the guise of declaring goods as Calcium Carbonate, penalty imposed on appellant are set aside: HCCongress fields Rahul Gandhi from Rae Bareli and Kishori Lal Sharma from AmethiGST -Since both the SCNs and orders pertain to same tax period raising identical demand by two different officers of same jurisdiction, proceedings on SCNs are clubbed and shall be re-adjudicated by one proper officer: HCFormer Jharkhand HC Chief Justice, Justice Sanjaya Kumar Mishra appointed as President of GST TribunalSale of building constructed on leasehold land - GST implicationI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATGirl students advised by Pak college to keep away from political events
 
Shome Panel refers 29 direct tax and 47 indirect tax related issues to Revenue Boards for resolution

By TIOL News Service

NEW DELHI, MAY 14, 2014: AS per the latest inputs released by the Ministry of Finance, the Shome Panel has identified 29 issues in direct taxes and 47 issues in indirect taxes that merited removal of the obstacles and issue of clarifications or amendment of procedures. These issues were sent to the respective Boards for further examination. The Finance Minister discussed these issues with the two Boards and took final decisions to remove the difficulties faced by taxpayers. Several circulars and notifications have been issued by CBDT and CBEC pursuant to these decisions. Some others are in the process of being issued. Some other issues that require changes in law are expected to be addressed in the forthcoming Union Budget.

Netizens may recall the FM, in July 2013, the Ministry of Finance constituted a Forum for exchange of views between industry groups and Government on tax related issues or tax related disputes. The Forum was chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister, and supported by officers of the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC). The Forum heard the views of industry groups and associations. It also provided the Government an opportunity to explain its stand on tax related matters to the industry.

The Forum held 18 meetings during August-September 2013. The Forum discussed issues related to direct taxes as well as indirect taxes concerning an industry group or sector but did not entertain the grievances of any individual taxpayer. In order to have structured and meaningful discussions, a format was devised for receiving memoranda from industry groups so as to clearly highlight the tax issue or tax dispute sought to be discussed.

During the two-month period, the Forum met every Wednesday with representatives of various industry groups and associations and covered matters relating to the information technology sector, manufacturing sector, infrastructure sector, the services sector including financial services, insurance sector including reinsurance, the export sector, and issues in international taxation.

The Forum has helped taxpayers in resolving several long-standing issues, both in direct and indirect taxes. Such consultations bring to the notice of Government a tax related issue or dispute at a preliminary stage resulting in its resolution much before it snowballs into a greater difficultly for the taxpayer.


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: Shome Panel suggestions

Can we have the details of the suggestions ?

Posted by
 

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



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

TII LATEST

TIOLCORPLAWS LATEST